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Called HSBC to see if I could get reduced payments

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Regular Contributor

Re: Called HSBC to see if I could get reduced payments


@beamMEup wrote:

@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.


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.


Cantretire, you definitely SHOULD call NFCC or another debt management plan service to at least talk to them.  (I used a service out of Arizona from 2005-2009 that helped me pay off $41,000 in cc debt.)  The whole point of contacting them is that, as beammeup alluded to, THEY will work with HSBC and the do have an "IN" with the credit card companies that WILL get your interest rate lowered (in most instances, ime), and that will lower your payment (in many instances, ime).  I can't remember if you have to already be behind on your payments to get them to intervene on your behalf, but they can at least talk to you about next steps.  Some CC companies will report this on your credit report.  IME, many did not.  I think most of my damage to my score was caused by missing payments or "making small, good faith payments" that were less than the MP, which as someone said above is a BAD mistake that will only cause you to incur more fees--my score wasn't damaged near as much by the DMP itself, imo.  In any case, the DMP did not prevent me from refinancing my house both before and after the crash, as recently as 4 months ago and only a year or so after finishing the DMP.  They may require you to have at least a parttime job, however.  But this is all stuff that they are experts at and can discuss with you.  Anyway, you have to go to credit counseling nowadays before you can file Chapter 7 bankruptcy.

 

My 2 cents.  Good luck to you.  It will all work out in time.

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Message 31 of 49
Contributor

Re: Called HSBC to see if I could get reduced payments

Thanks all!  I definately call NFCC.  I'll only be grossing about $125 a week, so I really need help.  I'll let you know how it goes!

Message 32 of 49
Valued Contributor

Re: Called HSBC to see if I could get reduced payments


@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.


Did you call a back door number?

 

They can usuaaly do better than the number on your card.

 

Message 33 of 49
Regular Contributor

Re: Called HSBC to see if I could get reduced payments

There are also wait staff/bartending jobs out there -- again, maybe not ideal, but would offer flexible and expanded scheduling and add much needed additional income.

 

Many years ago I found myself in a similar situation.  Hindsight is always 20/20, but I later wished I had gone to my local bank where I had an established history and great relationship with the people that worked there, and asked about loan options to pay off my credit card debt.  I found out that I would have qualified for a loan that would have almost paid off my cc debt, and my montly loan payments would have been 1/4 of what my monthly cc payments were.

 

I know the loan/banking industry has dramatically changed over the years, but if you or your parents have a good banking relationship (especially with a credit union), you may wish to go in and talk to someone about consolidation loans, etc.  You may have to increase your income with another part-time job before you would qualify (or ask your parents to help secure the loan if they're able and/or willing), but it might be worth considering.

 

Wishing you the best of outcomes...and as someone else mentioned, this too shall pass (even if it is difficult to see any light at the end of the tunnel at this time).

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Message 34 of 49
Contributor

Re: Called HSBC to see if I could get reduced payments

Forgot to update.  Calling NFCC was a bust.  I don't make enough money!  Now, I'm looking for a BK lawyer.  It seems that all the pro bono lawyers aren't taking any new cases.  Apparently, too many of us are filing.  I have another place to call tomorrow, but looks like  pro bono is off the table.  Wish me luck.

Message 35 of 49
Senior Contributor

Re: Called HSBC to see if I could get reduced payments


@cantretire wrote:

Forgot to update.  Calling NFCC was a bust.  I don't make enough money!  Now, I'm looking for a BK lawyer.  It seems that all the pro bono lawyers aren't taking any new cases.  Apparently, too many of us are filing.  I have another place to call tomorrow, but looks like  pro bono is off the table.  Wish me luck.


It can be extremely difficult to find an attorney willing or able to take bankruptcy cases pro bono.  Have you tried a local university law clinic?

 

Whether you ultimately find a pro bono attorney, pay for one or decide to do it yourself, Nolo Press has some really great guides to the bankruptcy process designed to give those unfamiliar with the process a pretty much in depth understanding.  You can find one at your local library.

IAALBNYL
Message 36 of 49
Contributor

Re: Called HSBC to see if I could get reduced payments

Thanks, I'll check that out.  I checked out the NY bar association and started from there.  They had links for pro bono.  It lead to a local site and they aren't taking any more cases (it's only FEBRUARY!!!).  There's another number that I'll try tomorrow.  If I can't get a pro bono from them, maybe they can at least recommend lawyers.

