CC minimum due - can this be lowered?

Avatar for aracasila
iVillage Member
Registered: 03-26-2003
CC minimum due - can this be lowered?
7
Mon, 04-14-2003 - 4:49pm
Hi everyone! I'm a lurker here and I looked at the snowflaking site earlier today....I think this is the answer to my problems. I want to start with the Capital One CC - we owe about $2700 and minimum due right now is about $480. We cannot afford to pay this first $480, so I was wondering if there's a way we can get this lowered? Will CC companies do that? Our interest rate is 19% and I'm wondering if they would lower this too. I know the only way for me to really find out is by calling them (or at least answering THEIR calls, lol!), but I just wanted to see what you all would say first so I know what to expect and I'm not caught off guard on anything. Thanks so much!

Cara
iVillage Member
Registered: 03-26-2003
Wed, 04-16-2003 - 4:08pm
I agree it depends on the person who answers the phone and the company policy. I successfully had my Fleet minimum payment and interest rate lowered, BUT I had to pay off the back balance (all the payments I missed leading up to this) first. It was hard to scrape up the money but was worth in in the end, because the difference in payment was enough to loosen the rope around my neck a little.

You'll have to call them... maybe more than once. Don't give up if it doesn't work the first time.

Sharon

 

iVillage Member
Registered: 04-08-2008
Tue, 04-15-2003 - 8:24pm
Hi Cara!

I know how you feel, I was in a similar situation with my Sear Master Card. My minimum due at the time was $657 (past due payments, plus late charges), which is why your minimum is so high right now, I assume.

Well, I called them to see if I could pay them $200 and pay the rest the following month. They would gladly accept the $200, but wouldn't waive the late charge for the current month or lower the interest. I was on the phone quite a while asking a lot of questions, and she just kept telling me that there was nothing she could do for "my account". I questioned her, "Why my account? You can work with others and not mine?" She didn't really want to tell me why, but I kept asking questions, and as it turns out, the reason she couldn't work with "my account" was because it wasn't 3 months past due.

Go figure. I had been paying a little here and a little there, and now they can't work with me, even though my last "full" payment was 3 month prior.

Just a little insight for you. Good luck!!!

((Hugs))

Avatar for mrslove2000
iVillage Member
Registered: 03-26-2003
Tue, 04-15-2003 - 3:55pm
Cara- I agree with the previous posts. Your minimum payment and intrest seem quite high. The only way you will know if a creditor will work with you is to call them. I think it was Tam that suggested to call and don't let them hear your nervousness. Be firm but not pushy. I had a friend who was able to get a "hardship" change to her terms. Basically, they froze her interest payments for 6 months until she could get caught up. And that helped her regain positve credit with them. She may have mentioned she was on the brink of bankruptcy and wanted to "work a deal" before she included that debt in her bankruptcy case. *wink, wink*

Best of luck!

Susan

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Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Mon, 04-14-2003 - 11:36pm
Hi,

First of all...a minimum payment of $480 is high for a balance of $2,700. In addition, 19% is extremely high. I suggest u shop around for another cc w/lower interest and transfer the balance. Or u can try calling Capital 1 and find out if they would lower your interest rate.

Good luck.

MYM

iVillage Member
Registered: 03-26-2003
Mon, 04-14-2003 - 9:52pm
My card was willing. I phoned them up and told them that I was in danger of going bankrupt, and they were quite willing to talk. They had a program where they would lower my interest rate and put me on fixed payments each month that I could afford. If you make the payments for 3 months then its a guaranteed thing. However I am amazed at the amount of your minimum. I owe said credit card $12K and they said my montly payment would only be $214. You only owe about 1/5 that and your payments are twice mine. I'm always wondering how they figure that stuff out. So as it turns out, I was denied the program since I can actually make payments greater than my minimum. LOL I am just so far behind that it was looking that desperate. They said if I make payments of $300 for 3 months I'll be up-to-date and then can go back to the $214. I just have to be careful not to fall behind again (that was a note to self). They were really very helpful and believe me, I was terrified to call. I hated picking up the phone and wondering if it would be them. So I've been there and it was super hard to call and talk and if you have to, make your story a little bit harder than it is and get their cooperation. I think they appreciate people approaching them and giving them ideas. Tell them you can only pay $200/month right now (or whatever works for you) and see what they say. Often they are more happy to receive that than nothing and have you go into bankruptcy or just default because I think they often don't get any money back then.

So go ahead and make that call. Everyone here is rooting for you and sending lots of be tough vibes. Don't let them hear you sweat on the phone. LOL

Tam

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iVillage Member
Registered: 03-27-2003
Mon, 04-14-2003 - 8:28pm
I think it depends on the company and the representative you reach whether they'll lower your payment or your interest rate. But the best thing in the world you can do right now is call them and try to work it out. It would be my guess that they won't lower your interest rate until you get a couple months of good payments under your belt, but I could be wrong. Many companies have hardship programs they can put you on that lower the rate (Discover did this for us).

But odds are on your side that if you call them up, indicate a willingness to work with them, and offer a payment, that they will negotiate with you. If they still insist that your minimum due is $480, then it's still in your best interest to snowflake it. Send as much as you can now, as much as you can next month, and you can watch that minimum due slowly go down.

Good luck!

Heather

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Mon, 04-14-2003 - 6:09pm
Welcome to the board. I really don't have an answer for you about lowering the minimums or the interest rate because I'm assuming that's a *penalty* rate with some late fees in the minimum due.

You might try the Debt Question and Answer board, they would be better at answering specifically. http://messageboards.ivillage.com/iv-mldebtqa

Although, you did answer your own question.. :) You will need to call and find out. I know you can call and lower interest rates but I don't think they necessarily do that if you have late fees on the account, etc...

Please continue posting here for emotional support as you work your way out of debt.

Becky