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Credit Card issue

Discuss the credit card, collection agency, and credit reporting act, etc.

Credit Card issue

Postby jafco13 » Thu Jul 20, 2017 1:09 pm

I lost my job and I was still paying my credit card with my unemployment and savings now this all has run-out. So I was on the phone with one of my credit card company's today. I asked her if there is a way to stop the past due fees from accumulating now that they know I am unemployed. She said to me no there is no way to do this as it is generated automatically. Please if someone could enlighten me if there is a way I certainly would appreciate your help. Thanks
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Re: Credit Card issue

Postby phoenixreborn » Fri Jul 21, 2017 8:04 pm

Hi Jafco,

Have you read the agreement? Is there any mention of a grace period?
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Re: Credit Card issue

Postby country_hick » Fri Jul 21, 2017 8:34 pm

Ask to talk to a supervisor. The credit card companies can make accommodations when it suits them. The low level guy you talk to first is a trained monkey who acts as trained to act, speaks as trained to speak, and does as trained to do. A supervisor is above that level of training and can work things out with you if you give them a reason and they want to. Simply saying you could go through bankruptcy could be what makes the difference.
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Re: Credit Card issue

Postby Shoonra » Sat Jul 22, 2017 10:04 am

I agree, a supervisor might give you some elasticity. Don't expect much, however. And, this is important, don't keep using the credit card while you are broke and unemployed. This sort of thing (unemployed people using their credit cards until the plastic melted) caused the credit card companies to have the bankruptcy code amended to make it extra tough to wriggle out of a credit card debt. You might show the company good faith by mailing them back the credit card to show that you won't be accumulating more debt on them while you are unemployed.

The more good faith you actually show, the more leniency you are likely to get from the credit card company. For example, they may refuse your request right now when they haven't yet gotten a dime from you, but over the next year or so make installment payments regularly (and DON'T run up any more debt on that card) and after a year or two repeat the same request and then they might say Yes.
/ Shoonra
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Re: Credit Card issue

Postby lostandfound » Sun Jul 23, 2017 5:15 am

I would cancel my card immediately.

That seems to end the terms and conditions that you have bound yourself.

You could read what you have agreed to and see what your obligation is?
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