chase blp - is it a long term hardship payment program?

I was verbally asked 3-4 simple questions via phone, and then enrolled acordingly. No Proof needed, no wait time. NOT the best of terms IMO 6% over 5 yrs. on 20K Balance, BUT much better than Chase's inception rate. With employment being the issue here in FL though, we have our fingers crossed that we will be able to continue with it as planned? Hope that helps.

RAN

BLP is a long term hardship payment program. No proof required. As per the policies and procedures they need you to have a steady source of income. Let them know your problem in detail.
Call on 1800 280 9441
Its important for you to know what amout you would be comfortable paying every month. you APR will be reduced from 31.99% or 29.99% to 6% or low

My question is, do this really help your credit rating or hurt it?

If it helps facilitate you making your payments in a timely manner, than obviously it is of benefit to your credit. IF you still neglect to make payments on time, than it can be negative, as any account in delinquent standings would be. For the record my reason of hardship was loss of employment, which was stated to chase accordingly (Both in writing and via phone), Hence had No source of income $ at that time (stated so accordingly as well), and unfort. for I, have been desperately seeking work since to no avail. NOT a good time to be in Lending for most, NOR unemployed in FL period! Wishing you the best of luck with all.

RAN

Screw all that. If your credit is super messed up already due to lots of late payments and you're so far behind and your balances are ridiculously high and you're paying thru the nose in interest each payment (meaning that although you're paying, say, $600 per month, but $200 is interest) or similar, just file Chapter 7 or 13, if you qualify, and get a clean start. Most people who owe tens of thousands of dollars on credit cards who are already getting raped in exorbitant i rates (take the sleeze bags at Sears, for example, with their 29.9% interest... and this is NOT a default rare) will never be able to catch up. Wipe it all out and start over... and tell the credit card companies to stick their usury rates up their asses. That'll get their attention.

I tend to disagree with the last post. If you can't make the payments under a hardship program, you should then try for a settlement. In fact if you cannot forsee being able to complete a hardship program, then seek settlement. You would be out of debt faster than a Chap. 13, and may be able to salvage at least some of your credit. Sure even a settlement will be on your credit report for a while, but as soon as the settlement is done (especially if you are insolvent) you can start building your credit again.

Just completed a 40 min phone call with the BLP people at Chase. (could have been as little as 20 ... but I asked a lot of questions, and shared some other tidbits which could could have probably cared less about) Got easily approved for a plan which reduces my interest from 27.2% to 2% on $8100 balance. I've been a "good" customer of theirs; in other words I've been on a high-interest high-balance paying only the min for the past few years (ever since our family member was killed on 9/11) so they've gotten their money back 185% ... but believe it or not this will be a huge help, and this horrible debt will eventually (36-48 months) be gone completely. From all my research- it would be about the same with many of the CC programs out there.

Make sure to get the terms of the agreement in writing. I have also done this BLP with Chase and so far no problems. I am very uneasy about giving them direct access to my checking account. I had to give them autodraft privileges for the first 3 months. If you ever see that you will be unable to fulfill the terms then close your checking account and open another one. Chase will pull money out of your account if they can!

so does this actually work? does it hurt your credit score? if you make the monthly payments set-up with chase, is it a bad thing?

The only effect on your credit will be from closing the account. Part of what effects your credit score is your debt to credit line ratio. That ratio will be 100% on a closed account. It will also end the length of credit history with the cards. No deragatory mark goes on your credit like in the case of a debt settlement. In most cases people applying for these programs are behind, nearing falling behind, and/or paying very high interest. In those cases the effects of closing the accounts on your credit is minimal to the benefit of the reduced interest.

I have a question about a settlement (on credit card debt). I thought you had to have the money all together to pay a settlement; can you instead make payments on one?

is everyone thats on a chase repayment program on 5 years repayment. I had some one at chase tell me it was for 3 years at 12%, and at the end of three years I'd be done. The problem there will still be a balance of 8,900.00 dollars.huh ?