HFC raised my rate from 6% to 28.99% last month. I called and was told I was not eligible for a rate reduction because I've already been on two back to back 6 month hardship plans and I had reached my hardship duration limit with them. An HFC customer service supervisor said they would not lower my rate and that they did not have anymore debt repayment plans available for me. The supervisor recommended I call their Hardship department. Their Hardship department told me to call AICCA at 800-450-1794. AICCA routed my call to CreditGuard of America (CGA). CGA said they could put me on a 9% interest rate debt repayment plan with my HFC creditor. I am waiting to hear back from CGA (and my HFC creditor) if this is acceptable.
Hope this works out.
When I was paying 6% interest my monthly payment was $144/mo. If they jack my rate up to 28.99% then my monthly payment would be $184/mo AND the financial charge would be about $183.50/mo. SO my minimum monthly payment would just barely cover the interest.