Florida Shooters Network

Hey Guys,
I have this Credit card that is at 10,000 it was at 20,000 anyways I can not seem to find a loan to get this pay off at 380.00 month they going to nail me at 19% so it will take me two years to pay off my hours have been cut I almost want to say screw it and stop paying as times are getting tuff has anyone does this and what was the out come...
Thanks Lakelandman

P.S.
It is Bank of America could they go after my checking Acct?

I'm assuming the HD card is also BAC from your question. If so, that's the simplest issue: the answer is yes. A bank can come after other accounts you have with it in the case of a default; it's called right of offset.

Times will get tougher if you damage your credit. For that amount they probably will send to collection and they may sue. If that happens and you get a judgment filed against you, it lives for a long time. In addition, your car insurance, for example, can be affected by it. Not right, in my view but, that's the way it is.

If you can't get a home equity line in that amount, it sounds like you have bigger problems. Sorry, none of my business.

was it a 0% for this long card and now its going up? Are you still charging on it? How long ago was the last charge? Have you call them and ask about options?

I didnt stay at a Holiday Inn last night but i did work in the Credit Counseling/restructure/settlement world for 5 years and if you havent called them yet that is the first place to start

Have you tried calling the creditor, and explaining your situation?... It is not unheard of for credit card companies to close the account for you, and let you pay it off at a greatly reduced interest rate, on a repayment plan.

I did give them a call I'm not using the Credit card anymore the credit they lower to 5% but I took cash out on it which 5K is 19% so at the rate I'm going going take two years pay off..
so I have been paying on it for awhile the problem is I rent and do not own a house. I own my car that is about it so it has been hard to refinance as I have very a little collateral I have try to apply for some loans online and a few banks no go...

Not to sound like a dick, but why would you even consider walking away from it ? You charged the card now pay it of. Not worth ruining your credit for $10K. If they cut your hours get another job or a second job.

Hey BMW GUY how can you not sound like a DICK pick one or the other there is no middle ground I have been trying get a second job no luck I was just asking for options. Thanks for your input

Pulling cash out is never a good idea (im sure you realize that now) as they charge fees and the interest hits right away, also it make the negotiations a little harder on CCC programs and settlements. BMWGuy did have a point, depending on what you want to do with you credit in the future its probably not worth messing it all up over 10k and to Rjroberts point things will only get harder when they go after you. Do you have any other cards or have you received any offers in the mail recently? A balance transfer with a 0% for however long and a decent APR after would be a quick solution. Have you spoken to BOA about a credit consolidation loan?

Hey Pizzim and Rjroberts thanks for your time see what i can do I have tired but with no luck thanks again...

In the UK folks have had success in closing the account or ceasing the account and having a final bill, sometimes interest free. If nothing else talk to them about your situation defaulting on your payments really isnt a sensible option.

Perhaps ask if you could pay off the cash first, then goods, cash drawn from a credit card is always at a higher rate.

lakelandman wrote:Hey BMW GUY how can you not sound like a DICK pick one or the other there is no middle ground I have been trying get a second job no luck I was just asking for options. Thanks for your input

You had to expect a response like mine from someone here. Sorry, but I am tired of hearing about people looking for the easy way out and just wanting to walk away from their dept.
With that being said I also know its a PITA to reasonably talk to the CC companies. I heard of situations were you have to be in default for them to even consider working out a deal with you, which is counter productive if you want to protect your good credit score. However I sincerely hope you find a solution to your troubles.

Thanks BMW guy

Have you tried applying for a new credit card with a promotional APR and then transferring the balance? I do that shit all the time. Once my promotional APR runs out and my interest rate goes way up, I just find a card with a promotional APR and transfer the balance to that card.

Nowadays though, most cards charge a 3-5% transfer fee, but if you add that 3-5% fee to a 3% promotional APR, you're still doing much better than 19%.

Yeah try that but they do not want give me the 10K like 3K or less credit score is low even though pay my bills on time.. I'm in the 600 mark

If you could find one or two willing to do 3k, it's still better than the entire 10k at 19%. Part of the problem you are having now is your poor credit score.

In the long run, improving your credit score by maintaining the minimum payments will be to your advantage. With good credit, banks are more willing to help you out of tough situations. With bad credit AND difficult situations, your options are limited.

Just going stick it out!!!!!!!!!!

you could always sell some of your firearms to help out....nobody ever thinks of that!!!

We used one of the restructuring companies,about 25 yrs ago.I think they work the same way now.Find a real one,(ask around),and they will negotiate a payment you can stand.Time went by so fast,it was over before we knew it.It really worked well for us.(I'd lost my job,and was trying to strike out on my own,which I did.)Good luck.Don't let the turdheads get you down.

Quest wrote:you could always sell some of your firearms to help out....nobody ever thinks of that!!!

LOl its true some of you guys could pay your house off and retire with the amount of kit just gathering dust in your safes.

I really can't see me having hundreds of guns like some of you guys, not unless I win the lottery or the business goes through the roof. I would rather have a nice house/car and have a decent collection, say ten or twenty guns.

Back on topic :-

We have debt management companies over here, loads of them infact, however they do destroy your credit line in the short term. But I guess the pain is worth it if the decks are cleared quickly, most work to getting your debts paid with little or no interest, however they do charge a premium for there services. I know all this because my mate Trevor did a scheme a couple of years ago and it pretty much saved his marriage and life !!

If your looking at 19% interest it may be worth the pain ..... $10k now will be $12k next year etc etc , borrow the money and expect to pay $16-$17k back with interest.