How to get a lower payment on Darvin Furniture credit card

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fcs
 
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How to get a lower payment on Darvin Furniture credit card

Postby fcs » Mon Aug 19, 2013 10:37 pm

Are there any magic words you can say or do to get a lower payment amount on a Darvin Furniture account. We financed a dining room and bedroom set on the credit card and were keeping up with payments fine but now are going through a rough patch with finances, less income rolling in than expected. We are having difficulty with it since the APR is so high.

Are there any hardship requests we can make to get a more affordable payment plan?

Should we take out a cheaper rate personal loan and use that money to pay off the Darvin Furniture card?


MemberSince99
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Postby MemberSince99 » Tue Aug 20, 2013 4:53 pm

This is exactly the trap they set for you when they offer that initial 0% financing for X months (or years): if you fail to pay in full before the 0% runs out, you get hit with interest on the full amount retroactively, and as you mentioned, it's a rate that is going to hurt.

I don't know if they offer any hardship plan. I would tend to doubt it. Are you able to afford minimum payments for a time, until your finances improve and do you see them improving in the near term? If so just make minimum payments for a while, until you can get things under control and pay it off.

If you can get a personal loan at a lower rate that will be great but don't fall into the trap of rolling up more debt and go buy new furniture just pay off that personal loan at the lower rate.

Since you are struggling you have two options - cut expenses or increase income. Can you get another job? Can you sell some of your things for cash? Can you cut this or that from your budget, or economize on certain things for a time?

I don't mean to be insulting if you've already considered these things just want to bring them up hoping they are helpful.

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Calipso
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Postby Calipso » Tue Aug 20, 2013 5:57 pm

I expect them to take zero pity on you. I don't expect any "magic" words to help.

Most lenders have hardship plans that can be set up for borrowers. I agree with everything MemberSince99 said 100%.

If your credit is sufficent, get a card like the Citi Simplicity or Citi Diamond Preferred that has a decent 0% balance transfer offer and apply for it. Then transfer your balance away from this "credit card" aka store card.
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