Thursday, March 24, 2011

Success - and a lesson learned

We have three Chase credit cards. I know, I know. I had called Chase to try to get one of them on a hardship program a couple weeks ago and was flatly denied. About that time, the next month's statements started showing up, and there simply wasn't enough money to pay them. So I paid the smaller one's minimum in full, and a good chunk of the minimum to the next one. The one for which Chase refused to help got nothing.

Today, Chase called. Rather, my very own account manager called wanting to help me. (I may be dumb, but I am not THAT dumb.) I gave my standard sob story and reassured her that I want to pay them, I just can't pay them that enormous amount every month. She says she wants to see if she can get us into a balance liquidation program. I tell her Chase denied me that very thing not too long ago. She asks a few questions and realizes that the third card is a Disney card. And even though it's a Chase, it is its own creature and she can't even see it on her computer. She suggests that if she can qualify us on the other two, that would give me bargaining material for that card. Well, OK.

We spent awhile going over numbers, with me feeding her our income/debt monthlies. She pretty quickly saw the problem and just as quickly said she could certainly fix us up.

The bottom line is that two cards now have an interest rate of 2%, a fixed monthly payment, and will be paid off in five years.

I've learned that it's true. You have to be behind on the payments before they're concerned about you. Well, if that's what it takes ...

I'm slowly making my way down the list. Maybe there will be an end in sight, after all. Five years isn't that far away, right? Meantime, I have a name, a phone number and an extension for my account manager, Jackie. I'm going to call it a success.

Sarah

3 comments:

  1. Hello sisters!
    found your blog, and will be following. I want you to know you are not alone in your struggle. You'll find that the blogger group of friends on the web are friendly and helpful, mostly.
    I suggest you check out Gail's site, as she is a financial expert extraordinare!(And a great person too!) Her blog and articles have all kinds of helpful information on getting out of debt. http://www.gailvazoxlade.com/articles.html

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  2. Thanks so much for the heads up, Antie Eboo! We're desperate to get out of debt AND desperate to know we're not alone. We're hoping this blog helps hold us accountable and that we learn something from others, too!

    Sarah

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  3. Thanks so much for joining in, Antie Eboo! We are eager to hear tips and success stories from others and are happy to share what we learn.

    And this is a whopper of a learning experience!!!

    Jenny

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