Settlement with chase?

Do You have cash or are they giving you 4 payments? I took 4 payments. 1 lump sum can get you below 35% but not much more. Unless it charges off That is not a bad deal. Chase settled with me for 30% 35% and 35%. I had 3 cards. Good luck.

In all honesty, that's a good deal. If you have the means to do it, I would take it. They won't go too much lower, and the converse is that they could end up suing for the full balance.

I agree w/ DebtCruncher, that's pretty decent from Chase; but I would counter anyways. Worst they'll say is no and you're back at 35%.

Yes Jack, doesn't hurt to try. :) Re-reading my post, I did actually mean to say something along those lines. To the OP I wouldn't "hold out" though, that's where I meant they may end up suing if you hold out too long.

I settled with them today for 35%. I was making 30% and 32% offers - and the guy slipped and said that was not even over their 35% min. - a couple days later a gal called and I asked her -- and she said, yes, offer 35% and they might just accept it. and sure enough. Really - with the mounting interest and late and over limit fees (not to mention the credit damage) it's a good thing to settle relatively early. To tell you the cost also -- it was 35% of my current balance -- but 39% of the balance when I stopped paying.

The other Chase cards that I owe on have also started to try to collect now. They only offered 60% so i am going to go forward and keep pushing them down. The next few months will tank the economy even more and these debtors will become even more desperate to collect anything at all. Thank you everyone for your input. 2 downand4togo you are an inspiration to keep pushing. I will keep you all updated.

Fightin family guy, are ALL these debts credit cards?

If you want to entertain a better solution, that may not be board-friendly (i.e., they would edit it out of my post), email me or send a PM.

Otherwise, if it's all you want to do, keep holding out. Are they just calling? or also sending letters? Tell them to send it in writing.
When you get a letter, send your offer (such as, 30%, or X cents on the dollar) in letter form, verified mail. It's always best to keep track of your letters. Again, this is not the BEST strategy by any means

Can I ask are you working? I'm wanting to know if Chase determines their settlement offer on your income and whether or not you are working and trying to to pay down your debt.

Now when Chase contacts me they are mentioning the other accounts. One is for $5200, 15,200 and 19,700 should i tell them to put together an offer for all three or try to take them out 1 at a time. If i disclose that I have enough for the larger settlements then they will want it for the smaller amounts and just hold out for more later right? Comments appreciated. Thanks for all your help forum.

baleted