Credit Card modification forum. - Loan Modification Forum

HopingtoFind · 10-17-2009, 03:35 PM

I would be interested to see if people would be interested in credit card modification forum. I understand that credit card companies are working with people to modify/settle credit card debt.
I think there is a lot of knowledge that could be gained from a forum like that? What do you think?

vavivo · 10-17-2009, 03:46 PM

I would be interested!

davephx · 10-17-2009, 04:09 PM

There is a big forum at
Debt Consolidation Forums - Discuss with THE largest debt community

But not directly for cc modificaton of cc debt. Most cc have hardship programs but would be nice to have a forum just for that if enough people can find it. Or a less militant NACA type organization for cc debt without the high fees of debt consolidation companies and how many are not legitimate or helpful just like in mortgage mod scams.

Riley18 · 10-17-2009, 07:27 PM

I would be interested in this type of forum. It is hard to know what to do with these cc companies.

ultimate4799 · 10-17-2009, 08:33 PM

I'm also very interested with these CC debt forums. I'm paying $900-$1000 per month just on CC since they jack up interest after my missed mortgage payments showed up

vavivo · 10-17-2009, 08:44 PM

I WAS TALKing to a lady from my cc comapany tonight. She said they made a business decision to raise everyones cc rates based on the economy. I told her that the economy is in the tank and by raising cc rates your company is causing hardships for the american people. And she actually said, I know your right, I'm a consumer too. I just don't understand. If you raise someone rates you are causing them a hardship and they won't be able to pay!!! It just proves that they really don't want you to pay ,so they can charge you higher interest rates and over the limit fees, ETC!!! They know what they're doing.

tc4gold · 10-30-2009, 02:58 PM

HI,

I have just been through the credit card settlement. In March I told each of them I couldn't pay due to still being out of work and other issues related to rentals (BofA, Chase, Express plus and Wells Fargo HELOC), not one of them could offer me a modification because I was still paying. Well the next month I stopped paying because I had no money to borrow anymore. It was hard to wreck my credit but I had no choice. I was inundated by Debt Help companies and the banks trying to collect. I didn't want to pay the fees on the debt help companies and didn't trust them so I had a friend offer to settle all my debts for 20% of amount owed (we started at 10%). I am paying them back whatever I can afford with 5% interest even if it takes a few years and I signed a promissory note with them. THen I went to work with all the companies, I just wouldn't budge, they can't attach my wages because I don't have any but they played all the tricks. IF you can just fax or send a certified letter, the same one each time asking them to stop calling you based on the Fair credit act. Give them an amount you can pay to settle the debt and a date, asking that it be shown as settled with no deficiency judgement. THey won't budge until you are late for 3 months but just keep sending in the same offer. All of mine came to the table eventually though Chase tried to sue me for it but then I said t costs the same to file bankruptcy as it does to answer your suit and then you get nothing so the attorney agreed to a settlement. Always be nice but be firm. I am so releived right now to be rid of the debt, now I am working on the loan mod and short sales of my rentals. If you want to pay it all off go with a company that charges a small fixed amount each month to settle there is one that contacted me but I can't remember it but I will look for the email if anyone requests it through this forum. You can do it yourself though but it takes patience and toughness

Sunbeam · 10-30-2009, 06:23 PM

I am interested in this forum. I know there are people who have gotten behind on payments and have had to settle or been able to negotiate lower interest rates. I would like to hear their stories as well as people who have good credit, keep paying on time and get threatened by the cc companies w/ higher interest rates, closed accounts or lowered spending limits. I'm in that last bunch and I did fight to at least keep my interest rates where they were. I am trying to get them lowered (no higher than 6% due to hardship) and can't get anywhere with anyone. If anyone has a suggestion on how to accomplish this I am ready to learn!

Sunbeam · 10-30-2009, 06:27 PM

Quote:

Originally Posted by davephx

There is a big forum at
Debt Consolidation Forums - Discuss with THE largest debt community

But not directly for cc modificaton of cc debt. Most cc have hardship programs but would be nice to have a forum just for that if enough people can find it. Or a less militant NACA type organization for cc debt without the high fees of debt consolidation companies and how many are not legitimate or helpful just like in mortgage mod scams.

Being a "do it yourselfer" I would like advice, suggestions on how to approach the cc companies and get them to lower my rates to 6% or less without me having to get their attention by being late on a payment. I intend to pay off all my cc debt within 18 mos if I have to work extra jobs etc. AND THEN I WILL NEVER EVER EVER GET IN CC DEBT AGAIN. They were so mean to the American public, raising interest rates, cutting credit limits, closing out accounts. SHAME ON THEM!

