Re: Credit Card, new ?'s
From a Credit Card Collectors View...Keep in mind all Late Charges, Over-the-limit fee's, and finance charges are all waivable if you have a good enough story(depending on the collector). Depending on how Delinquent you are (30 days, 60days, 90 days), your creditor will be able to place you on a Payment plan (for hardships) to lower your interest rate(sometimes down to 0% depending on your situation), and also waive a chunk of fees. Collectors get bonus off of getting you to pay over the phone, or promise an amount that you will be sending in. Here's a few other tips for the heck of it...<br /><br />
DEBT CONSOLIDATION: My recommendation is to goto
www.nfcc.com to check to see if there's a non-profit org that will help you but keep in mind, it will show up on your credit report if you choose to goto a debt consolidation program. <br /><br />
SETTLEMENTS: Good way to get rid of a debt that just holds ya back. Normally a collector will be able to go down to 75%, but if your complain enough, you can go as far down as 20% (pay 20% of your total balance) I wouldn't recommend going that far however! Keep in mind, settlements are also a hit to your credit report and also you will get a 1099 tax form at the end of the year to pay tax on the difference that was cleared off. So be carefull that you don't owe the government rather then your creditor(if it's a low settlement payoff), because then you have the government garnishing your tax return if you can't afford to pay them =o.<br />----------------------------------------------<br /><br />Also when you call into your credit card company, if your account is in a delq status, you will be forwarded to the collections dept when your really trying to get to cust service. If you want to discuss lowering interest, you can try to work it out with a collector if you show that you cannot pay & are in need of a hardship program (because of getting fired, death in the family etc.) or something major that shows you can't pay your min payment. They will ask personal questions about your bills to document that you are in need of one, so if you told them after paying bills that you have $1200 left at the end of the month, don't count on getting put on the program!!<br />So instead of putting in your account # when asked on that automated stuff, just hit "0","#" on your phone & that should get you to customer service if you really rather talk to them. but watch out, most cust service will transfer you to collections if they see your account is delq, request a manager at that point if you really want to stay with customer service... <br /><br />lastly remember...the credit card company would rather get something out of you rather see you account charge off & then they get nothing.... anythings negotiatable <br /><br />I recommend hardship programs with the company itself or a loan to consolidate all of your debts. Good luck =D
