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We went through a similar process with a couple of different representatives.Again, I repeatedly told them our goal was to pay the amount owed in full.Credit score impact: a shocker When our mortgage lender turned down our recent loan modification request, I asked about my credit score, assuming it had been lowered due to the balance liquidation programs we had entered.Interestingly, it was still in the “excellent” range. For us, a balance liquidation program has been a godsend.Break out of high-interest-rate jail Last summer a longtime friend shared her experience about how she climbed out of her credit mess with the help of a credit attorney.Because of all the issues my husband and I had faced, I decided to see if this was a viable option in terms of reducing the 15 percent to 21 percent interest rates on our credit card debt.Their loan workout process starts with their service center in India. Although they claim to have multiple programs to help their customers, their only program (at least at the time we applied) was at 1 percent for three months, nine months at 9 percent, then back to your existing rate.After talking to seven or eight different representatives, each with conflicting information about what their program was and what is required to get into it, I asked for a supervisor who could refer us back to someone in the U. In other words, don’t waste your time trying to negotiate with them.
Nevertheless, this would you give you the money you needed to pay their fee.To learn more about what your credit card provider may be able to provide for you, do a Google search for “credit card companies balance liquidation.” If you or your clients are stuck with high rates and have legitimate hardship, there are alternatives. And, by the way, if you’re still using those credit cards, do your best to transfer over to a prepaid credit card or debit card. Bernice Ross, CEO of Real Estate Coach.com, is a national speaker, author and trainer with over 1,000 published articles and two best-selling real estate books. Discover why leading Realtor associations and companies have chosen Bernice’s new and experienced real estate sales training for their agents at I also offered to provide documentation of our hardship if needed. I explained to the customer service representative that we could no longer sustain payments at the high interest rates.The representative repeatedly inquired what rate would work for us.