stupid newbie requests opinions

Did you call Chase back? Did they go for your offer?

i called them back at lunchtime. they said they are backlogged, and to call back tomorrow. i'm really hoping they go for it, but not too optimistic.

i called them back again. they said the best they can do is 35%(about $3300). they reminded me there would be negative marks on my report if i did that as well.

i think my plan as of now is to keep all accounts open, and pay them down as i can. i have hardship packages into citimortgage for both mortgages. my goal is to have them reduce the monthly payment AND defer the next 3-4 payments. that will give me roughly an extra 1440 for the next 4 months to work with. i would just have to decide on who to throw that at....pay off discover in 2.5 months, or throw all of it at amex and get that payment down. chase would get the extra $600 i was going to spend if i went with a dmb plan, which would reduce that balance by $2400. hopefully citi will come through, and this won't be a pipe-dream!!!

It seems like your offer and the counter offer is close enough to work on a little further. Have you considered responding to them with a slightly higher amount in multiple payments spread over 6 months or so?

just spoke with amex again, as they told me to call back on the 11th. they said to call back tomorrow, as the cycle technically doesn't end until 12 am. anywho, i asked general questions about their hardship program. it is 0% for 6 months, and then 9% for an additional 12 months. as with discover, they automatically withdraw it from an account. i asked about 1-2 month deferral to catch up, and/or adjusting the payment amount due, and they said they don't offer either option. i know i won't be able to make the minimum balance, so i asked the person to change my contact number to my cell number, and my cell or email is to be the only method of contact. planning ahead for defaulting unfotunately. it is true that i am never home, so i didn't completely lie to him! i just dont want them bothering my wife...this is my debt.

i did read on cnn that amex is paying customers $300 and offering settlements to accounts that may default due to high balances. if they would take 10%(about $4k), i'd pull the money from my wife's school money(not attending right now anyways) and settle. then i could pay down chase and discover, and put some back into her school account.

i entered the program with amex. my first payment is $837. i paid $450 yesterday, and will pay the rest today. discover will pull out $76 on the 21st. i decided to not pay chase this month, statement not even closed yet, so technically not due til april, and wait for them, to call and offer to settle up. i'll offer 25% and see what they say. heard they won't go below 35%, but we'll try anyways.

Any update on the Chase settlement? Are you still waiting the 120 days?

It does look like you have some debt to deal with. My debts totaled up to 20,000 with BOA, school loans, and a silly Best Buy card. Luckily my friend was in a settlement business. Now I am down to only paying 325 a month for it all. They are located in Texas, but are able to help anyone. A more direct route is XXX-XXX-XXX. Maybe they can help. They have a lower cost for you because they are still new. Nice guys though. Hopefully you can relate to my experience. Give it a try.


solicitation deleted per forum rules --- mobile

update: i am officially 2 days late with chase. not planning on paying them, and waiting for the settlement call. as stated above, i am in programs with discover and amex. my mortgage company is allowing me to make 50% payments for the next 3 months, and then we will work a new payment plan that suits us better. now i have to decide what to do with the "extra" money from the mortgage. it's about $650 per month. should i put it all towards dicover and get the balance almost paid off, or should i throw it all at amex, and reduce the principal as much as i can as they are giving me 0% for 6 months. post up your thoughts on that please.

Jon, my husband and I each have cards with Chase that we are now 30 days, getting close to 60 days, late on. I have been getting calls from Chase about my card for the last 2 weeks. I have told them that both of our income's have been reduced and we have some dental bills for our daughter. They have only offered a hardship program so far. This was last week - now, since Friday 4-3, they have been calling me 7-9 times per day. I just spoke with them last week and, frankly, nothing has changed yet so I have chosen not to answer these calls. I figure they will keep calling and I will answer them within the next day or 2 but I am not expecting any settlement offers for another few months if what I have read on this board is any indication. I figure I will send them a settlement letter in a couple of months.
As far as your situation and the extra money you are able to save right now with your mortage - I don't think I would do anything with it yet except save it until you know what Chase will settle for. Remember, from what everyone who has done this before has said, they will most likely not even offer to settle with you (at least for a decent amount) until you are about 120 days old so you have a few months to wait it out. Keep us posted.

new update: i was offered a higher(much) paying position that i will start next month. i will be able to keep paying on all accounts without settling. my plan is to pay minimum on chace and amex until discover is paid off(few months max). then i will go to town on chace(probably over a year to pay off), while paying minimum on amex. than i can go to town on amex(several yrs im sure)....but my credit will remain ok.

congratulations on the promotion! Awesome news!