Just got off the phone with Chase. First said they could not go lower than 60% on $12,000 debt (for one card). I offered 30%. Lady said probably not but she would check. Came back on the line said good news and bad. They would take 30% but I had to include our other account (19000). So settlement for $9472 75 days out. Know I have two days to to accept the offer and come up with the money payable over 93 days! I have 1/2 of it going after the other 1/2 in the morning. Two down two to go!!!! Lady was polite and couldn't believe they made that offer.
Sorry about the typos in above post. Just excited to share the news. Over an hour on the phone but worth it.
A big congrats to you....and only 75 days delinquent. Great job. I am 90 days late on $23K and no offers. May I ask how often did you speak with them? And are they personal ccs? Any advise will be helpful. Thank you and again congrats....you are definitely on your way to being debt-free.
Hey, good job Aj, do keep us posted about the progress.
Guest-567
I talked to them on a weekly basis and had even tried to get into the hardship program in December but they could not guarantee that I would be accepted so I declined. Couldn't have made the payment for it anyway. I just called more or less to offer somewhat of a payment ( a low offer of $180.00 and $140.00 on $19,000 and $12,000 approx.) So I asked about settling the lower account and making the larger the hardship program. They came up with 60%. I said there was no way I could do this. She asked what I could do and I said 30% she sort of laughed and said she didn't think it could be done but she would ask her supervisor. Payment schedule was 1500 march with three 755 payments after that. She came back on the line and said that both accounts had to be settled. OK No problem with that! Said if I agreed they would fax me the offer. It a lot more money than I had anticipated when starting the phone call going to see if they will do 4-5 small payments then one lump sum so I have time to come up with the rest. Will keep you posted!!! It can be done just stick to your story. This debt was on a personal credit card(mostly cash advances) that we used to fund a cattle business. At this time we have lost more than half of our original investment and it's long past time to get out. Good luck everyone.
Good job! Thanks for the details on your situation!
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What department do I need to talk to at Chase to make a settlement offer? Any help would be greatly appreciated.
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