Riley18 · 11-01-2009, 07:25 AM

How do you start negotiating? Is it better to send a written offer or call them?
My problem is getting started with the cc companies. I have been focused on the mortgage and just ignored the credit cards once they started lowering the available balances and increasing their interest rates because I just didn't have the energy to deal with them. I had injured my leg and was unable to work for three weeks and then got a mild case of swine flu so I have been drained lately. Now as I am starting to feel better I would like to get the credit cards straightened out. I was thinking of going with HOPE and paying them off in 5 years, but would much rather take care of them on my own. I just do not know where to begin.

If the mortgage does not get modified, I am thinking it might be a good idea to use the time before foreclosure to pay off the debt I incurred as a result of trying to pay the mortgage for two years after my income decreased. That way I will be in a stronger position to rent a house when the time comes.

snapple candy · 11-01-2009, 07:52 AM

Riley,
How you get started is by calling them and asking them for a forbearance or reduction in the payment amount. In my case, they wouldnt do anything except lower the interest rate but keep the same monthly payment.

Month after month, I would call in or get a phone call asking for my status to be able to pay. Im about 6 mths out now and they may be getting ready to charge it off. It went from cutting the interest rate in half to 0% interest rate but again keeping the same monthly payment amount. They refused to give me a lower monthly payment.

Then they call back again going back to 5%, then I finally got an offer to settle for 40% of the total cc debt. Of course they have already tacked on 1K in late fees and delinquent payments. I called right away wanting to jump on it. There is a catch, they want all the money within 90 days or 3 lump sum payments. I told them to suck eggs.

Well I suppose I will send them a settlement offer that actually is reasonable payment and length to payback and see what they say. It seems to me to be a canned progression and little happens until mths 4-6 late. Hope that helps

davephx · 11-01-2009, 01:30 PM

The problem with cc charge offs in some cases it goes immediately to a lawsuit for the full amount. Discovery did that to me immediately with an attorney working with them not a collection agency which makes it even harder to fight.

I filed an answer but attorney says they may move for judgment add more legal fees and probably easy get the judgment.

snapple candy · 11-01-2009, 01:38 PM

Dave, they sure are getting aggressive with you.
In my case, they can get all the judgments they want, they dont have anything to garnish. Im pretty much judgment-proof.

Riley18 · 11-01-2009, 02:01 PM

Thanks SnappleCandy, I have lost count of how many months, but the one big amount has already given themselves over $1,000 in fees too. I'll submit an offer for 30% of the original amount and see what happens. One thing that I don't want to do is pay some off and not all of them. I had Target and they were the rudest of all the cards. It would be great to do this on our own without paying a fee to a company to do it for us. It's like the mortgage modification because only we will really work for the best solution for ourselves. I never had all this debt until I started using them to get be each month. It was a stupid thing to do in retrospect.

daglo · 11-07-2009, 07:43 PM

Quote:

Originally Posted by Riley18

Thanks SnappleCandy, I have lost count of how many months, but the one big amount has already given themselves over $1,000 in fees too. I'll submit an offer for 30% of the original amount and see what happens. One thing that I don't want to do is pay some off and not all of them. I had Target and they were the rudest of all the cards. It would be great to do this on our own without paying a fee to a company to do it for us. It's like the mortgage modification because only we will really work for the best solution for ourselves. I never had all this debt until I started using them to get be each month. It was a stupid thing to do in retrospect.

I wrote to all my cc companies and begged them to settle with me. My husband had an income loss, and I lost my job. We couldn't afford the minimums once they raised our rates and payments for no reason (never late, always paid on time, a little more than minimum each month). So far, two refused anything but the full amount due, and we are waiting for the rest. If they answer no, Chapter 13, and they will get what we can give them!

tc4gold · 11-08-2009, 12:28 AM

Hi,

See my earlier posts but to reiterate, they will not work with you until you are 3 months late. You have to send in a written request for settlement. Just offer 20% of the balance owed with a date you can pay it Tell them a friend wll loan you the money but that is all they will loan you. Keep sending the same letter in, mention that you are working on a bankcruptcy filing and are trying to pay a little to everyone to avoid filing bankruptcy. Be persistant, do everythng in writing and just send the same offer, in fact send it in evey week by fax and by certified mail cc your state representative and then ask your state rep to intervene and ask them to deal in good faith. Mine eventually came back with a request for 40% but I insisted 20% was all I could do and it was all I could borrow from a friend.
Chase was the hardest and meanest until they filed a lawsuit against me, I had sent them the same offer but they refused to deal in writing. I eventually called the attorney on the papers and got a settlement of 28% when I told him that it would be cheaper to file bankruptcy than answer their lawsuit and they are really hoping you don't answer so they get an automatic judgement. See the body of one of my letters to a credit card company below, hope it helps someone.

