Called HSBC to see if I could get reduced payments

[Smug]

I never had a problem with them i love their discover.

[cantretire]

I am considering BK, but was trying to avoid it.  Heck, a friend of mine has done it twice! (and still bought a condo).  I'll inherit this house with my brother, so I'm not worried about buying a house, but I'm worried about jobs.  So many check financial backgrounds.  (although I think a law was recently passed about this).

Sadder still, is that my older brother is in a similar position. He worked for a major, famous, '9/11' hospital for nearly 30 years.  He has his BS and 35 year of experience as a paramedic.  This famous hospital closed in May, after being in operation for 160 years.  He was the last person out the door.  He can't find a full time job either.  He's working per diem at 2 hospitals.  This nonsense about going into the medical field is bull.  Hospitals are going bankrupt and none are hiring.  He's looked in at least 6 states so far.  He has one child in college and one about to start.  It's such a mess.

[Tazman81]

I am sorry to hear about all the things going on and the tough time you are having.  I know a lot of people try to avoid bankruptcy, but sometimes you just cannot.

1.  Can you by change get unemployment benefits?  That may help hold you over.

2.  Were you by chance paying for the credit protection plan on your credit cards when you lost your job?  I think that will make your minimal payments, and/or cancel your debt up to like $10k.  **  I know most think this was bad stuff, but when things with the economy started to tank, I added it to all my cards, and definitely got my money's worth when I was out of work.

3.  Are you able to find another part time job?  I know not the most ideal, but any money coming in is better than no money.

4.  Though I know this may be a bit of a burden, but if you foresee yourself getting another job soon, maybe your parents may have enough to just help you make the minimal payments for your cards.  You have most of the money from your 1 part time job.

My only other concern would be you being able to save for your future because you should not have to work forever.  Do you already have an established retirement account with substantial funds in it?  If not, then based on how much you actually owe for debts, you may want to seek relief through bankruptcy.  This way you can start contributing more to your retirement fund as well.  keep your head up.  Bankruptcy is not the end of the world, and I think more than ever, it's actually being used the way it was intended.

[cantretire]

Taxman:

My UI benefits ran out - I'm a 99er.  As for another part - time job, there just aren't any.  I assume you haven't kept up with the job market, but we are still at nearly 10% unemployment.  The CC insurance was too expensive to keep.

[Tazman81]

Of course I've been keeping up with the job market.  What i was saying is that a lot of people just try to find 1 full time job, when they could work 2 or 3 part-time jobs.  I know doing that is not ideal, but if it pays the bills.  Do you qualify for any extended benefits as I know a lot of the unemployment was extended.  Just throwing out ideas in hopes one may benefit you.

[cantretire]

I finished every extension.  It's over.  I hope to find another P-T job, but all the companies have laid off all the seasonal workers.  I'm only going to get 15 or so a week, after they promised full-time, permanent after Christmas.  That's just what they do.  I hope something turns up.  My parents can only help so much.

[Tazman81]

I really hope things turn around soon for you.  My suggestion would be to just grab the Sunday paper, and even try for a part time job that you wouldn't typically do.  Especially if it will only be for a short time to help you get through this tough period.  Maybe a walmart or target has an opening for a parttime cashier or something?  How about a part time bank teller job.  They usually need "floaters" to come in during their busy days.  And please don't think I am throwing out this stuff to demean you in any way.  I swear I am not.  Just anything that comes to mind, I am throwing it out in hopes of helping.

[Tazman81]

Oh, what is your current interest rate on your HSBC card?  Is it possible you could do a balance transfer of all the cards to another card with a promotional interest rate that would cause the payment to be lower?

Maybe call HSBC and see if they can give you a lower interest rate or a promotional interest rate (which should hopefully lower your monthly minimum payment).  Even if they can do it only for 6 months, that would be good.  You can tell them that you moved in with your parents and they are going to help you with your bills while you get back situated with another job.  Try to be super nice to them so they will want to help.

[cantretire]

I'm trying to find ANYTHING, but it's really bad.  My interest is 15%.  I called, by they only gave me the number for NFCC.  I'm going to keep calling though.  I'm trying to get through the 'backdoor' number, but I keep getting disconnected.

[Anonymous]

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@cantretire wrote:

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.

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cantretire - have you called and touched base with NFCC yet?  Looks like HSBC is offering you an avenue to work with them - it may be wise to see what NFCC can do for you.