Late and Over
Limit Fees
Some people want to know how their late and over limit fees are
handled when they use a debt consolidation to get rid of all of
their high interest credit cards. This is a great question, and
it depends on how you handle your debt. If you simply add up all
the money that is currently outstanding, get a debt
consolidation for that amount of money, then no – you are paying
those fees as they are part of the balance of the bills that you
owe. But if you get rid of those fees first, you are paying back
less.
It really depends on you and the companies that you are trying
to pay back, as well as how far behind you are in your payments.
You could talk to Visa and tell them that you have too much debt
and that you are getting a debt consolidation so that you can
pay them everything you owe them. You then ask them to waive any
late fees and over limit fees that are on your account and see
what they say. They might say yes. And then you call American
Express and tell them the same thing and they might say no – it
all depends on who you are talking to and what customer service
rep you get. You can ask to speak to a supervisor and see if you
can get them to help you, and again, sometimes it will help and
sometimes it won’t.
If you use a debt consolidation company, they will probably have
a better chance of getting those late and over limit fees taken
off or at least reduced as they are professionals at this. They
know who to talk to, how to ask etc, so they normally have a
better chance at succeeding. However, you have to see what the
difference in price is as most debt consolidation companies are
going to charge you for the service and if you are paying more
than you would have in late fees it might be best to go it on
your own.
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