I have proceeded to move on to the next stage of my five year plan to payoff my debt and made some calls to my creditors.
First up I called Chase about setting up another account on their Balance Liquidation Program. In which they set up your account on a five year repayment plan. Just like the last card I set up on the BLP, Chase was just awesome.
Not only did they reduce the interest on the account to zero percent. They waived the late and over the limit fees. Plus the icing on the cake was they knocked thousands off the interest that accrued over the last few months.
I can't say enough about this program with Chase. For me this is exactly what consumers need to get help. I truly feel they want you to be successful in being able to make your payments.
Oh, one other thing, I had previously talked to Chase about adding this card to the program and they wanted a higher payment. But today they were willing to take $95 less for this month if I went ahead and took the deal. I immediately jumped on it.
Next I talked to Bank of America about setting up my last account with them on their program. But just like the other accounts I had previously set up on their repayment program Bank of America was not as generous as Chase.
Although, as I have said before, B of A doesn't need to do anything, but I think they could do better. They would not waive any of the late or over the limit fees. They would not waive any interest, but they did drop the interest rate by 8%. It's pretty close to zero percent, but Bank of America still disappoints me. Especially, since I have been a client for 20 years.
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2 comments:
That's very interesting. My husband & I just had the exact opposite experience. BofA set up 3 of our CC accts to payback with no int., no late chgs, no overlimit fees & 100% of pmts going towards principal. For 1 CC balance of $5,800, pmt is $60/mo. Now Chase wouldn't do squat for us. And my husband has all of his business account there, in addition to our personal ones. The best they offered on a $10,000 CC bal was 8%, $250/mo autodraft -- and that was after he had to provide proof of income (he's self-employed, bank statements (as if they can't access them!) and a bunch of other things. He hasn't tried the BLP, yet, and they haven't offered it, either, but I will suggest it and see how it goes.
It sure is interesting. I just can't put my finger on what makes the difference with these banks. I thought for sure Bank of America would give me the best deal since I had been a customer for 20 years. I have been a Chase customer for almost just as long, but I almost fell off the chair with the deal they offered me. I really thought Bank of America would give me the same deal. The deal Chase is offering you is way worse than the one B of A offered me. That offer sucks. Nothing makes sense with these guys. It seems like the better the client you are the worse the offer is. I definitely think your husband should try putting his business card on the BLP. I know Bank of America offers it. I would think Chase would too. It's worth a shot.
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