loose tooth Posted March 21, 2007 Report Posted March 21, 2007 Don't know if I am asking this in the right forum.I have settled debt w/ some cc. I would like to settle more but am out of money. I am scared to death of charge off. They are large amts and I really don't want lawyers after me. My question is, how willing will the credit card companies be to work out a sensible minimum payment w/ me. Our business is struggling. Hopefully temperary. Will they bend quite a bit, or would they rather see it in the hands of lawyers? I am about 120 days late on 2 of them.Thanks
willingtocope Posted March 21, 2007 Report Posted March 21, 2007 Call and ask for the "hardship" department. If you're that late, most will work with you...up to a point. Be careful not to agree to anything until you're sure you can handle it. Note that there are usually severe penalties if you can't keep up the payments...and it will only run for 6-12 months, so only get involved if you're sure the business will turn around. They won't give you a second chance.
loose tooth Posted March 22, 2007 Author Report Posted March 22, 2007 Screwed if you do, screwed if you don't . You have to wonder why the heck cc offer so much credit? I was approved for credit way above my means when my fico was good. Don't those dumb asses know that trouble exists in that. Eventually, people like me are going to default. Credit is to darn easy to get.But here I go blaming the credit card companies when it's my fault.
willingtocope Posted March 22, 2007 Report Posted March 22, 2007 Don't those dumb asses know that trouble exists in that. Eventually, people like me are going to default. Credit is to darn easy to get.Beleive me, those dumb asses know exactly what they're doing. They really don't want people who pay them off...they want people who pay them interest...and, they also want people who will trip over their stupid rules and wind up in universal default so they can charge more interest and throw in some penalties now and then.But here I go blaming the credit card companies when it's my fault.Not entiryly your fault. Again, like the computer in W.O.P.R said, "the only way to win, is not to play". The CC banks know what a fine line they've drawn in the sand. They really do expect people to trip over it.
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