Debt Settlement/Hardship with Balance Transfers?

Date: Thu, 07/29/2010 - 08:20

Submitted by anonymous
on Thu, 07/29/2010 - 08:20

Posts: 202330 Credits: [Donate]

Total Replies: 3

I have 3 credit cards, 2 of which I closed a year ago when they wanted to raise interest rates on me. One with FNBO for 11k and Chase for 16k. It's gotten to the point I'm having trouble paying bills and never can pay more than min, some months robbing peter to pay paul. I've been reading the forums and looking at the hardship program info and debt settlement info.

My question is if you have a balance transfer on the card will the settle the card? e.g. Chase has the balance for 16k, 4500 of that was a balance transfer from when I first opened the card 8 yrs ago. If I choose debt settlement, will they settle for less than that 4500? (I know all subjective just curious as to others experiences).

Currently that monthly payment is $335/mo with 9.99% interest. Even if I got 0 or 2% interest, if I'm still paying a 2% min monthly, don't see how that's going to help me lower my payments each month just the overall interest on the account. Am I missing something here the online calculators aren't showing me?

Greetings U, If the balance transfer was relatively fresh then

Greetings U,

If the balance transfer was relatively fresh then the cc's will growl and hiss.

But your chase-me down bt appears to be 8 years old.

You might be able to swing that one.
Regards,
King"Kash" Jabba Labba

lrhall41

Submitted by King Jabba Labba on Thu, 07/29/2010 - 08:22

( Posts: 507 | Credits: )

With a balance transfer that old I doubt that it's going to be a

With a balance transfer that old I doubt that it's going to be a problem. The biggest problem ones are those that transfered balances less than 12 months ago and then default.

chase seems to be settling for approximate 30-40% of total balance right now from what I see on the forum. If your hardship is real severe then maybe you could get lower but the 30-40% is fairly easy to get.

Oh by the way - 9.99% interest isn't bad - mine went up to 30% which caused my default and the hardship program payment was just about the same as the regular payment so I still couldn't do it.

lrhall41

Submitted by Debt Free to Be on Thu, 07/29/2010 - 08:34

( Posts: 412 | Credits: )

I know the 9.99% isn't bad, but I had to close my account for th

I know the 9.99% isn't bad, but I had to close my account for that one, otherwise it was going to 15.99 variable. Payments on that are $353, FNBO is $225, FIA is $225 which on top of other bills is killing me. None of the balance transfers are recently. Chase was a business account and tfrd balance from capital one to chase. FNBO was when I opened account before as well. I'd be happy with 30-40% but I still have to figure out how to get that $ to settle. Even by stopping payments still wouldn't give me 4k-6k to do it in the short amount of time given. 120 days is only 4 months, so about 1400.00

Wonder if hardship can lower monthly payments below 2% they charge per month now for a min.

lrhall41

Submitted by on Thu, 07/29/2010 - 10:48

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