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My eyes were opened

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11:29 PM, 2008-Jul-15 .. Posted by gabbie427

Before marriage, I had a debt that was outstanding, and I was considering debt consolodation as well. I called the credit card company and asked them if there was ANYTHING that could be done. I ended up saying outloud, I would have to file bankruptcy I suppose and the lady offered to let me still make small payments and to "freeze" the account so that they were not collecting and further late fees or interest!!!

This wasn't the first person I talked to at this company. I just kept asking for another supervisor and then another, etc. until I found someone who actually had the authority to make a deal with me. If I had a large chuck of money, they were willing to let me pay it off at 60 cents on the dollar, but I didn't.

I am just telling you this because it is worth a try!! I was nervous calling them too Amy, and I was in my 20's when I did this! Evidentially bankruptcy scared them into thinking they were getting NO money, instead of some money or a hunk of change less than the debt.

Keep calling the company if you fail to make a good deal on the first phone call, and keep asking for another supervisor (slowly climbing the ladder), and don't be afraid to ask for what you want. Ask them to freeze the account and take off part of the interest, or all of it incurred while with the debt company. Tell them your sob story (it worked with me), and maybe, hopefully (I am praying for you hun), they will work a deal with you.

At the time I did this, the stock market had crashed and people were scared of a recession, and because of this, the lady from the credit card company said many people were just not paying their bills and filing for bankruptcy, but since I wanted to (as my Godly duty), pay for my bills, she was willing to take some of the interest off and give me a big break.

I will be praying Amy!! Please keep us posted!!! You will be debt free from all these creditors soon! I just know it.

God's Blessings,
Amy Jo

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9:33 AM, 2008-Jul-16 .. Posted by Jonash2004

I actually sent this post to my husband, who is always interested in how things "work" in the world of finances. What an eye-opener! It makes sense now but I've always wondered how they made money.

Prayers!
Ashley

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11:38 AM, 2008-Jul-16 .. Posted by Lynne

Amy,
This is an amazing story. I hope you are able to get results like the commentor #1 did.
I had seen a video several months ago of an interview of someone who used to be in a high position in a credit card company. She said that the credit card companies really don't want people to pay off their balances because they way they make their money is from the interest and fees. Their only problem is people who just go bankrupt and never pay anything.
The people you should really be mad at are our politicians who knowingly allow this to happen and do not regulate interest rates/fees from the credit card companies because these same companies give them $$$. It's just like the mortgages given to people who cannot afford them; the mortgage workers just collect their upfront fees and don't care about the homeowners.