defaulting on credit cards

[Anonymous]

Down in Thornton Park a nice area in Orlando. Lots of people convert there external garages into a guest house and rent them out for $600-800, possible option?

[Creditaddict]

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@jthedges wrote:

Sorry you are in the situation you are in.  It sucks.  I have been there.

But, most creditors are willing to work with you IF you contact them before the problems start.  Maybe they could reduce your interest rate for a while so your payments will matter more.  I know most of my creditors did this.  They reduced my interest rate and told me I couldn't charge on the cards anymore until they were paid off.

I would just keep calling and being as nice as possible.  People often forget how far being nice goes

I wish you all the best and I hope you do not have to damage your credit in the long run.  However, you are right, electricity comes first!

How good is your credit?  Is there any way you can get a low interest card and balance transfer to this card?

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In my experience credit card companies are acting the same way towards helping someone with credit card rates and payments as they have been with mortgages... as long as your current your just not bad enough off to take losses... but the second you miss 1 payment (Usbank only waits 7 days after a missed payment to call you and offer options) they will work with you.

I'm saying this as someone who got into trouble with cards partly to a failed business and partly me... I tried many times to close accounts if they would just lower my rate or min. payment and they all said no EXCEPT National City.

But once I missed 1 payment, they all were willing to put me in 1 year payment plans.  I have no 30 day lates on credit from doing this either.

[Anonymous]

I'm a member of another CU and waiting to see if they can re-fi me for a lower monthly payment.  They were supposed to let me know a couple hours ago and I haven't heard anything yet so I wonder if maybe it is not good news

I just don't feel comfortable with some strange person in my house.  I have a one level house with only one main entrance.  Maybe if it was 2 level or something or separate entrance I would feel better about it.  I do have a friend that will be moving in and able to help pay some money/bills but it isnt' possible for a little while yet. 

[Creditaddict]

sent you a private message

[hedgeclipper2]

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@Anonymous wrote:

I'm a member of another CU and waiting to see if they can re-fi me for a lower monthly payment.  They were supposed to let me know a couple hours ago and I haven't heard anything yet so I wonder if maybe it is not good news

I just don't feel comfortable with some strange person in my house.  I have a one level house with only one main entrance.  Maybe if it was 2 level or something or separate entrance I would feel better about it.  I do have a friend that will be moving in and able to help pay some money/bills but it isnt' possible for a little while yet. 

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You should call em up!  LOL.  Don't be bashful.    They should be able to tell you whats up.

Yeah, I understand about the person living with you, my roommate is a good friend.  Although you could request a nice security deposit should anything bad go down.  But I do understand.

Personally I would get on the horn with all your card companies and see if they have any options available at the moment, as Creditaddict said, they might not be willing to help until you are a few days late, but you never know unless you ask.

[waqaszm1]

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call your utility company, sometimes they will give you a grace period. had similar problems, and got 21 day grace-periods 6 months in a row. it might work to buy you some time to construct a solid plan. try to stay away from those loan sharks. that will make the problem worse. about a year ago, i had called bofa and worked out an arrangement where they would close my account, report it as "closed by consumer", reduce my apr to 5% for 5 years and allow me to pay them off in that way. at that time, i had been only 15 days late on their payment and called in to speak to their hardship department. i told them straignt out that if they were not going to work with me on this, i will have no option but to default. i did a similar deal with discover. they reduced the apr to 3.99% for one (1) year. american express had reduced my apr to 0% for (1) year as well. that was  great help.

also, while you are in the hardship plan with bofa, and you get late making a payment, they will not charge you any additional late fees etc.

also, if you have a checking account and have lately received any NSF charges, try to have them credit them back. usually customer service will refund one or two and then balk. in my case, i wrote to the ceo/president of my bank and they refunded about $438 in fees. if you write, explain your hardship in detail and it may work.

if the banks dont agree to work out a payment arrangement with you, you may want to get late by 7 or 10 days and then call them. on seeing the late status, they will want to work with you and refund the late fee. its better to get the late fee refunded as a one time courtesy before you get in the conversation about the arrangement. beware, that when you enter a payment arrangement with a creditor, they will probably close that account permanently. in the future, you will have to re-apply for another card wih them.

[Anonymous]

Please don;t let cards go away...

In May I was in terrible situations. My cards and car loan were on 1300$ and my wife lost a job and she got 500$ a months payments...

Bigest problem for me where two Chase CC bot full ( 4500$ and 5000$ and with interest rates like 24.99 and 29.99 ) . I called them and let them know that I can not pay 400$ a months minimum on this two cards. They agree that for a full year, they are going to lower my Interest rates on 7.99 and 9.99 and they asked me how much a month I can afford. I told them 200$ and they agree with that. They close both cards.

That aloud me to clean up a mess; and 7 months later i have only 450$ payments.

[Anonymous]

I sometimes can only pay 50-75% of my water and/or electric. I would pay at least that much and then next month pay all is owed plus a late fee. They never turned off anything or reported, I've done this 3-4 times over the year.

[Anonymous]

I have also paid less on electric, phone, water, etc and made it up later.  But I'm to the point with my CC minimium payments I don't have any money left to pay anything on the electric or phone or water. 

I did call the CU about my car re-fi and they said the underwriter turned it down because of my high CC balances but she submitted it to the manager for re-consideration. 

I guess I will start contacting the other places and see what I can work out. 

[Anonymous]

Just got off the phone with NFCU and they said if I fill out a financial needs form they may be able to help me so I'll see what I can do.  I would be more than happy to dump the rest of my CC if I can just hang on to them.