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

I have 17 k in Chase debt although have othter cc debit -- hav never been late but all teh bills a re starting to catch up --- Chase went from 2-5% -- unaffordable. Then thye came back and offered me a loan at 2% -- will they settle even if I have a good credit score but too much debt...and let them know bk may not be far off???

Stop paying them and you will get all kinds of good offers to choose from. As long as you keep paying they are happy and will not offer anything.

it's nice to get a settlement offer on your cards cause it relieves alot of burden on you but I believe that the rest of the amount of money that you will not be paying back is considered income that you have to report to the IRS on your tax return.

Does working out these deals with Chase affect your credit score?

I have an offer from Bank of America that they would close my account, lower my interest to 6% and I pay $368 a month for 5 years..should I do this? my rate is currently 24.99 and min payment $569!

Was this chase or some collection agency acting on there behalf?

are you sure you don't mean "suspend " your account? because closing your account will affect your credit rating.

if you deal with the original creditor it doesn't look as bad on your credit report as it does if the account got sold to a collection agency.

To BLL - you said they took your offer in 4 pmts. When was this? I keep reading on this forum and I have heard from 1 of my creditors (BOA) that settlements have to be done in 90 days - or 3 pmts. However, no one can actually tell me why this is or what "regulation" the cos are under that force settlement to be pd w/in 90 days.

How much does the IRS tax you for the earned income

I think the IRS taxes around 30%.

I just got my chase accounts (5 total) resolved yesterday for 28% of the balance. Not bad considering that several of them were not even 90 days late yet. They offered me four payments, but those four payments have to come within 90 days. So it is not over four months time obviously. I have to say, Chase was amazing to work with, I just explained my situation, alluded to bankruptcy, laid out a figure and it was a done deal. Good luck and best wishes to all, this forum is an amazing resource!

I will also try to settle with Chase. I have an account with them in my name only but when my credit suffers as a result of late payments, will my insurance rates go up? I mean Health Inruance premiums ( I am self employed, self insured) as well as car insurance premiums. Will they go up when I need to renew them. I think they do check credit scores, right?

Anonymous at 11:02: What number did you call to reach Chase? How do I get a hold of the right people?

As a reference I settled 11k @ 32% one lump sum.

I just settled with Chase for 40% and am very grateful!

Unfortunately Chase has been difficult for me to work with. I am currently about 85 days late on the card. Right at 3 payments behind as of today. They have denied my settlement requests to settle for 35% of the balance which is now around $25,000. The reason they give for the denial is that I did some balance transfers onto the card the month before I quit paying.


I don't have the money to pay them, and I'm pretty much Judgement proof at this time. I could file bankruptcy, but I don't want to. So, I'm trying to settle out all of my accounts. They don't seem to care that they will get nothing if I file Ch 7. Right now they are offering to settle for 75% of the balance. Mind you they have already tacked on about $1500 in fees and interest in 80+ days.

Has anyone else had this problem?

I settled with them 35% at 150 days later. They first offered 80% but went down in the end. Just hang in there.

I settle with chase for 35%. Creditors won't start discussing settlement until at least 90 from the last missed payment date. At 90 days you creditors will start making offers. It's important to know what to say and how you say it.

Since you are "judgement proof" time is on your side and you should be able to settle all your account favorably. The way I took some out of the risk out of the sitation is by getting a debt settlement coach. It was the best money I ever spent and it wasn't that expensive when I considered that I was negotation $120,000 at the time.

Doing it yourself is the only way to do debt negotiation. Everywhere I read about people getting scammed by debt settlement companies. This is a great forum that can help you successfully negotiate debt. But I believe having a coach who's been through the process a thousand times was a great edge!
Solicitation removed by Shazzers

i settled with bcs a company chase hired to collect.
i was told 3 payments and that my account would close.
so the money was taken and turns out it never closed.
they show the money getting pulled, but chase shows no record of a settlement. its their word against mine.
now i have late fees on a remaining balance of over $4000.
when i was told it was settled.
now what can i do?

I settled with Chase for 40%. They did not send me letter offer but the agent said that they will forward my account to legal for collection. I only owed 22k for 3 accounts and only 150+ days late.

I have a Chase Account, and my interest went high after my husband was hospitalized and the economy went down, I do not work and got late on my card with late fees and over-limit charges, the account get 29.99%.

I try to work with them explaning my situation and they offer me these BOP Program, which they denied and send me with credit couseling services to help me, i was not interested on them but still i call them and a very niece guy told me to call Chase and tell they that they can't help me so they can offer me an Internal Harship Program i call again to Chase and the lady told me they are both the same.

she said sorry and offer me a settlement of 40% off what I owe in 3 payments, that's like 1,000 per month for $8,227.00. she said that's the best she can do, is that true or she can go lower like 35% or 30% off?

