c/card problem ?

[random]

That's a bit harsh. [Canada]
You know it's weird though , of course they could just stop your repayments for a few mths, click you back on later and the cash cows back on auto. Really it's the smartest way of handling the problem , keep you happy = keep cash cow.
Nothing to do with this thread but in that way I can't understand why banks would want to reposes especially in the US right now.
The house goes empty, sits, no repayments , gets trashed , dozers come in , I mean they're better off having at least a built in caretaker even if they can only pay 1/2 their repayments. The banks asset holds it's value and they still make some at least money.
Of course there is the discipline angle that they must be seen to be up holding but never the less it makes no business sense , well not to me.
Then again , if seen to be treating things that way they'd be taken for rides left and right to I guess , so maybe not.

Cheers

 

[Luv2Travel]

You might want to think twice before cancelling any cc.
Here, in Canada, closing a card has a negative effect on your credit rating.
Of course, it might be different there.

What is the reasoning behind that?? That is madness, especially if the track record of the card (i.e. all minimum payments made on time, or better still as I do, pay the balance each month paid in full). It never would have even crossed my mind about closing a card would affect my rating. Can anyone advise whether it does here in Australia?

 

[Token Funder]

Bradsdad, your a lifesavers . Read this and decided to bite the bullet,These guys were fantastic.
It turns out the first card's part of Wespac , I didn't know that .
You wouldn't believe it , I explained the crazy run we'd been having and he said right . the first thing I want you to do is stop worrying.
We went over things and his said ok here's what we can do.
His stopped the card for 3 mths , and if I need another 3 mths after that , can do. No repayments , interest or catch later , it's just put completely on hold and with absolutely no CR or comeback damage in any way .
When I sell his said it's upto me , we've paid it down plenty of times before and they'll just leave it up to me as to how much I want to pay down or how I handle it from there .
I couldn't believe these guys they were so good about it. No matter what I hear about Wespac from now on I can tell you one thing I'll never forget this.

Today , the other guys , wish me luck !
Thanks again
Cheers

random,
IF WP have given you a moratorium, double check if it actually is, as you seem to suggest, a moratorium on interest, as distinct from payments. In the former, WP have gifted you their interest costs for the period, so well done. If the latter, when you recommnce payments you will have a higher debt than today as it will include the interest accrued over the period.

To be honest I would consider it fairly unusual for a bank to offer to waive up to six months in interest on a $45K card so best to make absolutely sure this is what you're getting to aboid disappointment later.

 

[random]

random,
IF WP have given you a moratorium, double check if it actually is, as you seem to suggest, a moratorium on interest, as distinct from payments. In the former, WP have gifted you their interest costs for the period, so well done. If the latter, when you recommnce payments you will have a higher debt than today as it will include the interest accrued over the period.

To be honest I would consider it fairly unusual for a bank to offer to waive up to six months in interest on a $45K card so best to make absolutely sure this is what you're getting to aboid disappointment later.

Thanks v/much Token and to be honest, I thought the same thing and I'm still wondering if I've got that right.
Although I did stress the question a couple of times during but Westpac - finally there's the T , said as the card can't be used , everything can be suspended including interest, well as I understood it.
They did say I'll receive a letter though explaining so hopefully I'll get the clear picture in that.
I think if worst comes to worst and I have got it wrong , the card wasn't quite maxed , couple of K left , it might well be when it resumes. But I'll see what the letter has to say and take it from there .

Cheers

 

[BKR]

I feel your pain Random, got 52k in ccs along with other stuff. I subdivided using them as the last $ needed and thought it would be a quick sale. House on front, land at back, both on market. Ended up renting the house and the land finally goes thru this Fri but its been 6mths!
If you told me it would take that long I would never believe you. 1st contract fell over on finance, then neighbour wanted it and his fell over on finance too. His 2nd time fell on LVR, 3rd now and been delayed a month with all sorts of crap but we're finally there.
My work slowed dramatically and bills kept coming, with a wife and 3 kids it started to get hard. Luckily I have family to grab some money off. It ran out as the months went on though.
Never thought of phoning the cc companies, that would have been a winner. I even ran around turning off the lights etc to get the bill down.

Debt is a great motivator and we started selling everything that wasn't needed on ebay. My wife did mailouts for my biz and put a webpage up then listed it on free sites like gumtree and truelocal. It cost about $500 all up, which was alot at the time, not much happend at first, then some jobs, then it went crazy. This week I had to hire ppl to keep up and had to knock back some jobs.

Can you sell anything? Buy at garage sales and resell thru ebay? Or increase your biz, get a second income? It will all help you survive til the sale goes thru.

Chris