credit card interest increases

[annikasaunt]

Yeah, I did that also. Then I got to tell them that I filed BK and yes they all of a sudden want to help you. I told them they had the chance but didn't want to budge. So, now they get NOTHING!! (hopefully)!

[gak555]

Records dating back to 1999 ! That's scary. Anyone else have similar situations ?

[aa06a47]

Records dating back to 1999 ! That's scary. Anyone else have similar situations ?

I understand the law only requires business related bankruptcies to have all that type of paper work. I can at most produce a couple of months of credit card statements (for all my creditors).....that will suck if they want more than that.

[aa06a47]

I didn't have all the statements either -- I just provided as much as I could.....if they want the rest, they'll have to subpoena the records themselves. I've heard nothing since submitting the paperwork so right now I have no idea where I stand.

My attorney won't take my calls or return my emails unless he has too, so I'm just playing the waiting game.

I hope my lawer is as good as she was in the free counseling session. She spent over 2 hours with me. The previous free counseling session with another attorney was 30 minutes at most, and probably 10 of that waiting in the lounge...The other 20 was going over a time line and fee's and oh by the way, you might try a credit counseling service....ect....

Once I pay her the money, she might change, but I don't think she will. I know they are busy, but you would think that one of there staff could have the courtesy to give you a call and update you. I cannot believe they are asking for documents back 20 years ago. That does seem a little screwed up. I thought you were only required to keep records for like 7 years or 10 years or something like that.

[SinkingFast]

greeeeeeeat...Amex, MBNA, and Chase are my big 3.

We don't have to worry about AMEX. Don't have that one. MBNA, we have, but it's not been charged on in eons. I have statements back to September 05 with no charges. I was just paying payments.

Chase, however, is a different story. We have 3 of those. Started out with 1. Then as banks bought and sold, and accounts changed hands, some other cards became Chase cards.

Oh well. Can't get blood out of a turnip. And that's what we are anyways these days. Turnips!

[highNdry]

Hi

My advice is buy the new car since you have a good credit score, that's a no brainer.

Now for the credit card use some of the credits say a $1000 from each card to put down payment on the car. Once you charge the card stop making any type of payments for 7 months at least. We need to teach these Credit Card companies a lesson for increasing the rate unreasonably.

[SinkingFast]

Hi

My advice is buy the new car since you have a good credit score, that's a no brainer.

Now for the credit card use some of the credits say a $1000 from each card to put down payment on the car. Once you charge the card stop making any type of payments for 7 months at least. We need to teach these Credit Card companies a lesson for increasing the rate unreasonably.

The only problem there is you never know when the CC companies will try and sue you.

Someone has a current thread going right now where they are being sued by their CC's after only 5 months.

[tresjolie]

I tried calling my credit card companies for lower rates as well---all of them were increasing to around 22/29% and there was absolutely no way I could continue to make the monthly payments especially with the new minimum payment changes that were kicking in. Citi was the only one who would decrease their rate to around 14% but I had to mention that bankruptcy would be the only other alternative to get it. MBNA just told me to go to a debt consolidation group that they felt did great work versus filing bankruptcy. They would not reduce the % rate. Needless to say it was only a matter of time and my sitting on the fence about filing BK was an easy decision---I wanted to save my credit rating so badly---never thought it would come to this but now feel very relieved. The credit card companies and the new laws made my decision for me basically. There was absolutely no way I could make the minimum payments let alone get rid of the debt.
Don't feel badly for the credit card companies...they have usually made their money and then some as well as getting to write off in taxes what they do not collect. They are not hurting---actually they might hurt more now from a recent article I read due to the new minimum payment law----they are getting less $ from us! What did they think? If people are already having trouble with their debt and do not have the $ where would they suddenly come up with more?
Looking forward to filing BK and getting smart about my money and living within my means.... :-)

[fellowpoorman]

Hi

My advice is buy the new car since you have a good credit score, that's a no brainer.

Now for the credit card use some of the credits say a $1000 from each card to put down payment on the car. Once you charge the card stop making any type of payments for 7 months at least. We need to teach these Credit Card companies a lesson for increasing the rate unreasonably.

Ok staywith me here and you will see what I am saying, Its not the CC companies that wanted the rates changed, they make more at 2% than the 4%. What happened was the Govt. was concerned about the growing consu,mer debt and leangth of time it takes to pay off our debts, they demanded the increase. At that the CC's did not like so they really pushed for tougher bankruptcy laws, it is harder but not what they wanted. Who wins ?? but don't just blame the CC's, Boy George has something to do with it too.

