Chase credit card - I am not able to pay them

Welcome to the forum, jhermis! If you entered all of your info. when you registered with this site, a debt counselor should be contacting you shortly for a free, no-obligation consultation. The counselor can discuss your situation and explain the options available.

If you enroll in a debt consolidation program, the interest rate is usually lowered considerably, and your monthly payment becomes more affordable. The route some choose to take is debt settlement. You make payments to a debt settlement company every month until you have accrued enough in your settlement account to negotiate with the creditor for settlement of the acct. for less than you originally owe.

Again, the counselor will be able to discuss your situation and help you decide what will work best for you. I would advise checking out any company you consider to help you with your debt on the Better Business Bureau's website, so you can see if they have a satisfactory record, and what types of complaints they've had, how many were settled, etc.

Chase might take you to the court and get a payment plan fixed by the judge. Wages cannot be garnished in Texas for unsecured debts. Since you are not able to afford the payments because of high interest rate, consider a debt management program. Either you can pay your debts through a consolidation plan or consider a debt settlement. The payments in debt settlement plan will be lower from consolidation plan. It looks like this program will be your best choice since you are already behind in your payments by three months. debt consolidation will bring your account current and will be good for your credit.

I just settled with Chase for 35%. My first missed payment was in late October. They were actually very nice about it - called all the time, but hey, I would too. Very happy. and - it's 35% with a letter right off the bat that says if I pay it I have a zero balance - which is important because you want them not to try to collect the balance. Didn't use a settlement company either -- for the $15,000 reduction in debt - I felt like I could weather through the calls.

Texas is a great state for debtors - you won't get garnished nor will they place a lien on your home; though there is a possiblity they can on your second or third mortgage if you have these. Settlement is definately the way to go in your case especially if you can't afford the minimums.

2down - did they let you pay the 35% over 3-4 months?

how did you get Chase to take your offer at 35%?

bhuang,

if you are patient with Chase at about 5 months delinquency in most cases they will offer great settlements. They usually extend these settlements into about three or four installments.

Hi Bhuang, how do you know this?

the reply that you are unable to sue or garnish in the state of texas is untrue, they can garish and will but you should read your statue of limitations for your state also. that will help you have a better undestanding as to when they can begin this process.

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I had 3 CCs with Chase- one settled at 27%, one at 35% and the last at about 32%. In all honesty, Chase appears to be the easiest I've dealt with so far. Granted my balances were lower in comparison- all were just below $3000. At 4 months past due they would call and discuss my payment options. When I brought up settlement, they gave me a big long story about how anything under 50% settlement would need to be approved and that it likely won't be approved by "higher ups". Well I took my chances, offerred the % I got and said "let's see what they say", guess what, the supervisor looked at things awhile, asked more questions, tried time and time again to sign me up for 0% over 5 years to pay off the entire balance, I said I couldn't afford it and guess what? They accepted my offers.

Now, keep in mind, 2 of the 3 accounts included phone calls that lasted almost an hour (one single call) because they want to exhaust every other payment plan before they accept a settlement offer. Just be patient, keep in contact with them, and just remember what your goals are. I'm halfway done with my journey and it hasn't been easy, but I am happy I did it myself instead of hiring some 3rd party to do it and charge me 15%.

Good luck!!!

I have been using a settlement company and Chase is my last debt. The settlement company is telling me that Chase is the hardest to negotiate with. They told me that calling them could open myself up to lawsuits etc. etc. It has been two years and I would like to settle it.

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Here's our situation.

1st Mortgage 103K

2nd Mortgage 20K

Credit Cards 32K

Car Loan 11K

Household income: ~$40K

We've never been late on any of our bills but it's only a matter of time. Is there a way to settle debt without first missing months of payments? Already gotten on two "Hardship programs" Citibank (19K) is at 0% for 12 months and said we can do this 3 times. Chase (6k) cut interest to 6% for 5 years. Both accounts are closed as a result of the programs. Would it be possible to negoiate a settlement with either without first missing many months of payments? We live in NC so my other concern is if we miss payments are they able to simply attach a lean on the house that has already dropped in value to about half of what we owe???

I am 7 months behind on a 23K debt. Chase keeps adding 700 a month to the debt in fees and interest. The last time they called was 2 weeks ago. They were trying to get me into a payment plan. I just said I do not have the money. They originally offerred through another Collection Agency a 35 % offer. And then, silence after I accepted. No letter, Nothing. What should be my next step? I am just waiting to hear from them.

