Need Advice on Chase Settlement

chase is a biotch on wheels to deal with.they will wait forever before charging off.i had a card with a 700.00 limit went 150 days past due.wouldn't charge it off.offered the same things to me.lower interest rate,monthly payment,etc etc.do not give them your bank info.they have no right to make that a condition.this one you might have to work with.tell the person who calls that you will go to one of the many branches and pay there if you can.they don't tell you that,but you can pay that way.just know chase will not charge it off.

Thanks - but what do you mean they will not charge it off? Haven't other people gotten charge offs? Does that mean that they won't turn it over to a bill collector?

They will eventually charge it off. What Paul meant was that they like to hold onto the account for a long time " as long as 180 days " so they can accumulate a lot of late fees , penalties and interests before they charge it off. That way they can try and collect more from you and get a larger write off for tax purposes.

Oh, I already can see that. As I said, it's gone up $4,000 since I stopped using it and they have no problem with including that $4k in my settlement amount. It is currently the only account that I have "let go" - I have 5 other CC's that are all up to date. I just had enough of them and their 28% interest a few months ago. Now, I am self employed and my business has been cut in 1/2 since 10/1 with all the economic bad news and credit tightening so I now have a REAL reason to not pay but do you think Chase isn't taking me seriously because no one else is behind (they will soon all be). They told me to pay others less so I could pay them more during the call. I need to get all my monthly payments cut by 50% if I ever hope to keep paying them anything.

this is exactly why I stopped paying my credit cards. You are late on one single payment and suddenly you are stuck with an outrageous interest rate, they tack on late fees, overlimit fees and everything else. I say let them rot in hell and hopefully they will be the next casualty of this economic climate.

When the credit card company raises the interest rate, and lowers the credit limit,and tacks on high fees, they are asking for default.