I do not have the money and my credit rating is perfect the only negative is Chase.

What should i do?

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In my case, Chase settled for 25% for a ~20K balance, just a few days before chargeoff. They had initially declined to settle at all, then offered 70%, then 50%, followed by 40% and finally 25%.

Congrats on your Chase settlement at 25% - I've been offered 35% for 4+ weeks now and have offered 28% and they turn me down FLAT. How did you get to the 25%?
I'mn at 136 days, and it's in their "pre litigation" department, they say next dept. it Legal and I'll be sued. Please give detailed suggestions, soooo stressful! Thanks!

IF you want to settle, it does hurt your credit. On your report, it's a couple steps higher than a bankruptcy & could stick with you for 5 years. If you have other credit cards in good standing & you can keep them that way you'll be able repair your credit. Best of Luck!


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Please tell me how many days you waited to get 25%? Was it still in their pre-litigiation department? Or did another department make that deal? I've been up against a 35% road block with them and they won't move an inch. I'm at 139 days and don't want to be sued- Eek!



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Sure it damages your score but nothing like a bankruptcy. The worst thing to happen to your credit is bankruptcy. You can still repair your score if you have other cards. I have a card in chargeoff status and another one in a low cost hardship program for a year. The company with the chargeoff would not put me in an extreme hardship program. It was the five year deal or mothing. I basically said take it to the next level. I plan on coming up with a settlement with a CA. A settlement is on your credit report for seven years I believe. Depending on which chapter you file, a bankruptcy can remain for up to 10 years. And even then it is still part of your history.

This Forum saved me! I was so stressed talking to Chase every 4 days being offered 35% for almost 2 months. I offered 28% over & over but they would not budge from 35% even from their prelitigation department. I tried calling them but it made no difference. I always answering when they called and finally today I guess I got the right person because he approved my 28% offer. $8K on $28,500. I received the faxed letter and have to pay a lum sum in 7 days. I'm thrilled!
FYI: I was 141 days past due & jobless

Not too happy about the 1099 that I'll receive but one can't have everything.

Was it 28% of what you owed or 28% including all the late fees and interest?

does setteling your debt effect your credit score and will you ever be able to open another credit card

what if you just get a lower APR will it still effect your credit

Good question: It was 28% off the total which included all their late fees and 29.9% finance charges. Probably about the actual principal amount but eho knows?!
They charged me $4,955 in finance charges since April 2009 when I TRIED to be a good person and say please freeze my account because my business has just went under and I'm jobless. WhaT DID THEY DO? Said "SORRY YOU CANNOT QUALITY FOR A HARDSHIP UNTIL YOU HAVE A JOB! And we can't consider a settlement untill you are over 3-4 months late with your payments." SO basically they FORCE you to become a deadbeat in order to negotiate all the while the finance charges keep piling up!

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I was told settleing and account for less than the full amount affects your credit for upto 5 years. You must stop paying inorder to even begin negotiating a settlement so that kills credit too. I don't think I could get a NEW card at this point but If I keep other existing credit in good standing I can start repairing damage.

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I don't know the answer to that one. I cannot see how it would affect your credit if you keep paying on time.
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I have been served and on the verge of it going to court. I originally agreed to a payment plan but realized I could probably get a negotiated I may have screwed up by accepting a 75% payoff. I should have read this site before I agreed. Haven't paid yet but was wondering if anyone here thinks this can be renegotiated. I have 11 days.

I have a huge balance with Chase. ($33,000) I have never been late or missed a payment, however it is becoming more and more difficult to make that giant payment every month.
What options do I have? My credit is really good and I have always prided myself on keeping it that way.

HELP!!

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I would be happy with a 35% settlement. I am about to start this process; I have two Chase cards and one small BofA CC. I am thinking about paying off the BofA card (or continue with monthly payments) and defaulting on the two Chase cards in hopes of being able to settle them for a lump sum settlement of 35%. Can anyone tell me if this sounds like the best way to handle things. I really want to keep the BofA CC current (I have a cking acct with BofA) but read on a forum here where someone stated that all cc companies will not settle with you if you are current on any cards. Has anyone kept some cards in good standing while defaulting and working a settlement on others? Thank you in advance. I have been reading this forum for awhile, and have felt strength and encouragement.

I took the advice of several people on this board and let all my cards go delinquent. I have been out of work since the summer and couldn't afford to keep paying them anyway. Sometimes the CC's may view you paying one card and count that against you, and either not settle with you, sue or settle for higher amounts. I staggered my non-payment in June, July, August & September and started to get decent settlement offers in the beginning of December. Chase asked to verify all my income, etc. for many months and I just kept telling about my situation: I couldn't pay, out of work. I just settled 4 cards with them for 23%.