Any suggestions? Anyone Anyone

Ferris

Hello,

To the best of my knowledge, CC's have no motivation to discuss settling an account for a percent of the balance if you are current on the account. I have been reading the threads on this forum for quite a while and have seen no one post anything about negotiating a settlement offer on a current account. Most settlements occur as the account is approaching the 90 day late to as much as 180 day late, depending on the company.

Hope that helps,

Don

I let my chase card go to collections, 2nd day in the collections called me and i told them I was filing BK in 30 days if my creditors didn't work with me. The lady started at 60%, then 40%, I told her forget it I'll just file BK and they get nothing, she said they would 20% in 4 payments, balance was 10,400. Settled for $2100.00. The collections company was integrity.

I was about 155 days past due with Chase. They called constantly - my Google Voice counted about 10-12 times per day. It was almost always an autodialer, so I never answered. Anyways, I have been trying to work a settlement with them forever. The lowest I could get was 35%.

Not sure why, but I saw their folder sitting on my desk tonight and decided, what the heck, I'll call and see what they say. The lady I talked with mentioned that for them to go lower than 35%, she would have to check with the "Exception Department." I said, "Check!" I had been offering 20% and sticking to it pretty strong. Ultimately, I got them to come down to 31% over 4 payments. Not much better, but better than they have offered me, so I took it. The account was supposed to charge off in about 3 weeks, so I figured I better settle now.

Now I can set my phone so that it doesn't filter all my calls through Google Voice!

Chase

Chase settled to take 7500 (22K in credit debt). They offered 11K and we counteroffer with 7500. They are good and will work with you.

what phone number did you use for chase, discover, Bank of America, American Express and GM Card?

[COLOR=black]Chase was the easy one to do. They settled my first account at 60 days for 31%. [/COLOR]
[COLOR=black]Wow, I don't know about being lucky but I was. [/COLOR]
[COLOR=black][FONT=Verdana][/FONT][/COLOR]
[COLOR=black]The other Chase accounts settled at about 90 days.[/COLOR]
[COLOR=black][FONT=Verdana][/FONT][/COLOR]
[COLOR=black]Good luck![/COLOR]
[COLOR=black] [/COLOR]

By settling, how does it affect your credit score? Also if you do settle for say 31% do they always give an option of so many payments or do you have to come up with the whole amt you agreed upon at one time? I have about 16k with chase (down from 22K) but that's only making the minimum. I closed the card over a year ago when they wanted to up my interest rate.

Greetings AngelaW,

"By settling, how does it affect your credit score?"
You betcha it does. It will tank for a while and slowly build back up.
(Personally, I have modified my spending behavior to all cash/debit cards and wouldn't mind having a zero credit score. Credit scoring is just a rating on how you manage borrowed money!)

"Also if you do settle for say 31% do they always give an option of so many payments or do you have to come up with the whole amt you agreed upon at one time?" You will find out that there is no reason to the timing of payments. I settled with my chase accounts with 93 days/4payments; 60 days/3 payment; 30 days/2 payments. Make your best deal with 'em. Sometimes one lump sum gets you the best deal.

Good Luck.
Please keep us posted,
King "Kash" Jabba Labba

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please tell me what to do my charge off dead line is on tuesday 9/28/2010
should i wait for them to call me? i reject 39% offer from them last month they said they cant go lower.
Dont know what to do now should i just wait for them to call me

I was wondering what happened it is now Jan. 8, 2011..
hope it all worked out for you.

[EMAIL="redandice@comcast.net"]Maybe you can give me a small advice what should I do in my case...
Yesterday I received a letter from Sage Capital Recovery that I own $3,416.27
(originally to the Chase bank).

They wrote me: "in an effort to work with you towards the resolution of this
matter, we have been authorized to accept 40% of the outstanding amount owed in
order to settle the indebtedness with our client. In order to take advantage of
this most generous offer you must return this notice with a check or money order

for the settlement amount of $1,366.51 or contact our office to arrange
repayment. We are not obligated to renew this offer."

My question is, should I go for their settlement? I'm just worried they will
keep asking for more and more money from me...
[/EMAIL]

I have an account with chase that is not late yet, but at the interest i am at it will be soon. What to do?

Can i call the exception department to see if they would lower the interest rate? Does anyone have a phone number for the chase bank exceptions department?