usayit
No longer a newbie, moving up!
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What do you think they will do? I thought they will just do a penalty like maybe $30 or something but you made it sound like a percentage of the whole debt?
Forgot to actually answer the question...
You'll pay a penalty + any deferred interest + a huge interest (24% is what I've seen) for the remainder.
So worst case scenario, you miss your very last payment. Suddenly all compounded interest from the last 3 years @ somewhere between 24-29% suddenly appear on your bill. It is impossible to fight unless they made a clerical error. If you refuse, it WILL appear on your credit history.
Personally if I must do something similar, I would rather pull from my home equity line of credit. Its a fraction of the interest, no weirdness like deferred interest AND banks are more willing to work with you (its tough for them to take primary residence so they would rather work with you). Its still not recommended but something to consider if you do have property. Remember, you are betting that you will remain able to pay for the term. Who knows what can happen.. Loss of employment is a big thing I've seen several individuals go through (unfortunately becoming common) Compounding deferred interest snafu from CCs just added salt to the wound... big time. I've also heard employers now doing credit history checks too.. they'll see these issues during the hiring process.... OUCH!
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