Dear Sir/Madam:
ffice

ffice" />>>
I am writing to express my serious concerns regarding the telephone calls that I have received from your company. This is the third letter I have sent after receiving yet another two calls last week, two the week before, and this after the 8 calls on June 17^th between 8.00 am and 1.00pm from 210-586-1027 and they always cut off once answered or ask me to wait for an important message and then cut off. I feel the continued calls constitute harassment and statements made on some of these calls a threat to me.
>>
I am ONCE AGAIN formally requesting that all further correspondence be made in writing only.>>
>>
I demand that these phone calls stop immediately. I am familiar with my rights under the Fair Credit Billing Act. If you continue to call or e.mil, you will also be in breach of the Fair Credit Billing Act and I will report you to the Federal Trade Commission and the California Office of the Attorney General
>>
I have repeatedly requested by phone and in writing for correspondence to be in writing yet was told that you do not communicate that way, this on the same call as I was told I should defer my mortgage payments in order to pay you, told to ask my family or friends to pay my bills, that you will put liens on my house, car and anything I own? This approach appears to be in contrast to your purported stated goal “is to ensure that we are working with our customers to put in place solutions that allow them to pay off their bills as quickly as possible and in a manner that protects their financial situation. That is why we have expanded our use of flexible payment programs to help those customers experiencing financial distress”>>
>>
You will be deemed to have been served notice of my request and I will deem it served by April 12^th, 2009, (my first written communication with you) I am advising you that any calls received after this date will be recorded with the intention of them being used as evidence. I have without prejudice offered a full and final settlement of 20% by phone of any loan balance you are claiming via a personal loan yet you have consistently refused this. This is my final offer to attempt a settlement of 20% of the purported loan balance = $1,780.70 this payment will be made by July 21^st, 2009 upon receipt of a letter agreeing to the full and final settlement. I have been unemployed for over a year now with no benefits and I am in foreclosure proceedings on my home and rental property. This amount is the most I am able to borrow.>>

mintdeer · 11-08-2009, 12:48 AM

tc4gold, how long before chase decided to file a lawsuit against you? I am now behind with them going on 5 months. They had offered me a settlement of $3000 on a $5000 card but I don't have any money so what good is that going to do me. I will be filing ch 13 but my lawyer wants me to hold out a little longer to see if we can get the loan mod worked out first. Just wondering what to expect next. And boy those capital one card guys are evil they call at least 10 times a day with different numbers too! A CC forum would be nice!

tc4gold · 11-09-2009, 10:45 AM

Hi Mntdeer,

If I remember right I stopped paying my card in March then it was about end of July that I got served the papers. Just offer them in writing what you can afford or can borrow. Start at 20% and keep sending that same offer in. If you can only make it in 3 payments state the dates of the payments you can make. Send a copy to your state and local government rep and ask them for help. Ask Chase and Cap One to stop calling you, see my letter above, send a similar one or take my verbatim and put n your details then send it certified. They have to stop calling you or they will get fined. Send those letters today. If you get served papers then immediately fax the same offer to the attorney who signed your papers and try to get them on the phone, they will settle with you and they offered me the chance to pay it in installments but my friend wanted to get it over with.

Riley18 · 11-11-2009, 01:56 PM

Has anyone heard of LENDER REFERRAL PARTNERS? They say they are a consumer loan company. I got a letter from them saying they could combine my cc debt into one payment at 5% interest.

I really don't know how to start paying the cards down on my own. It is confusing because each card must agree to some payment plan before I start paying them off. In other words, I am afraid of throwing more money away by trying to pay them, and then wind up having to declare BK anyway.

Advise please

caldwellb02 · 11-11-2009, 02:02 PM

I would like to settle my cc but I do have one that I want to keep open because my college-age son uses in an emergency. If you start trying to settle do you have to settle with all?

