topic 5/3 Hardship Advice Sought in Rebuilding Your Credit

5/3 Hardship Advice Sought

mb2621 — Sun, 12 May 2019 16:26:58 GMT

2 months ago, I entered into a hardship agreement wth 5/3 Bank for $150 a month over 6 months. The second payment was a few days late and they reported the original balance as over 60 days late and a past due balance of $292. I do not seem to remember agreeing to that.

I feel like a fool for even paying that debt last month, in light of this fact. Is there anything I could negotiate with them, or just wait for the zombie debt buyers to settle it for less? Can this affect the cards I am doing well with (issued by Wells Fargo and Capital One)?

Re: 5/3 Hardship Advice Sought

gdale6 — Sun, 12 May 2019 17:48:12 GMT

@mb2621 wrote:
2 months ago, I entered into a hardship agreement wth 5/3 Bank for $150 a month over 6 months. The second payment was a few days late and they reported the original balance as over 60 days late and a past due balance of $292. I do not seem to remember agreeing to that.

I feel like a fool for even paying that debt last month, in light of this fact. Is there anything I could negotiate with them, or just wait for the zombie debt buyers to settle it for less? Can this affect the cards I am doing well with (issued by Wells Fargo and Capital One)?

Unless they modified your original agreement to update this 150 is only what is required as a minimum then they can report the past due amounts and the time of such. The program may also have had a clause that stated if you paid this late the entire agreement is null and void. As far as it affecting other cards, yes it can lead to AA on those as well. I would be catching up the payments with them if you cannot work something else out amenable.

Re: 5/3 Hardship Advice Sought

mb2621 — Sun, 12 May 2019 18:16:47 GMT

Paying off the others is on my agenda. It can be done over the next couple of months, but not right away. The WF will be paid in full soon though.