They Took Their Hand Out

[jeff2053]

One thing to remember if you work out a settlement or a lower payment just remember anything they tell you over the phone isn't worth anything GET IT IN WRITING!

[wes0778]

Wes: I am in no way shape or form addressing you directly but...

Now, off for a quick

 

Edited my post, :doh:comment was meant for ediddy's mortgage situation...

[Flyinfool]

Been there and am still in the middle of it now.

Lost my job and used the CCs to keep food on the table and other escentials.

Now I am working at a fraction of what I was making before.

CCs are near max and all I can make is the minimum, and then not always.

So they decided to raise the minimums and interest rates. I now owe moer each month that my net take home.

You always have an option to opt out of the change.

BUT

It you do opt out it will be reported to the credit bureaus that THEY canceled your card which is a significant black mark on your credit. Any assistance program or "arrangements" that you make with them will also be reported as negative on your credit history.

I am now at a point that I am seriously considering talking to a bankruptcy attorney, and just start life over from square one. The only thing stopping me, is that a bankruptcy is the one thing that will never leave your credit report.

 

I need to find out more about the negotiating to pay just what is left of the original balance. There are so many scams out there, that I have no idea who to safely contact. I am hoping to be able to hang on to my Venture thru this if at all possible.

 

If anyone here knows the way thru this please feel free to PM me.

[LilBeaver]

... credit card companies are the only companies that can change the terms of the contract anytime they want to. I was watching a senate hearing on cspan regarding the credit card companies. There was a law professor from harvard university that testified that credit card companies were the only companies anywhere in the world that could change the terms of a signed contract at will without giving you notice ...

 

This type of analysis is somewhat misleading. Yes, CC companies can change the contract whenever they want but there ARE required by law to give written notice of any amendments to the agreement. There are also minimum amounts of time that have to pass in order for the amendments to the contracts to actually be enacted. Many of these guidelines are outlined very clearly in many of the "credit card acts" put through by congress.

My source for the above was a CPA and a few attorneys that I my family has known for quite some time. They are all very active (and very busy) and have been for the last few years (thanks to some of the legislation in Michigan). The Harvard Law professor may have been right some time ago, before some of the more recent credit card acts were passed and enforced - but as it goes now and in the last couple of years the above is correct. This topic is actually a hot topic in many court cases as folks that were actually not notified (which, as it turns out happens and is VERY VERY difficult to prove beyond reasonable doubt) is grounds for many class action types of law suits. Shady shenanigans are no fun - especially when some folks can keep getting away with it

 

Now as far as the CC companies being allowed to change the contracts whenever they want - I guess if you put in your contract "these terms are subject to change; blah blah blah" and it gets agreed to then they are within the legal confines of their contract... I wonder how users it would take to get them to rewrite some of these crazy contracts... Meaning if, say X number of the people that use credit cards wrote letters basically stating that if that language is not removed from the contract then they will stop using the CC all together. I know it is probably quite unreasonable to actually pull together since, like someone mentioned earlier, there are just so many things that you end up 'needing' a CC for now a days...

Anyways, I'll shut up now - especially since I think we may have digressed a little form the main topic anyways... At least from being 'helpful'

[LilBeaver]

Edited my post, :doh:comment was meant for ediddy's mortgage situation...

 

And Right on!