Called HSBC to see if I could get reduced payments

[cantretire]

Hi all.  I called HSBC to see if I could get reduced payments for a while - some type of small good faith payment - as I can't find decent paying work.  They gave me the number for the National Foundation for Credit Counseling.

Is this normal for not even talking to me about it?  Should I go through NFCC since I don't anticipate finding a decent job for quite some time.

[Creditaddict]

How much do you owe?

is this your only debt that your trying to work with?

[Anonymous]

I would cancel HSBC, they stink !!!!!

[Creditaddict]

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@Anonymous wrote:

I would cancel HSBC, they stink !!!!!

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You NEVER want to cancel an account you still have a balance on, especially if you are trying to work with the bank for lower payments and lower interest rate because once the account is cancelled it freezes interest and usually the front lines CSR's hands to try to help you

[cantretire]

Not my only debt, but the biggest CC.  My minimum is about 385 at this  point.  I have two smaller cards with minimums of about 55-60 currently.  I also have student loans in defferment.

My holiday-turned-permanent job turned out to be part time instead of full-time as promised.  If I'm lucky, I'll get a max of 15-20 hours a week and take home no more than $400 a month, net. (currently live w/parents rent-free.  Am also applying for food stamps and medicaid).  I was hanging on, barely, with the full-time hours, but can't do it on just 15 or so. Prospects are slim.  There are just too many people still out of work and in competition.

I hope to escape bankruptcy, but I don't think I can.  I've been out of work for 2 years.  All my payments have been on time.

[Creditaddict]

ill private you now

[marty56]

 Credit Counseling would probably not help you since if you are having trouble just making the minimum payment, you won;t be able to by the new amount since the longest you can be in a DMP is 5 years which would require more than the minimum you are paying now but it does not hurt to check.  Avoid debt settlement at all cost.

[Anonymous]

I hope you give NFCC a call and see what they have to say.

According to Suze Orman (I have no idea if this is accurate - but I heard part of a radio or tv program recently and this stuck in my brain) these guys can be worth going with because they have an "in" with the CC companies and are able to negotiate better terms (often lower or no interest) than the average Joe consumer can negotiate on their own.

However, I do not know how working through organizations like NFCC shows on your credit reports.  Hopefully someone else will chime in....

[Anonymous]

Hsbc is one of the worst bank ever, I hate them. I´m now building my credit with a secured card, but when I get a good credit score, I will never, ever apply for any card issued by HSBC

[Creditaddict]

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@Anonymous wrote:

Hsbc is one of the worst bank ever, I hate them. I´m now building my credit with a secured card, but when I get a good credit score, I will never, ever apply for any card issued by HSBC

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Don't say never, they back Neiman Marcus and Saks card.... They are a total different bank to deal with on these cards.

Same goes for Best Buy Store card vs MC... Totally different

But referring to the Orchard line, Gold and below Best Buy MC and Sears Solution MC.... I do agree