I need some advice

[FloydV]

I'm one of the people who just had their payments tripled by Visa. No reason, just that they need money, so I should pay $900 instead of $300 a month.

They noticed I wasn't buying a new car, so they figured I had free cash. Now I have a car payment with no car. Thank you so much Obama. He signs a bill that doesn't take effect until January so the banks have plenty of time to screw existing customers.

Then he looks like the national hero in January.

Here is what I really need to know. If I file bankruptcy after my wife retires in 3 years (I am retired), can these *******s get at my wifes 401K or mine for that matter?

 

[Busa_Nick]

My advice is to you is to go start buying lottery tickets.

 

[m_ridgeway]

I would take out an equity loan or something like that for a lower interest rate and payment.

Why do you need to file bankrupcy on money you owe? I don't agree with that but whatever.

I think they can get at your retirement I don't think they can mess with your social security though if you plan on drawing it. Best advice would be to talk to a bankrupcy lawyer.
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[NickSully]

I can't answer the bankruptcy question and if I was you I would talk to a bankruptcy lawyer. All of them give a free consult and that would be better in my opinion.

You should check into closing your account. Since they changed the agreement with you that should make the contract void. You should be able to call them up and say I want to close my account to keep everything as it was. Now this does mean you won't be able to charge anything to the card any longer.

 

[m_ridgeway]

Also if the debt is in just your name you can file it personaly and then they can't screw with wifes stuff. My old boss did that. He put house business and cars all in her name. Now they just buy stuff under her name.
It screws your credit for 7 years also.
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[m_ridgeway]

Just remembered my moms bankrupcy they can get you cash value on insurance policys and other assets like that so yea I'm almost positive they can get your 401k
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[AJAY]

I think you need some financial counseling, and fast. The trouble is, there are a lot of scam artists who start by asking for more money, or show you how they can help you to pay them.

Your state or county should have some free counseling available if you fit certain conditions, so check into that by calling your county seat.

Now here is a suggestion that might sound strange, but it really isn't. Go to your bank. Bring your credit card receipts and a list of other debts and payments you have, along with statements for any income. They may be able to develop a fixed-rate interest loan that can get you out of this mess, pay off the high-interest rate credit card loan, maybe consolidate car payments or other things. They win by transferring your debt from other parties to their business, and you win by getting a lower interest rate and no more penalties. (Credit card penalties are OUTRAGEOUS!)

With that said, try really really hard to keep from putting a second mortgage on your home if you are a home owner. You don't want to get in a foreclosure situation compared to say losing a car or some smaller, less important asset.

Good luck!

 

[head east busa]

I can't answer the bankruptcy question and if I was you I would talk to a bankruptcy lawyer. All of them give a free consult and that would be better in my opinion.

You should check into closing your account. Since they changed the agreement with you that should make the contract void. You should be able to call them up and say I want to close my account to keep everything as it was. Now this does mean you won't be able to charge anything to the card any longer.

I believe he is correct and they cannot make you pay the full balance at once either due to the fact they changed the contract.

 

[Tufbusa]

You may be forced to sell your new gixxer to pay off some of your debt load?

If you have assets, and you file bankruptcy, you'll loose most if not all of your assets as well as your 401K.

I've had people file bankrupcy on me and cheat me out of money they owed by putting assets in other peoples name etc. Leaves a pretty bitter taste in ones mouth towards people like that if you ever find yourself on the opposite end of a bankrupcy.

 

[Lamb busa]

I've had people file bankrupcy on me and cheat me out of money they owed by putting assets in other peoples name etc. Leaves a pretty bitter taste in ones mouth towards people like that if you ever find yourself on the opposite end of a bankrupcy.

That WOULD tan ones hide.

 

[F=MA]

I just want everyone to know how hard I'm trying to not ask how the president is responsible for managing our personal finances.

It's almost killing me, but I'm not going to give in.

 

[dadofthree]

I received the dear john letter from Discover today. It doesn't affect me, so I didn't commit it to memory, but they kept saying you could challenge all of it. All changes take effect 01-01-10. Good luck with it, 300 to 900; ouch...

 

[aussiekeeper]

I just had Citi raise my rate from 7.9% to 29.99%.........I got directly on the phone and told them I will no longer be sending ANY payments to them. The phone went blank...then they said I had to pay. I simply told them I HAVE YOUR MONEY, if you want it back, you will return the rate to it's original rate.
By the way, never late and I pay more than the statement amount every time. They switched me over to a "manager" and I told him the same thing. They returned to my original rate right there...........and credited me with the overage on the interest. I am at a point now, where I will not put up with these thieves, they either see it my way or they can go to hell.........

 

[brpo]

Backruptcy laws differ from state to state and case to case and the type of bankrupcy you claiming. Most of time you are allowed to keep you house, a car, household items assuming you are current in your payments. Retirement assets depend on state. Liquid assets (bank accounts, luxury items etc.)are definately up for grabs. Definately seek help from an attorney and/or an accountant because you may be able to put properties and assets in a trust or a trusted persons name. Also, assuming your retiring - moving to a state (Florida) with more favorable laws may be an option. I believe federal laws went into affect recently that make it harder to outright dispose of debt. Bankruptcy is not a good option if avoidable but if you feel its necessary good planning is key to taking advantage of all the relief that is available under the law.

 

[busa-josh]

Call the card company and work out a plan to make sure their needs and yours are met. If they don't want to work with you I would consider taking out a personal low interest loan from your bank and paying off the card with that and dealing with fixed payments on the loan. I don't know if you are setup to do that or not but it is a good way to fix credit card debt. You could always move to central america? Sorry for your troubles friend.

 

[F=MA]

Here's another thought for you to consider if the bank loan route doesn't work.

Contact your 401(k) plan administrator and ask about taking a loan against your 401(k) assets. While this normally is not advisable, when you have money in one pocket earning anywhere from -30% to 20% return, and the other pocket is charging you 30% interest for an "overdrawn account" it doesn't make sense financially to continue operating in this manner.

 

[MET]

Yes depending on the total assets they could come after your 401. Before you do anything talk to a lawyer.

 

[Acehole]

reading all this stuff about minimum payments raised and interest rates up 2-300%, i am glad i never caught the credit card bug and have only had small loans direct with my banks. I don't get a very high credit score since you need to play the game to get a good position in it, but the banks and business's i deal with all know i have a great record with them.
I'm sorry for those of you who are pressed into this terrible situation.
The lawyer advice sounds good to me since any money spent NOT being a victim is money well spent.

 

[Ape]

Wasn't there a Federal law just passed recently that if a credit card company raised your rate you have the right to either 1. close the account and continue paying at the original interest rate or 2. continue the account with the new higher rate.

Don't quote me. My memory is horrible.

 

[Temeraire]

A lot of people are refusing to pay the suddenly bumped up rates and after a little chat with the credit card company their old rates have been reestablished. Been hearing this story a lot so call your card company and refuse to pay till your old rate is restored. Unless you haven't kept current with your payments you'll only have to waste some time till they get it right.