hi, i have 2 credit cards, owed US8,000 and have missed 1 month minimum due payment interest.
do u guys think now is the right time for me to email these 2 banks and request them to just "write off" it or reduce the payment US8000 into smaller amount like 10% or 20% of it?
is it possible?
pls advise.
thanks
john
2006-06-21 18:45:54 · 6 answers · asked by nechong 1 in Business & Finance ➔ Credit
One month late and you expect them to just write it off? Keep dreaming, dude! Not going to happen!
They'll be dunning you for the next 3 - 6 months before they turn it over to a collection agency.
There's a good chance that they'll go for a judgement against you eventually and garnish your wages to collect.
By then, your credit will be in tatters. You won't be able to borrow a dime for a pay-toilet.
Pay your bills!
2006-06-21 18:55:24 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 1⤋
no credit card i know will voluntary waive money off the account. But you may need to contact each company to see if you qualify to have your interest rate lowered or reduced but that is all the credit companies do. Now some companies allow payment arrangements but each company is different.
2006-06-22 01:52:24 · answer #2 · answered by sweetz 2 · 0⤊ 0⤋
They will never "write it off" they will hold onto you till the day you day or you pay them back which ever comes first.
There are credit groups and such which can help you cut payments into manageble sums though.
2006-06-22 01:50:35 · answer #3 · answered by Lupin IV 6 · 0⤊ 0⤋
start paying it down - when you have showed consistent payments on time, you can have leverage to request that they reduce your interest rate
2006-06-22 01:50:08 · answer #4 · answered by Richard H 7 · 0⤊ 0⤋
Hey John,
I think u better start hiding now
2006-06-22 01:49:34 · answer #5 · answered by a a 2 · 0⤊ 0⤋
contact the bank(s) with the intent to repay your debts. ask them how they can help.
2006-06-22 01:50:41 · answer #6 · answered by the_biggest_bear 2 · 0⤊ 0⤋