[aa06a47]

Ok staywith me here and you will see what I am saying, Its not the CC companies that wanted the rates changed, they make more at 2% than the 4%. What happened was the Govt. was concerned about the growing consu,mer debt and leangth of time it takes to pay off our debts, they demanded the increase. At that the CC's did not like so they really pushed for tougher bankruptcy laws, it is harder but not what they wanted. Who wins ?? but don't just blame the CC's, Boy George has something to do with it too.

I agree to some degree and disagree to another degree. The credit card industry use to have minimum monthly payments at or around 3-5% per month payback on principle. Citi, MBNA, BoA said, geeze, we can get people to borrow more money if we say only make them pay 1/2 or 1% back plus interest instead of 5%...they will borrow 5x more money. Oh, if they miss one of them payments, that teaser rate of 5.9% for life is now 30.3%.

So, yes Boy George changed the min % payback rules and then gave them there bill for bk reform. It is back firing on them. There is a wiggle though, if you have noticed, your statements (at least mine do) say if your having problems with the new min payments, call so we can adjust them.

I think the BK rate will increase this year as a result of the min payment increase. Remember, alot of folks are paying there cc bills off monthly, and are not really concerned about this. We as a group, are not going to get much support for our problem in congress. We are here, but as the minority. (the minority is getting bigger though I feel)

As much as I hate them right now, for there hugh greed via interest rate increases, I have to say that if they would have kept lending me that money at 3.9%, I would have probably kept paying them off and then my estate would have finished paying them off. God Bless them. Soon, I'll be free!!!

[bkadv]

Please don't max out the credit cards with cash advances. Bk can be tough enough to deal with the ordinary debts besides throwing fuel on the fire. It's best to never, never put yourself under scrutiny. As for the vehicle, I found that as soon as our discharge took place we could have purchased another at rather reasonable rates. Just be honest, and you'll find it's the best approach.

[FoolAndHisMoney]

I hope my lawer is as good as she was in the free counseling session. She spent over 2 hours with me. The previous free counseling session with another attorney was 30 minutes at most, and probably 10 of that waiting in the lounge...The other 20 was going over a time line and fee's and oh by the way, you might try a credit counseling service....ect....

Once I pay her the money, she might change, but I don't think she will. I know they are busy, but you would think that one of there staff could have the courtesy to give you a call and update you. I cannot believe they are asking for documents back 20 years ago. That does seem a little screwed up. I thought you were only required to keep records for like 7 years or 10 years or something like that.

aa, who wants documents back from 20 years ago? Who even keeps anything that long? I figured if someone makes the trustee a bit suspicious then the trustee may request a year or more in documents, but 20 years? Seems like a lot to me. It also seems like they will spend too much time reviewing all this. On another post someone had to go back to 1999 which was painfull enough and that was 3000 sheets. 20 years would be over 10,000. Geez!

[SinkingFast]

aa, who wants documents back from 20 years ago? Who even keeps anything that long? I figured if someone makes the trustee a bit suspicious then the trustee may request a year or more in documents, but 20 years? Seems like a lot to me. It also seems like they will spend too much time reviewing all this. On another post someone had to go back to 1999 which was painfull enough and that was 3000 sheets. 20 years would be over 10,000. Geez!

Wenderful had to produce documentation of expenses and payments since 1999 and some divorce documentation from over 20 years ago.

Wenderful originally filed for Ch 13 with disposable income of $250 or so/month. Then their business took a nose dive so they converted to a Ch 7. That's when the Trustee requested all the documentation.

The thought was, that Trustee requested all that info,....... Stuff normal people wouldn't keep, possibly with the intent to dismiss the case.

[aa06a47]

Wenderful had to produce documentation of expenses and payments since 1999 and some divorce documentation from over 20 years ago.

Wenderful originally filed for Ch 13 with disposable income of $250 or so/month. Then their business took a nose dive so they converted to a Ch 7. That's when the Trustee requested all the documentation.

The thought was, that Trustee requested all that info,....... Stuff normal people wouldn't keep, possibly with the intent to dismiss the case.

Glad you reminded me of that....lawyer want's my divorce papers from 10 years ago. Said it was just to see if there was anything in the papers saying I was required to pay creditors back money.

[SinkingFast]

We don't even wanna go there Wenderful.

I've found out that we are probably gonna have trouble getting thru the Court ourselves.

Hubby makes a tad over $70K/year. Evidently $70K in income is some sort of bench mark with the BK Court.

And, we have nearly $120K of unsecured CC debt. "Excessive" unsecured debt is another bench mark for the Court.

I'd read comments to that effect at other websites. Then I saw it in the update of the Tactical BK Manual here as well.

Talk about double whammy!

I got to thinking about having to produce checks for the last 14 years in our old State. That bank never sent back the cancelled checks. If you want a copy of 1 or 2 they are happy to provide those, free of charge. If we'd need them to reprint every check we wrote while living there, it would cost us a minor fortune.