Received an interesting phone call today

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kristens_mom
iVillage Member
Registered: 03-26-2003
Received an interesting phone call today
3
 Fri, 04-11-2003 - 12:20pm
I was home looking after DD this morning (she has been very sick for 2 days) and I get a phone call from my bank. I start to instantly panic thinking they are finally going to start demanding payment on my line of credit or something. But the guys starts asking me if there is anyway they can help me, since I have a loan at nearly 10% with them (car loan) and my LOC is maxed out, maybe there is something they could do to help me pay it down faster, increase the line of credit and give me some cash relief. Ummmmmm. Okay, but when I asked for a $1000 overdraft (for those times the paycheck comes on the 17th and the car payment is the 16th they said no, so why now are you all so eager to help me out. Hmmmmmmmm. So I made an appointment for Monday to see what they have to say. I find it all rather strange. Anyway, can't hurt to check since the interest on my line of credit is about 4 or 5% less than the loan. Keep your fingers crossed.

Tam

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cmmsjoecool
iVillage Member
Registered: 02-14-2003
In reply to: kristens_mom
Received an interesting phone call today
 Fri, 04-11-2003 - 3:16pm
Hey Tam. My fingers, toes, arms, knees, and eyes are all crossed that this goes a way that's most beneficial to you. Be sure to give us an update. :o)

Ms Joe

Ms Joe
CM Ms Joe Cool
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heather_head
iVillage Member
Registered: 03-27-2003
In reply to: kristens_mom
Received an interesting phone call today
 Fri, 04-11-2003 - 6:39pm
You know, sometimes it just depends on who's looking at your account and what kind of mood they're in. For instance, I've heard horror stories and happy stories about Discover, and it all just depends. My bank (USAA) is wonderful--when we were behind on everything, they would call us once in a while and say things like, "we noticed that your payment is behind, is there anything we can do to help?" and then grant us no-questions-asked relief from a payment for a month or two (of course, interest was still accruing and we have to make the payment at the end of the loan term, essentially extending the term of the loan, but it helped out our cash flow tremendously).

Good luck! I hope this works out in your favor!

Blessings,

Heather

rutgurl
iVillage Member
Registered: 03-26-2003
In reply to: kristens_mom
Received an interesting phone call today
 Fri, 04-11-2003 - 7:13pm
I think they're looking out for themselves. First of all, they know the economy is bad, and want to make sure they get their payments on time, even if it means missing out on a little interest in the long run. The line of credit is also more debt you'll owe them, so it benefits them more than you, no matter how much you may need the cash now. The line of credit will take months or years to pay back, during which time they'll be earning interest, so it's better for them than overdraft protection, which would only earn interest for a few days or weeks until your next paycheck came.

Even so, if you need the money, you need the money. Just be sure you need it before you accept it.

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