Settlement with chase?

I am thinking about trying to make a settlement with chase. My situation has recently changed and I am not currently behind in payments however this will quickly change. I may be able to entertain a lump sum settlement. Has anyone done this lately? how much of a reduction did you get? how tough was it to do? do you have any tips?any info is greatly appreciated

I am at 50% offer from Chase at about 120 days and waiting for better. However, mine included a cash advance less than one year ago, which they consider in settlement.

Just settled last 2 Chase accounts 2 weeks ago, total Bal 23K settled at 19.6% approx 170 days late. When you make an offer keep in mind they know their gonna get at least that much, if not more. Most people throw out numbers without thinking, including myself. Three weeks ago I settled my 2 Chase accounts balance total 18K. Ignoring my own advice I threw out 5k, they countered with 6K, I accepted...I knew they would have accepted 4k, so why did I throw out 5K? It cost me 1500+ for a piece of mind...If you stick with your number, eventually they accept, but it takes time and it's stressful not knowing whats gonna happen. Kinda like childhood fears, the fear of the unknown. You hear something on the other side of the door, and don't know if it's a dog or a dragon...Once you hear a bark, then you know...

I am at about 85 days late with 2 chase cards totalling about $ 25,200. They just offered me 50 % or about 12,250. I am trying to get about 20 % settlement. Do I have to wait til about 150 -175 days late to get that good settlement amount ? Thanks

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I was just looking through 2 Chase settlements and realized they shorted me some time, or at least it looks that way and it's something to keep in mind and use it to your advantage.

On my 18K settlement at 31% 6K they got my first and last payments coming in only 56 days. So 3 payments but all within 56 days.

The larger settlement on the 23K, which settled for 19.6% $4500, the payments are spread over a total of 83 days, or 4 payments...Looking back I'd much rather have 4 payments and 83 days...Somehow I missed that but it would definately make it easier with more time...

Folks, what I have seen is that I have had to initiate the settlement discussions. It is my debt, so that only make sense to me. But if you wait for them to ask you, your results may not be as good. Just pretend you are buying a car from the dealer.

That's good to know about initiating with Chase. I just settled with Bank of America after 90 days at 38%. Haven't heard from Chase, but those late fees and interest sure are piling on quick.

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15% from Chase today.

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MrkL...pls give details...15%?????? Wow!

Yes mrkl can you spare us some details ?

How late were you and what was your balances ?

Thanks

just settled with chase today for 30%. my account was going to be charged off on friday, owed $4400, settled for $1300. i told them ive been unemployed for 6 months and was considering bankrupcy, they initialy told me its against there policy to go under 50%, i apologized and told them i just cant do any more thanthat. after holding they put me thru to a diff dept that accepted the offer. dont settle for 50%, or 40%, if they say no, wait for the next person to call you. prob i should have offered less as they didnt try to negotiate with me. but im happy to have this one taken care of....now to the next one

I have several accounts I can no longer make the payments i have called all the credit card company to get help but nothing I considered going to with credit answers but the fees and contract was crazy. how can i get chase, bank of america and sears and citicard and discover to work with me. I don't know what to do anymore.

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Thanks for the info I was really pulling my hair out thinking of how to deal with this. I will just try to save as much money as I can from now and just wait until they contact me at this point that is all I can do. Thank you so much DebtSamaritan.

I think that was some real good advice debt Samaritan
hi troygoy124
one your accounts go late by 90 to a 120 days late you can start expecting some good settlement offers from your creditors just save that money and keep it ready for hen the settlements come your way .You may have to do some good negotiations to get a real good deal.

[COLOR=black]I have been late going on 30 days now and discover is already calling leaving me messages what should I do? I am very nervous as my interest rates are higher than it was and my minimum payments are up to over $700 and $500 with late fee. A lot of my cards have reduced my credit limit down to almost nothing is this normal? Thanks for any advice. I am still trying to save as much money as I can.[/COLOR]

I was asked to provide a debit account for settlement to be taken from. Some other people on the forum suggest to close one and mail a cashier's check. I don't see what the advantage of the cashier's check would be especialy when Chase want to go with debit account.
Any thoughts?
Thanks

I was asked by Chase to provide a debit account for settlement. I've seen some posts here that people close debit account and pay by Cashier's check instead. Is there advantage paying with Cashier's check? ...especially when Chase want you to use your debit account?
Thanks in advance

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[QUOTE=Anonymous;702793][COLOR=black]I have been late going on 30 days now and discover is already calling leaving me messages what should I do? I am very nervous as my interest rates are higher than it was and my minimum payments are up to over $700 and $500 with late fee. A lot of my cards have reduced my credit limit down to almost nothing is this normal? Thanks for any advice. I am still trying to save as much money as I can.[/COLOR]
[/QUOTE]
Yes, this is normal. Even when I had excellent credit (mid 700's) bankes were lowering my limits on cards if I did not use therm (had a card with a 35,000 limit lowered to 2,500). They are doing this to protect themselves from the new credit laws. You can either save money and do a settlement, or ask for a lower rate. I did the lower rate first, but could not do it, and am now getting offers to settle my accounts between 40-50%, which I am not planning on settling till I am atleast below 25-30% since I can't see me getting up any more than that (I have almost 45,000 in cards at the moment).

