Credit Card Hardship Plan Successes
Date: Thu, 10/27/2011 - 09:06
Looking for some advise.
Have a debt load that has become too large to maintain.
-nobody's fault but mine-
Have been researching on this forum available possible actions:
BK, debt management via 3rd party, settlement done by yourself, or 3rd party, etc...
Anyway what seems best for my situation is if I could get a hardship plan with 0% or 1% type interest for 60 days / payoff plan I think I could get myself out of this rut on my own.
Don't care about credit score.
I have read stories of this but looking for some help starting down this road...
How realistic is such a plan?
Does the size of card balance matter, multiple cards with the same lender, etc...
Have about 57000 in total balances, spread over 7 cards - but 3 cards with 1 bank, 2 with another
Not past due on anything as of today.
Do you let the accounts (some or all of them) go past due before contacting them?
What do you tell them, do they verify reduction of income and things of related nature with your employer?
How easy is the process, you ask and they just enter you into the program, application process, etc...?
What interest rates and terms have them given out?
Does years with the card, usage of the card (balance transfers/personal cash) within the past 12 months matter?
Have a debt load that has become too large to maintain.
-nobody's fault but mine-
Have been researching on this forum available possible actions:
BK, debt management via 3rd party, settlement done by yourself, or 3rd party, etc...
Anyway what seems best for my situation is if I could get a hardship plan with 0% or 1% type interest for 60 days / payoff plan I think I could get myself out of this rut on my own.
Don't care about credit score.
I have read stories of this but looking for some help starting down this road...
How realistic is such a plan?
Does the size of card balance matter, multiple cards with the same lender, etc...
Have about 57000 in total balances, spread over 7 cards - but 3 cards with 1 bank, 2 with another
Not past due on anything as of today.
Do you let the accounts (some or all of them) go past due before contacting them?
What do you tell them, do they verify reduction of income and things of related nature with your employer?
How easy is the process, you ask and they just enter you into the program, application process, etc...?
What interest rates and terms have them given out?
Does years with the card, usage of the card (balance transfers/personal cash) within the past 12 months matter?
I was already late on payments, but I just called and asking for
I was already late on payments, but I just called and asking for a hardship plan. They did not verify anything and only went by what I was telling them, they were very nice about it.
Most of my cards went to 0%, and I was to make payments for 60 months. I realize that's less time than paying them off on my own, but I've decided to try to settle these accounts myself.
good luck!