[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
I have been tickled pink over Bank of America and Chase's Balance Liquidation Program or BLP. Although Chase did much more for me than Bank of America, the help the both provided for me is phenomenal.
After planning my basic budget there was no way I could continue to make payments to these creditors. So I am thankful for everything they've done to help, whether it was a little or a lot..
As I have written before Chase reduced my interest rates to 0%. Waived thousands in late and over the limit fees and thousands in interest. But what happens if I fall behind again or miss a payment under the BLP program?
I received letter from Chase describing exactly what will happen if I am late or miss payments under their debt reduction program.
If my first payment was returned for insufficient funds, my account would not have been enrolled and I would have been charged a returned payment fee.
Also, in the event I miss two consecutive program payments or up to 5 program payments within my program term, I will be removed from the program, my credit for my interest and waived late and over the limit fees will be reapplied to my account and the interest rate will be returned to what it was before.
If you need help with your credit card payments definitely contact your creditor and see what they can do for you. But be sure you can afford the new payments they offer you before you commit. Otherwise, you could end up right back where you started.
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