Sunbeam · 11-11-2009, 03:10 PM

caldwell,
I think one of the problems with settling cc debt and wanting to keep one open is that the credit card companies run your credit report and if they see you are late with someone or settled with someone, even if you are current with THEM, they will jack up your interest rate to 30%. So if you are going to carry a balance on that last card, be very careful about how you procede.

I'm still trying to get my interest rates down on my credit cards even though I am current. I want to be done with all debt not associated with my home once and for all. I called B of A again today and was told the interest rate they have on my card 13.99% is as low as they can go. I asked why my husband has a card with an interest rate of 9.0% with them...is it because he's a guy and I'm not???? I pay the bills, I budget, I contribute to the family earnings....sheesh. She suggested I write and mail a letter to Ken Lewis. I told her I had emailed him twice and he has not been considerate enough to respond to me, so I need to write him and spend money on postage? Sure....

Calli09 · 11-11-2009, 04:00 PM

I too would like to see a cc forum. Perhaps those on here with experience, can give advice. I have been thinking of filing BK due to my cc balances very high. I have 1 that I have not paid for 2 mos now. Does anyone know, now that my permanent mod is in the works, if I file BK 7 for the cards, will that mess up the modification if I continue to pay it as planned? 1st perm pmt due 1-1-10. Will it be dead in the water and I will have to start all over, or just pay Chase as planned?? Anyone who has ideas or experience would appreciate.

daglo · 11-11-2009, 06:44 PM

Quote:

Originally Posted by tc4gold

Hi,

See my earlier posts but to reiterate, they will not work with you until you are 3 months late. You have to send in a written request for settlement. Just offer 20% of the balance owed with a date you can pay it Tell them a friend wll loan you the money but that is all they will loan you. Keep sending the same letter in, mention that you are working on a bankcruptcy filing and are trying to pay a little to everyone to avoid filing bankruptcy. Be persistant, do everythng in writing and just send the same offer, in fact send it in evey week by fax and by certified mail cc your state representative and then ask your state rep to intervene and ask them to deal in good faith. Mine eventually came back with a request for 40% but I insisted 20% was all I could do and it was all I could borrow from a friend.
Chase was the hardest and meanest until they filed a lawsuit against me, I had sent them the same offer but they refused to deal in writing. I eventually called the attorney on the papers and got a settlement of 28% when I told him that it would be cheaper to file bankruptcy than answer their lawsuit and they are really hoping you don't answer so they get an automatic judgement. See the body of one of my letters to a credit card company below, hope it helps someone.

Dear Sir/Madam:
ffice

ffice" />>>
I am writing to express my serious concerns regarding the telephone calls that I have received from your company. This is the third letter I have sent after receiving yet another two calls last week, two the week before, and this after the 8 calls on June 17^th between 8.00 am and 1.00pm from 210-586-1027 and they always cut off once answered or ask me to wait for an important message and then cut off. I feel the continued calls constitute harassment and statements made on some of these calls a threat to me.
>>
I am ONCE AGAIN formally requesting that all further correspondence be made in writing only.>>
>>
I demand that these phone calls stop immediately. I am familiar with my rights under the Fair Credit Billing Act. If you continue to call or e.mil, you will also be in breach of the Fair Credit Billing Act and I will report you to the Federal Trade Commission and the California Office of the Attorney General
>>
I have repeatedly requested by phone and in writing for correspondence to be in writing yet was told that you do not communicate that way, this on the same call as I was told I should defer my mortgage payments in order to pay you, told to ask my family or friends to pay my bills, that you will put liens on my house, car and anything I own? This approach appears to be in contrast to your purported stated goal “is to ensure that we are working with our customers to put in place solutions that allow them to pay off their bills as quickly as possible and in a manner that protects their financial situation. That is why we have expanded our use of flexible payment programs to help those customers experiencing financial distress”>>
>>
You will be deemed to have been served notice of my request and I will deem it served by April 12^th, 2009, (my first written communication with you) I am advising you that any calls received after this date will be recorded with the intention of them being used as evidence. I have without prejudice offered a full and final settlement of 20% by phone of any loan balance you are claiming via a personal loan yet you have consistently refused this. This is my final offer to attempt a settlement of 20% of the purported loan balance = $1,780.70 this payment will be made by July 21^st, 2009 upon receipt of a letter agreeing to the full and final settlement. I have been unemployed for over a year now with no benefits and I am in foreclosure proceedings on my home and rental property. This amount is the most I am able to borrow.>>

