Has Anyone Done a Payment Plan with the CC Company?

**Russ** · 11-18-2011, 07:14 AM

You do not need the CC lady in my opinion. You can do this without her with a little bit of will power.

**Frizzysky** · 11-18-2011, 01:43 PM

Thanks everyone. I spoke with her on my lunch break. I will post the details later today when I'm off work.

I didn't agree to anything. I told her I have to talk with DH and my Dave Ramsey friends first.

LOL

**khaski** · 11-18-2011, 02:56 PM

Originally Posted by Frizzysky

Thanks everyone. I spoke with her on my lunch break. I will post the details later today when I'm off work.

I didn't agree to anything. I told her I have to talk with DH and my Dave Ramsey friends first.

LOL

Ooooh! They HATE hearing that!

**Frizzysky** · 11-18-2011, 03:00 PM

She was a little taken back when my first words were, "I don't want the payment plan".

She states I will get everything in writing, but I wanted to post their terms and ask around before I agree to anything. (I'll probably post over on the DR forum too just to get as many opinions and comments as possible.)

Thanks again. I am listening. :-)

**Frizzysky** · 11-18-2011, 08:50 PM

Okay, here are the details.

When I called her I told her I didn't want to do the payment plan. I hadn't heard the terms but just told her no up front. I asked if they could reduce the rate on the big cc though. She put me on hold and came back and said they could do 12.99% for 12 months after that the rate goes back to the 27%. I asked if the card wasn't paid off in 12 month, did they back bill us on the original amount (kind of like what happens when you get the no interest for 6 month deal and don't pay if off in 6 months.) She said no. The rate just goes up at the end of 6 months.

The payment plan doesn't combine the accounts, they will just have the same rate.

She did tell me about the payment plan:

The payment plan's rate is 2% apr. The payments were set at about $25 for the small cc and about $50 or so for the large one. Ugh, I didn't write it down, but it's less than $100 a month for both. It will take 60 months to pay it out the way they have it set up.

She said you can pay it off early, no penalty. She said if we agree, will will get it in writing.

Once the accounts are paid, they are closed (not a problem)

Sigh, I don't know what to do. The 2% is really good. Believe me, we will snowball the heck out the payments and pay it off way before the 5 years.

How can they do this?

Are they looking at us like we might be at risk for not paying the whole thing so they give us a better deal that we can pay?? (I did have to give them some basic info like my take home pay and tell them that DH was just working very part time and looking for work). It was NOT a big "charity application" where you have to prove that you're in financial crisis).

I can't understand why they would give us a good deal like this without some kind of gotcha.

I realize that if we get complacent and go with the minimum payment, we WILL end up paying way more interest in 60 months than say in 12-18 months.

Is that what they are thinking? "Here are two accounts that might get defaulted on so let's give them payments and a rate they can handle so that we can collect something?"

Thanks again!!!

**lparker** · 11-20-2011, 07:50 AM

If you get it in writing, jump on it! I'd bet that even in 5 years, you'd be ahead of the game, especially since they wouldn't report anything bad to the credit report companies. Then snowball it...........and don't miss a payment!

**Greebo** · 11-21-2011, 08:28 AM

Why would you deliberately keep a debt for 2-3 times longer than you have to? Remember - Dave Ramsey is about Gazelle Intensity. Put the hammer down and kick them outta here ASAP. Don't worry about the math first, worry about the focus. Math is secondary - if it extends the time of your bondage (with the possible exception of your mortgage) just KILL IT.