Negotiating

iVillage Member
Registered: 04-16-2004
Negotiating
4
Sun, 05-29-2005 - 11:46pm
I'm wondering if anyone here has ever had success negotiating interest rates or settlements with CC companies. I'm about 30K in CC debt and have been slowly chipping away at it for awhile now but it never seems to make any dent into the principal of the loan since I can only meet the minimums. I'd rather not settle with the creditors but I see no other way out for a long time if I don't try. Anyone ever have any experience,positive or negative,doing this? Thanks in advance!
iVillage Member
Registered: 04-21-2004
In reply to: jenny1095
Mon, 05-30-2005 - 7:36am

the only luck I ever had was a "match pay". I was about 3 months behind and they told me if I made a payment, they would match it , up to 700 dollars. It happened twice and then that was it. It was with Universal card. You might want to ask for that.

good luck, those credit companies are hard to negotiate with! but, hey, it's worth a try.

kel

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
In reply to: jenny1095
Mon, 05-30-2005 - 10:43am

If they won't adjust your rates, there is an alternative to settlement or bankruptcy. My credit card companies wouldn't negotiate, but when I went thru CCCS, every one of them participated, and my rates went from up to 29.99% down to a maximum of 9.99%.

Not every CCCS agency is the same, and some people will tell you that going onto a debt management program will damage your credit worse than bankruptcy. I disagree. If your only problem is that your interest rates are too high because you made a couple of late payments, a DMP is not going to hurt you. I was just able to get a mortgage at the best possible rate, and that is the real test of whether your credit is good or not. If you go into settlement, that will definitely hurt your credit rating, and it *will* show on your credit report.

Kelly

iVillage Member
Registered: 04-16-2004
In reply to: jenny1095
Mon, 05-30-2005 - 12:55pm
Thanks! That's so good to know especially since I want to buy a house in the next few years. Right now I have a couple of interest rates that are really up there-like 21-25% and that's what's hurting the most. I think I'll do some research into some good CCCS!
iVillage Member
Registered: 10-26-2004
In reply to: jenny1095
Mon, 05-30-2005 - 5:47pm
i was able to get my interest rates lowered by contacting the credit card companies directly. i simply called daily and kept asking for them to lower the interest rate based on the fact that i always pay on time and i've had accounts with them for awhile. on day 30 they either felt generous or were sick of me calling because they agreed to lower my interest rates.