Makes me really steamed!

[wednesday]

I had a pretty good credit rating right up until the point we realized we were way over our heads. A financial counselor we spoke with advised us not to send any more good money after bad--to go ahead and file BK7, and to default while we were in the process. So for about two months there we were getting overdue on our CC payments and getting a zillion phone calls (which I did not answer, thanks to caller ID).

But what really made me steamed was this--I had communicated with each of our creditors BEFORE we defaulted asking for some mercy on the insane interest rates (30%). Got totally blown off with responses along the lines of "ask us again in six months and we'll think about going down y one or two points." But then, once we were a couple months behind in paying, all of a sudden the voice messages and letters in the mail changed their tune. It was all, "Please call us and we'll work something out, lower your interest, figure out payments, BUT PLEASE CALL US!" I just had to laugh. As long as I was a GOOD LITTLE INDENTURED SERVANT and continued to hand over 60% of my earnings every month to those bloodsuckers, they did not want to work with me. But let me get a couple months behind and all of a sudden they're panicking and offering concessions. TOO LATE YOU BASTARDS.

[Genenco]

That has always puzzled me...I think it's something they feel that "If we show mercy now, we'll lose money" but now that their (Good little indentured servant) is about to slits their throats and they'll lose EVERYTHING, they suddenly "Get Religon" and try to help you walk on water.

Wednesday, you and me will be good friends...

Can't wait to see some of the other responses.

[egul105]

I had the same thing happen to me with my car. I knew I was filing, but I was going to reaffirm, and was only 30 days behind (first time ever for this loan) on my payment. CitFinanacial called me and said if I didn't pay it by the end of the day they were going to come get my car that night. I had never been late before and explained that I was waiting on my stipend from the Army which was coming in a week. They said they didn't care, that I had to pay it that day. Well, I told them I would get back with them, got a temp loan from a friend for $500 and got a car loan at CarMax and bought a cheaper car (well, I'm choosing to ignore how high the interest rate was) So when I called Citi that evening and told them to come get the car, all the sudden the guy was stuttering and yammering and offering to give me 2 months to pay off, lower my interest rate, etc. By then I was so disgusted and knew it would be way cheaper for me to let them have the car, so I insisted they come get it. It took them 3 weeks to finally get it, with calls once a week practically begging me to work something out with them. I have to admit, as bad as this whole experience has been, I did get a kick out of that.

[Genenco]

Hmmm...Now that makes me think...I have a payment due Monday (They said failure to make it would cause esclation of collections) but I won't be paid till Friday and they want to submit it that day...Maybe I should just call them and ask for the supervisor to ask "Where to bring the vehicle instead"

[StaciMM]

Its a shame, but the creditors seem to want it all now when they think they are in control, but once the tables are turned they start falling over themselves trying to stay in the game.

[egul105]

Yeah, it's really too bad. I had tried several times to get them to lower my interest rate before this happened and they weren't williing to work with me. I don't know if I would try to bluff a creditor though, it might backfire.