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Chase business card refused to reduce interest rate. Didn't want to put me in hardship program. Should I stop payment ?

Date: Sun, 04/01/2018 - 11:28
Submitted by mentedia on Sun, 04/01/2018 - 11:28
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I posted my questions on myfico but I want to get your opinions here.

http://ficoforums.myfico.com/t5/Bankruptcy/170K-credit-card-debt-no-way-to-pay-off-as-of-now/td-p/5205670

I have 8 different credits. 4 business and 4 personal cards. The business failed, can't pay back cards. I was able to negotiate with American Express to pay monthly payment at 6%. Chase Business credit card, on the other hand, played hardball and didn't' want to reduce the interest rate. They didn't want to give me hardship program either. They told me to go to credit counseling.

I am thinking to stop paying to Chase business credit card for 3 months and then negotiate. What do you think?


Settlement can be the great option if you negotiate with the creditors properly to convince them to reduce the amount. If you can't do that, take help from a non-profit credit counseling agency for help/


Submitted by Sanders Patricia on Fri, 04/06/2018 - 06:30

Sanders Patricia

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American Express is quite cooperative when it comes to reducing interest or settlement.

Yes. Stop paying to Chase business credit card for 3-4 months. You should get a call from them by that time. Inform that you're considering bankruptcy if they are not ready to settle.

Just asking. Is this card secured or unsecured?


Submitted by SC on Sun, 04/01/2018 - 23:41

SC

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