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Super Contributor
marty56
Posts: 5,672
Registered: ‎10-06-2007
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Re: HSBC Kawasaki Card Nightmare


Kennie02 wrote:

JaysonT wrote:

marty56 wrote:

I don't thing the BT would work since the OP is having trouble making the payment and a BT would at least double it.

 

I don't think anyone would refi a dead bike.

 

The best option I see is for DH to get a 2nd job.  Just enough to cover the payment so he won't be working 20 hour days which would add stress of a different sort to your relationship.

 


I'm not sure I understand why a BT would double the payments?  I don't know the particulars of this type of card but it would seem that a balance transfer would get the bike title transfered to the OP and allow them to sell the bike which would then be money to apply toward the balance.


Yeah I don't think a BT would double my payments. At least I hope not. I am hoping that if I apply for a CC w/ NFCU I can qualify for a 0% promo and pay it off during the promo. I can't refi the bike because it is charged to a CC. From what I was told at NFCU I can't refi a bike from a CC to a motorcycle loan. 

 

Spoke to HSBC this past week again. They said I would have to wait until I can request a lower payment. That would do horrible things to my balance I am sure but I don't want to fall behind. Like everyone said it will only make matters worse. 


Most BTs are for 12 months so 5k/12 ~ 400. If you could get 24 months (rare) ~ 200.

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Established Contributor
Watchmann
Posts: 985
Registered: ‎05-14-2008
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Re: HSBC Kawasaki Card Nightmare

Rearranging debt via new credit, zero interest balance transfers and  the like only masks the problem and is a suckers game ...... you have to get rid of the debt by liquidating it.  Get rid of the bike, if you can get $2-3K for it half of your debt is erased.....then work like the devil with a second job to pay off the balance, this is not an insurmountable situation.  A part time job at a fast food place will net you enough cash to pay off the balance pretty quickly.  I do not like to see the constant advice to refinance or rearrange the debt.....that does little to solve the problem.  IMO too many people focus on reducing the interest rate and the monthly payment rather than getting rid of the debt.

Valued Contributor
rootpooty
Posts: 1,772
Registered: ‎10-28-2011
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Re: HSBC Kawasaki Card Nightmare

What you stated does seem right however paying a balance say with 20 something Apr can be ridiculous as nobody knows what the wrecked bike can be sold for. Best bet would be a bt @ zero percent intro or if nothing can be done work like a horse to get it paid off and lesson learned
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Valued Contributor
crunching_numbers
Posts: 1,093
Registered: ‎02-15-2012
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Re: HSBC Kawasaki Card Nightmare


Watchmann wrote:

Rearranging debt via new credit, zero interest balance transfers and  the like only masks the problem and is a suckers game ...... you have to get rid of the debt by liquidating it.  Get rid of the bike, if you can get $2-3K for it half of your debt is erased.....then work like the devil with a second job to pay off the balance, this is not an insurmountable situation.  A part time job at a fast food place will net you enough cash to pay off the balance pretty quickly.  I do not like to see the constant advice to refinance or rearrange the debt.....that does little to solve the problem.  IMO too many people focus on reducing the interest rate and the monthly payment rather than getting rid of the debt.


Watchmann-

OP can't get rid of the bike until they get the title.  Can't get the title until the original creditor is paid off.  They owe more than the value of the bike.  The reason we all are suggesting BT's is because it would eliminate interest for a while and get them the title so they could sell it for what they could get.  They could then apply the funds against what they owed. 

 

It seems the real problem is income right now. The OP needs more income.  In some parts of the country jobs are still hard to find, even PT minimum wage ones.


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Kennie02
Posts: 298
Registered: ‎08-11-2011
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Re: HSBC Kawasaki Card Nightmare

I wanted to thank all of you who contributed to this post. I took all your suggestions and have recently made some improvements. Wanted to give you an update for those of you interested. I am still working my part time job but still not making enough. DH got a second job and that has helped out a lot. Since this was his debt, he asked his mother to open a 0% APR balance transfer card and transfer this balance to it. She agreed. She was able to get a 3K limit credit card for 15 months and add him as an authorized user. I am not sure if we should max this card out with a balance transfer. However, I know that having a lower balance on the original card will make it more manageable for us to pay them on time and in the time we have the 0% APR. 


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JaysonT
Posts: 165
Registered: ‎08-13-2009
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Re: HSBC Kawasaki Card Nightmare

[ Edited ]

Kennie02 wrote:

I wanted to thank all of you who contributed...


 

 

Thank you for taking time to come back and update us on the progress. Good luck with all you are doing, I am glad to see you are working on getting this behind you. 


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