Unwilling to Reason

by Paul
(Naugatuck ,CT)

If notifying your credit card company of a recent change in your financial status and requesting a reduction in your annual percentage rate (which is and has been for over 5 years,,above that of 25%) so that you may be able to afford your payments rather then default on your debt, and they are unwilling to do so,do you feel i am wrong in closing out my account and refusing to pay what they wish? The fact is that i purposed a plan that i could afford and they would not accept, I also wrote them a letter to that effect, yet they are unwilling to make any alternative solutions. I have no longer the means to keep up as i previous did.

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Apr 19, 2010
negotiating with credit card company
by: Gerri


First, thank you for sharing your question on our Q&A page.

Unfortunately, I've heard the same thing from many other people. They want to pay their debts, but their credit card companies just won't work with them.

It sounds like you've done the best you can with what you have. And now you simply can't keep up.

Your next step then is to figure out what you'll do about this debt. You have three basic options:

1. Work with a nonprofit credit counseling agency to get on a five-year repayment plan,

2. File for bankruptcy, or

3. Negotiate a settlement on your debt

My recommendation is that you look into all three options and keep an open mind before deciding which one is right for you.

It sounds like you have a strong level of integrity about your debts, so you probably don't even want to think about filing for bankruptcy. But it may be a good idea to at least set up a a free consultation with a bankruptcy attorney to find out whether that may be an option. Even if you don't want to file, the fact that you have consulted with a bankruptcy attorney could provide some negotiating leverage when you're working with your creditors.

As for negotiating your debt, I would suggest you start by listening to our debt settlement podcast. You will get an overview of how the settlement process works.

Please let us know if you have any specific questions if you look into these options. I believe you would also find my other e-book Reduce Debt Reduce Stress helpful as you decide which option to choose.

We wish you the best.

Apr 19, 2010
Unwilling to reason
by: Paul

First i wish to thank you for posting my inquiry and for your most welcome response. I certainly will follow up on the advice you so provided.The service that is given here is, in my opinion, such that is of great value. Not only do you bring forth the knowledge of the proper procedures to follow in different situations pertaining to consumer and creditor confrontations,but you help to ease the stress and tension that these unfortunate circumstances present. I positively am going to purchase your book for the importance of the overall information contained within i know will serve to be equalizer through out these
disturbing times. Thank you.

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