I used your letter to help me draft mine to my accounts. They are getting impossible to deal with. One asked today, "If you borrowed money from someone, wouldn't you want it back?" My husband said, If a person lost their job, and gave me what they could, I would be happy. They all took bail-outs, why can't they, in return, help us. Our tax money helped them!!!!!!!!!!!!! Thanks for the letter

davephx · 11-11-2009, 11:31 PM

On another forum a delinquent loan officer for unamed credit card company said as soon as they get a "do not call" letter they send the account to attorneys to file lawsuit. As long as they can still talk to you they usually hold off till they have to charge off after 180 days.

lennox · 11-12-2009, 12:59 AM

We have a lot of cc deb...A LOT! Before 2009, I was never late paying credit cards. When we found out my husband would need surgery and lose 12 weeks pay; choosing not to pay the CCs became a no brainer.

At first I hired Credit Answers to settle my debt. What a rip off! I dutifully paid them for 6 months and put away the money for them to use to settle the debt. They were (are) worthless and did nothing. In August I dropped them.

I haven't paid any of the creditors since last December. I have not spoken to any, and as of now I do not get any statements. I quit answering my land line the day I quit paying. I don't get really any mail from them.

We have an attorney retained who will negotiate a settlement with each CC as they start to get nasty.

Right now, we're holding off on doing anything with them (unless there is no choice), because of this loan mod. I am nervous to change anything that I have sent my loan servicer regarding my finances.

I've very glad we have an attorney to help us with this mess.

The credit cards are just one more thing to keep me sleepless at nights.

As for having really crappy credit....funny how it doesn't even bother me. In some ways if I had a credit score of 500, I wouldn't be in the mess I'm in now.

The real irony of this is 4 years ago, to get an option 1 loan you had to have a very good credit score. Yep....a 500 credit score 4 years ago, and I probably wouldn't be facing losing our house next year.

10-17-2009, 03:35 PM	#1 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 635 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Credit Card modification forum. I would be interested to see if people would be interested in credit card modification forum. I understand that credit card companies are working with people to modify/settle credit card debt. I think there is a lot of knowledge that could be gained from a forum like that? What do you think?

10-17-2009, 03:46 PM	#2 (permalink)
vavivo Senior Member Join Date: Aug 2009 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. I would be interested!

10-17-2009, 04:09 PM	#3 (permalink)
davephx Senior Member Join Date: Jul 2009 Posts: 1,143 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. There is a big forum at Debt Consolidation Forums - Discuss with THE largest debt community But not directly for cc modificaton of cc debt. Most cc have hardship programs but would be nice to have a forum just for that if enough people can find it. Or a less militant NACA type organization for cc debt without the high fees of debt consolidation companies and how many are not legitimate or helpful just like in mortgage mod scams.

10-17-2009, 07:27 PM	#4 (permalink)
Riley18 Senior Member Join Date: Aug 2009 Location: Florida Posts: 187 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. I would be interested in this type of forum. It is hard to know what to do with these cc companies.

10-17-2009, 08:33 PM	#5 (permalink)
ultimate4799 Senior Member Join Date: Nov 2008 Posts: 233 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. I'm also very interested with these CC debt forums. I'm paying $900-$1000 per month just on CC since they jack up interest after my missed mortgage payments showed up

10-17-2009, 08:44 PM	#6 (permalink)
vavivo Senior Member Join Date: Aug 2009 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. I WAS TALKing to a lady from my cc comapany tonight. She said they made a business decision to raise everyones cc rates based on the economy. I told her that the economy is in the tank and by raising cc rates your company is causing hardships for the american people. And she actually said, I know your right, I'm a consumer too. I just don't understand. If you raise someone rates you are causing them a hardship and they won't be able to pay!!! It just proves that they really don't want you to pay ,so they can charge you higher interest rates and over the limit fees, ETC!!! They know what they're doing.

