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 Posted: Sat Mar 03, 2007 12:40 pm Subject: DIY Settling with Chase. |
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Hey all, i'm really behind on my Chase card though i made a single 50 dollar payment last month i was just charged another 136 dollars in fees. Chase will not allow me to go into my debt management program again because i was dropped due to job loss.
I'm still a few payments behind but i want to settle my debt which is currently 2,639.24 cents to whatever it would be in prinicipal without finance charges or latefees which is probably 1,200 something. Do you know of a good letter to send them or a way to negotiate with them? I want to do this myself and i've checked the DIY section but nothing that i'm looking for. Thanks!!
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Blizz127
Joined: 10 Nov 2006
Posts: 48
Debtcc Points: 1512
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| Posted: Sat Mar 03, 2007 1:32 pm Subject: |
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See this sample letter. It's a generic letter. Tweak it according to your personal requirements and enter your info. Send the letter by certified mail and return receipt requested.
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YOUR NAME
YOUR ADDRESS
CITY, STATE, ZIP CODE
Date:
CREDITOR NAME
ADDRESS
CITY, STATE, ZIP CODE
RE: Acct.#
Creditor:
I recently obtained a copy of my credit report and noticed that your company has reported me as having the above listed account as: (delinquent, sent to collections, etc.). I wish to bring this account to a resolution that will be fair and beneficial for both of us. Therefore, I propose to pay you X monthly payments of $, or forward a check to you in the amount of $ as payment in full, provided that you are willing to send me a letter stating you will report this to any and all credit reporting agencies as: 'PAID AS AGREED' or notify me in writing that you agree to delete this item from any and all credit reporting agencies.
I WILL NOT agree to accept a 'PAID P & L' or 'CHARGE OFF' for an additional amount of time on my credit report. It is my position that I have suffered enough as a result of this problem.
Upon receipt of your letter I will send you a cashier's check or money order in the amount of $.
Sincerely,
Signature Date signed
Your name Date printed
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Bony
Joined: 22 Oct 2005
Posts: 291
Debtcc Points: 4207
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| Posted: Sat Mar 03, 2007 4:04 pm Subject: |
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Thanks for the letter! So basically if i wanted to settle for 1,300 or 50% of what i owe I would just say i'll pay 200 a month for the next 6 months in that letter ? Any strategies to get them to accept this proposal? thanks! 
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Blizz127
Joined: 10 Nov 2006
Posts: 48
Debtcc Points: 1512
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| Posted: Sat Mar 03, 2007 9:01 pm Subject: |
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Also, where would i send this? Should I send it to the address where I send payment? I've looked around but i see different PO boxes to use for different things.
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Blizz127
Joined: 10 Nov 2006
Posts: 48
Debtcc Points: 1512
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