Does anyone have advice on how to get a cc to lower the interest rate if a hardship is involved. We just can’t make our minimum payments anymore but if the interest rate is lower it would be more manageable.
Capitol One said since we have been late on our payment there is nothing they can do. We explained to them that we have a very sick child who’s medical expenses have been denied by our insurance company and unfortunately she needs to continue treatment. Any success on getting a lower interest rate for a while and if so how is this done? How late do payments have to be before a cc is willing to be more open to assist?
I don’t know the answer to your question, but I wanted to say that I am sorry about your child being ill. I’ll keep your family in my thoughts….
Nolo Press has 2 books on dealing with creditors. Your public library might have at least one of these books. I would highly suggest you read one. One is called Credit Repair and one is called Solve Your Money Troubles. Both these books have printable example letters to send to creditors to change terms.
Personally I would just call and see if you could get it lowered. My best advice is to just call them and explain your situation and if you don’t get an understanding rep, call back until you do.
There is a hardship department at card services try to get that number first don’t just deal with a customer service representative.
Also you could let your payment go past due over 120-150 days then ask them to settle a payoff amount. Till then save up so that you have the money to offer a payoff.