What if proposal ISNT accepted?

This doesnt exactly answer your question, but can you ask your counselor at CCC what the success rate with Chase has been? They would have a lot of experience in dealing with credit card companies.

I agree with Volley. Give CCC a call and see what they have to say. I know that the creditors aren't obligated to work with credit counselors but most seem to accept the proposals eventually.

Well just so u know and i'm sure it's different for EVERY acct with Chase but hubby put them in a few years back with some medical we had acquired and they accepted easily! But now let me make this clear, he was in a debt consolidation company not settlement. NOt sure if that makes a difference and he had not defaulted on the credit card just got hit with lots of fees and higher interest.
We've long since paid this off and he now has another Chase credit card...
Like i said i'm sure it's a case by case basis but just wanted to give u soem hope!
Good Luck,
Ang

Thanks guys! I didn't think to call my credit counselor to see what their success rate with Chase is.

Thanks Ang. I've been pretty good up until now with payments-the rep at Chase was like "Are you SURE you want to do this? You are only a payment behind & you have a good payment record with us". I told her I was sure & then she asked why was I entering the program-I told her that I have other cards & over-extended myself and now the minimums were just to much to pay on the other cards. She seemed sympathetic.

Kinda odd...haven't gotten a call from Chase today at all...wonder if its because I did call them earlier??

Well lawn i understand her point but the problem is if ur late then they will continue to add on fees and raise ur interest rate so u will NEVER pay them off!
She may have made a note in ur file that u are putting them in a program!
Good Luck to ya,
Ang

Thank Ang! She pointed out the whole late-fees. Its just so hard to make payments to the creditors & the debt consolidation company.

I just hope Discover & Chase get accepted.

I'm going to check out the library tonite to see if I can find any good books on dealing with creditors on your own...just in case it doesn't work out.

If you have a good payment record with Chase, and are only one payment behind- do you have to include this one? What is the balance owed on it?

The reason I am asking is to say,will they they work with you on your own and drop or lower interest until you can pay them off- have had some cc do this for me. But, we didn't have a large balance, so this may have been why.

Good Luck..Karen :D

The balance is $8500. Sorry-I'm actually 2 payments behind..my bad! They are asking for $685 or $980. I can't do either one. Discover is asking for $500...can't do that much either. The most I can save is about $400 a month...which would give them $160 each (approx).

I would talk to the settlement company, and see what they have to say- like the others said,they have probably dealt with these companies and can give you some info on them..KAren

Thanks Karen!

I'm going to buy some books (or go to the library...) & get the Managing Debt for Dummies 101 and Solve Your Money Trouble-Get debt collectors Off Your Back and read up on negotiations & such so I'm better informed.

Might call the consolidation company today to check on their success rate with Chase & Discover or give it a week & call next week and perhaps things will have progressed by then.

I am in debt management bot settlement but I have one cc that did not accept the proposal but are accepting the payments and not bothering me right now. My counselor said sometimes they do this as to not reduce the fees or late charges like they usually do when they accept a proposal...calling your counselor can give you more insight...

I called today. The rep told me that they don't say their success rate (which I understand...if you tell someone that they are successful, then they don't get in they call back & are like WHAT HAPPENED?? I thought you were successful). She did say that Discover & Chase are cards they work with. If they do deny the proposal the counselor will call ASAP. She said that one of the reasons that they might deny is if a payment isn't enough-but then the counselor would call & let me know.

So in the meantime I'm saving money, getting some books on how to do it yourself in case it doesn't work.

I feel better though after I called.