10-30-2009, 02:58 PM	#7 (permalink)
tc4gold Senior Member Join Date: Apr 2009 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. HI, I have just been through the credit card settlement. In March I told each of them I couldn't pay due to still being out of work and other issues related to rentals (BofA, Chase, Express plus and Wells Fargo HELOC), not one of them could offer me a modification because I was still paying. Well the next month I stopped paying because I had no money to borrow anymore. It was hard to wreck my credit but I had no choice. I was inundated by Debt Help companies and the banks trying to collect. I didn't want to pay the fees on the debt help companies and didn't trust them so I had a friend offer to settle all my debts for 20% of amount owed (we started at 10%). I am paying them back whatever I can afford with 5% interest even if it takes a few years and I signed a promissory note with them. THen I went to work with all the companies, I just wouldn't budge, they can't attach my wages because I don't have any but they played all the tricks. IF you can just fax or send a certified letter, the same one each time asking them to stop calling you based on the Fair credit act. Give them an amount you can pay to settle the debt and a date, asking that it be shown as settled with no deficiency judgement. THey won't budge until you are late for 3 months but just keep sending in the same offer. All of mine came to the table eventually though Chase tried to sue me for it but then I said t costs the same to file bankruptcy as it does to answer your suit and then you get nothing so the attorney agreed to a settlement. Always be nice but be firm. I am so releived right now to be rid of the debt, now I am working on the loan mod and short sales of my rentals. If you want to pay it all off go with a company that charges a small fixed amount each month to settle there is one that contacted me but I can't remember it but I will look for the email if anyone requests it through this forum. You can do it yourself though but it takes patience and toughness

10-30-2009, 06:23 PM	#8 (permalink)
Sunbeam Senior Member Join Date: Feb 2009 Location: N. California Posts: 293 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. I am interested in this forum. I know there are people who have gotten behind on payments and have had to settle or been able to negotiate lower interest rates. I would like to hear their stories as well as people who have good credit, keep paying on time and get threatened by the cc companies w/ higher interest rates, closed accounts or lowered spending limits. I'm in that last bunch and I did fight to at least keep my interest rates where they were. I am trying to get them lowered (no higher than 6% due to hardship) and can't get anywhere with anyone. If anyone has a suggestion on how to accomplish this I am ready to learn!

11-01-2009, 07:25 AM	#10 (permalink)
Riley18 Senior Member Join Date: Aug 2009 Location: Florida Posts: 187 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. How do you start negotiating? Is it better to send a written offer or call them? My problem is getting started with the cc companies. I have been focused on the mortgage and just ignored the credit cards once they started lowering the available balances and increasing their interest rates because I just didn't have the energy to deal with them. I had injured my leg and was unable to work for three weeks and then got a mild case of swine flu so I have been drained lately. Now as I am starting to feel better I would like to get the credit cards straightened out. I was thinking of going with HOPE and paying them off in 5 years, but would much rather take care of them on my own. I just do not know where to begin. If the mortgage does not get modified, I am thinking it might be a good idea to use the time before foreclosure to pay off the debt I incurred as a result of trying to pay the mortgage for two years after my income decreased. That way I will be in a stronger position to rent a house when the time comes.

11-01-2009, 07:52 AM	#11 (permalink)
snapple candy Senior Member Join Date: Feb 2009 Posts: 1,300 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. Riley, How you get started is by calling them and asking them for a forbearance or reduction in the payment amount. In my case, they wouldnt do anything except lower the interest rate but keep the same monthly payment. Month after month, I would call in or get a phone call asking for my status to be able to pay. Im about 6 mths out now and they may be getting ready to charge it off. It went from cutting the interest rate in half to 0% interest rate but again keeping the same monthly payment amount. They refused to give me a lower monthly payment. Then they call back again going back to 5%, then I finally got an offer to settle for 40% of the total cc debt. Of course they have already tacked on 1K in late fees and delinquent payments. I called right away wanting to jump on it. There is a catch, they want all the money within 90 days or 3 lump sum payments. I told them to suck eggs. Well I suppose I will send them a settlement offer that actually is reasonable payment and length to payback and see what they say. It seems to me to be a canned progression and little happens until mths 4-6 late. Hope that helps

11-01-2009, 01:30 PM	#12 (permalink)
davephx Senior Member Join Date: Jul 2009 Posts: 1,143 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. The problem with cc charge offs in some cases it goes immediately to a lawsuit for the full amount. Discovery did that to me immediately with an attorney working with them not a collection agency which makes it even harder to fight. I filed an answer but attorney says they may move for judgment add more legal fees and probably easy get the judgment.

11-01-2009, 01:38 PM	#13 (permalink)
snapple candy Senior Member Join Date: Feb 2009 Posts: 1,300 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. Dave, they sure are getting aggressive with you. In my case, they can get all the judgments they want, they dont have anything to garnish. Im pretty much judgment-proof.

