BOA Hardship Plan

Date: Tue, 04/28/2009 - 03:38

Submitted by anonymous
on Tue, 04/28/2009 - 03:38

Posts: 202330 Credits: [Donate]

Total Replies: 2

I have a quick ? - 1st time here - I have alot of credit card debt & trying to resolve since my income has dropped so much (in sales & my income is suffering) I'm not late on any of my credit cards - BOA has popped my interest rate up to 28% - I called yesterday to ask if they could lower my interest rate - they said no & all interest rates are going up - they connected me to the hardship deptment - they are trying to give me a hardship program at 6% for 60 months to repay the BOA card (11,800) & FIA card (2,000) - I told them I wanted to think about it & return a call to them today - since I called to discuss this with them they cut down the available credit on both of my cards (which now will hurt my credit - which at this time my score is 736) I'm just wondering about debt settlement now - should I just wait until I'm late & try to work something out with them - Any feedback would be appreciated

I know from experience that BOA is very hard to work with. I'm b

I know from experience that BOA is very hard to work with. I'm bumping this so others will see it and reply.

lrhall41

Submitted by Shazzers on Wed, 04/29/2009 - 14:07

( Posts: 17344 | Credits: )

I have some good some debt with BofA and like you, I was current

I have some good some debt with BofA and like you, I was current in all of my cards but they were cutting my line of credit and also bumping my interest rate to 28%. Like you, they would absolutely not negioate any sort of rate decrease and referred me to a credit counseling firm that I actually did not quality for. In the end, I went to Care One credit counseling and they negioated a payment plan with BofA. For 28K worth of CC debt, I will pay $700 month. CareOne was so so so easy to work with and yes, they charge me $50 a month for a convience fee. I think this is worth it since now I will be able to pay my debt in 2 years flat (my montly payments plus I will be able to cash in my yearly bonuses and tax returns to get this debt paid off quickly). I think it was worth it to contact CareOne because they were able to get me on a debt repayment plan when I was not able to do it myself. If you read up on debt repayment plans - it does not hurt your credit like debt settlement and you actuallly pay off your debt. Debt settlement is too scary for me and I am really really happy with my repayment plan. I have cut down so many of my careless expenses (even though it hurts at times) and I feel great knowing that I will be debt free in two years!!

lrhall41

Submitted by on Fri, 05/01/2009 - 21:23

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