Message 37 of 49
Moderator Emeritus

Re: Called HSBC to see if I could get reduced payments

 


@haulingthescoreup wrote:

 


@cantretire wrote:

Thanks, Hauling.  I was making slow, but steady progress getting my CCs paid down.  I was supposed to have them paid off by the end of 2012, (if not earlier), then would start making triple payments on my student loans.  My goal was to be completely debt-free around 2020, at age 57. 

 

Then January 30, 2009 came around and I lost my job.  I don't know what to do.  I had a complete breakdown about a week ago, my first one since losing my job.  I feel like I'll never make a decent living again, never get things  paid off, never build enough retirement. 

 

What's really, really sad is, I'm one of about 25 million.


 

What a revealing, and heartbreaking, summary of what has happened in our country over the last several years. Smiley Sad

 

Like so many other people, I used to think that bankruptcy was a tactic employed by losers and cheaters. No more. I've read too many stories here on the boards by people who did what research and HR seminars and financial magazines and "experts" in general told them to do, and then the rug was yanked out from under their feet. It might have been extended unemployment, it might have been devastating medical bills that weren't covered by insurance, it might have been a truly nasty divorce, it might have been a little bit of all three.

 

You're a bit less than 20 years away from retirement age. You shouldn't have to write off your future at this point. In your position, I would seriously consider bankruptcy. Your student loans can't be discharged (this is only possible in very, very rare circumstances), but there's a lot to be said for starting with a clean slate otherwise. If you do go this route, it would take either 7 or 10 years for it to fall off your reports, but if you read around here, you'll find that people are able to buy cars and even houses before this point. In the meantime, they're back working again, contributing to society, and they're not crushed by debt.

 

I never thought the day would come when I would nod my head up and down when someone was contemplating filing bankruptcy. But then, I never thought the day would come when I would see that many of the corporations --and corporate executives --who were largely responsible for this devastation would be rescued by taxpayer dollars and are already back to business as usual, with apparently no repercussions. Smiley Mad

 

Your situation might not be right for BK. I don't know if your debts are bad enough to go through all this. But if you have no realistic expectations of your income returning soon, you might not have a choice. If you haven't already, do some reading over on the Bankruptcy forum.

 

I wish you luck with whatever you decide to do!


 

I've never had to go through the extreme of bankruptcy, but I agree with everything that you've said. This was a very thoughtful post to a very serious issue that our society is currently facing.

 

BTW, I may not have gone through bankruptcy, but I have had to deal with charge-offs. This was in the wake of being hit by hurricanes two years in a row -- 2004 and 2005 -- and these really wrecked havoc on my financial life. Some creditors were willing to work with me and I was able to keep the accounts open. Some offered a reduced settlement, so even though I have a CO on my record from them, at least they are paid and done with. But, I had an Orchard Bank card, and they would not work with me AT ALL. I explained that I was the victim of a natural disaster, but they wouldn't budge. No reduced or deferred payments, no settlment offers, nothing. After the 2004 hurricane, it was all I could do to make the minimum payments, and with the interest factored in, the debt never seemed to go down. Then came the 2005 hurricane. With only so much money available to me while I was getting back on my feet yet again, they went the bottom of my priorty list for payment and became a CO. I'm not happy about it, I'm not proud of it, but the fact is that things do, indeed happen; life can throw curveballs.

 

Sorry for the ramble. But, I just wanted to point out that I do understand what it's like to go through financial hard times due to unexpected life events. So yes, I'm not judgemental about someone deciding to take bankruptcy... for the very reasons that you so eloquently described.

 

To the OP... please know that my thoughts go out to you and I wish you well. I hope that something turns up for you soon and you are able to get back on solid financial footing.


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Message 38 of 49
Senior Contributor

Re: Called HSBC to see if I could get reduced payments


@cantretire wrote:

Thanks, I'll check that out.  I checked out the NY bar association and started from there.  They had links for pro bono.  It lead to a local site and they aren't taking any more cases (it's only FEBRUARY!!!).  There's another number that I'll try tomorrow.  If I can't get a pro bono from them, maybe they can at least recommend lawyers.


I'd get the book before you hire a lawyer.

 

I'm not saying you need to use the book to help you file for bankruptcy without a lawyer, but at worst the book will help make you an educated consumer and a much more valuable partner when discussing your case with your attorney. 

IAALBNYL
Message 39 of 49
Contributor

Re: Called HSBC to see if I could get reduced payments

Thanks everyone for all your help!

 

I've bookmarked the NOLO website and will look for the books. 

Message 40 of 49
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