11-01-2009, 02:01 PM	#14 (permalink)
Riley18 Senior Member Join Date: Aug 2009 Location: Florida Posts: 187 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. Thanks SnappleCandy, I have lost count of how many months, but the one big amount has already given themselves over $1,000 in fees too. I'll submit an offer for 30% of the original amount and see what happens. One thing that I don't want to do is pay some off and not all of them. I had Target and they were the rudest of all the cards. It would be great to do this on our own without paying a fee to a company to do it for us. It's like the mortgage modification because only we will really work for the best solution for ourselves. I never had all this debt until I started using them to get be each month. It was a stupid thing to do in retrospect.

11-08-2009, 12:28 AM	#16 (permalink)
tc4gold Senior Member Join Date: Apr 2009 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. Hi, See my earlier posts but to reiterate, they will not work with you until you are 3 months late. You have to send in a written request for settlement. Just offer 20% of the balance owed with a date you can pay it Tell them a friend wll loan you the money but that is all they will loan you. Keep sending the same letter in, mention that you are working on a bankcruptcy filing and are trying to pay a little to everyone to avoid filing bankruptcy. Be persistant, do everythng in writing and just send the same offer, in fact send it in evey week by fax and by certified mail cc your state representative and then ask your state rep to intervene and ask them to deal in good faith. Mine eventually came back with a request for 40% but I insisted 20% was all I could do and it was all I could borrow from a friend. Chase was the hardest and meanest until they filed a lawsuit against me, I had sent them the same offer but they refused to deal in writing. I eventually called the attorney on the papers and got a settlement of 28% when I told him that it would be cheaper to file bankruptcy than answer their lawsuit and they are really hoping you don't answer so they get an automatic judgement. See the body of one of my letters to a credit card company below, hope it helps someone. Dear Sir/Madam: fficeffice" />>> I am writing to express my serious concerns regarding the telephone calls that I have received from your company. This is the third letter I have sent after receiving yet another two calls last week, two the week before, and this after the 8 calls on June 17^th between 8.00 am and 1.00pm from 210-586-1027 and they always cut off once answered or ask me to wait for an important message and then cut off. I feel the continued calls constitute harassment and statements made on some of these calls a threat to me. >> I am ONCE AGAIN formally requesting that all further correspondence be made in writing only.>> >> I demand that these phone calls stop immediately. I am familiar with my rights under the Fair Credit Billing Act. If you continue to call or e.mil, you will also be in breach of the Fair Credit Billing Act and I will report you to the Federal Trade Commission and the California Office of the Attorney General >> I have repeatedly requested by phone and in writing for correspondence to be in writing yet was told that you do not communicate that way, this on the same call as I was told I should defer my mortgage payments in order to pay you, told to ask my family or friends to pay my bills, that you will put liens on my house, car and anything I own? This approach appears to be in contrast to your purported stated goal “is to ensure that we are working with our customers to put in place solutions that allow them to pay off their bills as quickly as possible and in a manner that protects their financial situation. That is why we have expanded our use of flexible payment programs to help those customers experiencing financial distress”>> >> You will be deemed to have been served notice of my request and I will deem it served by April 12^th, 2009, (my first written communication with you) I am advising you that any calls received after this date will be recorded with the intention of them being used as evidence. I have without prejudice offered a full and final settlement of 20% by phone of any loan balance you are claiming via a personal loan yet you have consistently refused this. This is my final offer to attempt a settlement of 20% of the purported loan balance = $1,780.70 this payment will be made by July 21^st, 2009 upon receipt of a letter agreeing to the full and final settlement. I have been unemployed for over a year now with no benefits and I am in foreclosure proceedings on my home and rental property. This amount is the most I am able to borrow.>>

11-08-2009, 12:48 AM	#17 (permalink)
mintdeer Senior Member Join Date: Sep 2009 Posts: 102 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. tc4gold, how long before chase decided to file a lawsuit against you? I am now behind with them going on 5 months. They had offered me a settlement of $3000 on a $5000 card but I don't have any money so what good is that going to do me. I will be filing ch 13 but my lawyer wants me to hold out a little longer to see if we can get the loan mod worked out first. Just wondering what to expect next. And boy those capital one card guys are evil they call at least 10 times a day with different numbers too! A CC forum would be nice!

11-09-2009, 10:45 AM	#18 (permalink)
tc4gold Senior Member Join Date: Apr 2009 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. Hi Mntdeer, If I remember right I stopped paying my card in March then it was about end of July that I got served the papers. Just offer them in writing what you can afford or can borrow. Start at 20% and keep sending that same offer in. If you can only make it in 3 payments state the dates of the payments you can make. Send a copy to your state and local government rep and ask them for help. Ask Chase and Cap One to stop calling you, see my letter above, send a similar one or take my verbatim and put n your details then send it certified. They have to stop calling you or they will get fined. Send those letters today. If you get served papers then immediately fax the same offer to the attorney who signed your papers and try to get them on the phone, they will settle with you and they offered me the chance to pay it in installments but my friend wanted to get it over with.

