Hello, I'm messaging on behalf of a relative of mine. She has a Juniper credit card and a Bank Of America (BOA) unsecured personal loan. Recently, she had her hours at work cut and at the same time the Juniper card APR went from 9% to 22&. She's going to call and request that the credit card be deactivated/cancelled. Do you think Juniper or BOA will work out a payment plan with her? If not, she's considering bankruptcy as she is now not able to make her minimum payment on either. Does anyone know of higher up contacts at either of these companies that might be able to help her better than a CSR?
First of all if it's been less than 30 days she can refuse to accept the rate jack which would make them stay at the old rate,and they will close her accounts.
She called Juniper to try and workout a payment arrangement and the CSR told her that if she misses a few payments then they would cancel the card and then she could workout a payment arrangement. My mom said, "so if I have bad credit you'll give me a payment arrangement but not when I pay on time?" CSR said yep. I lmfao. BoA said there was nothing they could do for her. Freaking companies have no problem taking our tax dollars but they refuse to workout a payment arrangement..it's a joke. I'm not saying either company did cause idk.
How were they justified in raising the rates from 9% to 22%? As long as you seem to be able to pay, why should they give you a break? The goal is to get you stuck just enough that you pay tons of money but not so stuck that you give up. It's a delicate balance. What rate are they charging? They probably get lots of people who complain about 22% interest. If they gave them all a reasonable rate, they wouldn't make as much money off them, they figure. So they require you to give up and stop paying before they act. Of course if you stop paying, all the other creditors will find out and raise all those rates.
well, these companies should've been allowed to fail because they're insane. I remember when good business was pleasing the customer within reason. She wanted to cancel the card and make payments on it but that's not happening. They recommended she speak with a debt consolidation specialist. Do you know of any that are government recommended? I think credit cards shouldn't exist. There's no real good that can come from them. I don't have any. Why I pay someone 22% interest on something I couldn't afford in the first place, lol. My debit card has a visa/MC logo on it so I use that to pay for everything.
But you don't have a problem paying a store for a product that's marked up 200%?Which is worse?Now i don't have a problem buying goods that are marked up after all a store has a right to make a profit.If you knew how much these companies really pay for the products you would be quite unhappy.Now 22% interest is not right.
Got ya. I guess I'm going to refer her to a debt consolidation company or a credit counseling service. Which one would be better?
She can apply for a hardship program with either one.The problem is unless your late or default they might not help,or there idea of help is not yours.She might have to go higher then the person that answer's the phone,ask for a manager.Your getting the same advice on the other site you tried.The companies you printed out,wouldn't even touch me,in fact they advise me to file bk.However if your going to get help for your mom how old is she?Please take into consideration what everyone is telling you.
May as well file Chapter 7 if she's eligible. Going with Consumer Credit Counseling Services looks the same per a credit report.