11-11-2009, 01:56 PM	#19 (permalink)
Riley18 Senior Member Join Date: Aug 2009 Location: Florida Posts: 187 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. Has anyone heard of LENDER REFERRAL PARTNERS? They say they are a consumer loan company. I got a letter from them saying they could combine my cc debt into one payment at 5% interest. I really don't know how to start paying the cards down on my own. It is confusing because each card must agree to some payment plan before I start paying them off. In other words, I am afraid of throwing more money away by trying to pay them, and then wind up having to declare BK anyway. Advise please

11-11-2009, 02:02 PM	#20 (permalink)
caldwellb02 Senior Member Join Date: Nov 2008 Location: Northern CA Posts: 1,764 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. I would like to settle my cc but I do have one that I want to keep open because my college-age son uses in an emergency. If you start trying to settle do you have to settle with all? __________________ http://www.petition2congress.com/2/2564/

11-11-2009, 03:10 PM	#21 (permalink)
Sunbeam Senior Member Join Date: Feb 2009 Location: N. California Posts: 293 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. caldwell, I think one of the problems with settling cc debt and wanting to keep one open is that the credit card companies run your credit report and if they see you are late with someone or settled with someone, even if you are current with THEM, they will jack up your interest rate to 30%. So if you are going to carry a balance on that last card, be very careful about how you procede. I'm still trying to get my interest rates down on my credit cards even though I am current. I want to be done with all debt not associated with my home once and for all. I called B of A again today and was told the interest rate they have on my card 13.99% is as low as they can go. I asked why my husband has a card with an interest rate of 9.0% with them...is it because he's a guy and I'm not???? I pay the bills, I budget, I contribute to the family earnings....sheesh. She suggested I write and mail a letter to Ken Lewis. I told her I had emailed him twice and he has not been considerate enough to respond to me, so I need to write him and spend money on postage? Sure....

11-11-2009, 04:00 PM	#22 (permalink)
Calli09 Senior Member Join Date: Jan 2009 Posts: 111 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. I too would like to see a cc forum. Perhaps those on here with experience, can give advice. I have been thinking of filing BK due to my cc balances very high. I have 1 that I have not paid for 2 mos now. Does anyone know, now that my permanent mod is in the works, if I file BK 7 for the cards, will that mess up the modification if I continue to pay it as planned? 1st perm pmt due 1-1-10. Will it be dead in the water and I will have to start all over, or just pay Chase as planned?? Anyone who has ideas or experience would appreciate.

11-11-2009, 11:31 PM	#24 (permalink)
davephx Senior Member Join Date: Jul 2009 Posts: 1,143 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. On another forum a delinquent loan officer for unamed credit card company said as soon as they get a "do not call" letter they send the account to attorneys to file lawsuit. As long as they can still talk to you they usually hold off till they have to charge off after 180 days.

11-12-2009, 12:59 AM	#25 (permalink)
lennox Senior Member Join Date: Oct 2009 Location: Minnesota Posts: 68 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Credit Card modification forum. We have a lot of cc deb...A LOT! Before 2009, I was never late paying credit cards. When we found out my husband would need surgery and lose 12 weeks pay; choosing not to pay the CCs became a no brainer. At first I hired Credit Answers to settle my debt. What a rip off! I dutifully paid them for 6 months and put away the money for them to use to settle the debt. They were (are) worthless and did nothing. In August I dropped them. I haven't paid any of the creditors since last December. I have not spoken to any, and as of now I do not get any statements. I quit answering my land line the day I quit paying. I don't get really any mail from them. We have an attorney retained who will negotiate a settlement with each CC as they start to get nasty. Right now, we're holding off on doing anything with them (unless there is no choice), because of this loan mod. I am nervous to change anything that I have sent my loan servicer regarding my finances. I've very glad we have an attorney to help us with this mess. The credit cards are just one more thing to keep me sleepless at nights. As for having really crappy credit....funny how it doesn't even bother me. In some ways if I had a credit score of 500, I wouldn't be in the mess I'm in now. The real irony of this is 4 years ago, to get an option 1 loan you had to have a very good credit score. Yep....a 500 credit score 4 years ago, and I probably wouldn't be facing losing our house next year.

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