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Hi everyone i got some really good advise here about dealing with discover so I want to give an update I went to the website that was given here and I have an offer but its really high what should I do my balance is $6607 and they offered me 3 payments of $1765 per month but thats really high so I declined the offer and requested to be contacted by phone. What should I do now HELP!!!!!!!!

Give them a call and tell them that you received the settlement offer but can't do that and make them a counter offer. Tell them you can do x. when they say no ask to speak to a supervisor. You may not accomplish it on the first call, but you probably will come to good terms eventually.

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I am having the hardest time with the collection agency Chase sent my account. It is a small amount. I agree to pay in 2 payments. This man at collection agency will not take my payment! He wants access to my bank account! I told him no, i don't do business like that. I also want in writing the payment agreement and that it constitutes payment of account in full. He won't mail it. Only fax. He knows i am disabled and don't have fax at home. He is unbelievable. We have gone round and round. And i offered TO PAY! I have called Chase 4 times, last time in tears from the abuse of this man. Chase will not help, they just say keep calling the collection agency. The supervisor at Chase can't understand why I won't give my bank account number! I am so infuriated with these people. Even a lawyer told me never give a bank account. Well i knew that. This collection guy said i am the first to ever refuse. I said "congratulations on me being your first, I don't do it!"

I am sorry for your situation. However, they only work with faxes, as far as I know. On the internet, you can find a service that will give you a fax number and forward it to your email...or use one of the mailbox etc places to receive the fax. Also, they only use bank accounts in all of my settlements. If you are uncomfortable with this, you can set up an additional account solely for this purpose. Remember, you are asking them for a favor...not the other way around. Be careful or you could end up with a lawsuit. Good Luck.

Discover is driving me crazy, I told them i could not accept the offer and they are starting to get really rude all they are trying to get me to do is make monthly payments WHY! they told me that my account is 120 day past due and that we are running out of time something about discharge!!!!!! what does that mean??? is this getting worst.

I have an unsecured line of credit with Chase for $500k Wow!, and they are sueing me. I've offered to settle for $150k (part of 401k, stocks, loans) or $1k per month for 300 months. They said no. I don't have additional funds and don't want to file BK.
Any suggestions?

Just settled my first account with Chase and it was so easy i got a phone call and the woman I spoke too was like what can you offer I told her she said hold on came back and said ok 3 payments that simple, now only if I can get discover to work with me like that they are so much trouble telling me its better to work with them than the IRS. The later my accounts go everyone wants to make deals. Citiback first call they offered me 65% I said no deal just waiting for more calls and saving my money.

Just settled 42K on 2 accounts with Chase. I was at 125 late, and settled for 30% over 3 payments. This forum ROCKS...

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I have a delinquent Chase account. Before setting up payment arrangements last year with the collection company my starting balance was around 13K. By the end of this year I would have paid off half the debt. I was told by the collection agency that Chase may want to offer me a settlement by the end of the year. Do you think they would consider my debt settled with the 50% paid without asking for additional money or they will most likely offer a settlement on the remaining balance?

Settlement with CA (Global Credit & Collection of NY) of an original Chase account? Would I potentially be able to settle for 25-35% as I would have when it was still with chase. It's been charged off for about 3 months ...

I was offered and accepted 30% spread over three payments after about 166 days late. They brought it up. If you have the $ to settle and you are proactive meaning you call them periodically to let them know your circumstances and more than anything to let them know you're not running from them, they will settle w/o much trouble before CO. Now if you don't have $ to settle or you never contact them they may not be so nice. Just my experience.

I appreciate your response tryingtobedebtfree!

I'm just curious how these "lump sum" payment arrangements work out. Can anyone provide more detail on this? I'm seeing people post examples like: "settled for 35% over 3 payments". Are those payments spread out? I'm wondering how people who can't pay their CC bills in the first place are able to come up with these large amounts?

Most banks will allow settlement payments to be spread out in the form of 3 or 4 payments over 90 days or so. You get the $ from either saving the monthly payments you normally would be making or borrowing the $ from a friend or family member or you sell something or a combination of all of it.

I just missed my first payment with chase and decided to call and let them know. They were very nice, they said lots of people had been calling and not making payments due to xmas, but they believed "me" (my husbands unemployment ran out so was not able to pay, so easy for me because I was telling the truth and offered them proof!) I plan to keep communicating with them, I cannot pay period...how long should I expect until they try to turn this over to collections? Or will they keep it as long as I am communicating with them? When does the negotiation start? Who should initiate it? Thank you.

120 days, then it goes to ic systems or another ca and you can settle in a phone call. 35% is what I paid. in lump sum.

Thanks! So I talked to Chase today and they took my income info and then referred me to Consumer Credit Counseling? Do I call? My goal is to settle as well, can I do that through the Consumer Credit place or do I just wait for the calls to come in from Chase? Lucy

I'm in the process of trying to settle with Chase (already did 2 Citi cards and Discover). Talked to the Chase collections department and they initially offered me 50%. After some pressing, they guy offered me a 40% settlement offer. I tried negotiating it down to 30% but he said he couldn't do it. The funny thing is though that the guy told me that I had until March 31 to settle or my account would be charged off. He actually told me to call back as I got closer to the end of March and he would expect the settlement rate to drop. Who knows what'll happen, but I hope he's right.

Jump on it; they must know about your other debt. They are a hard company to cut a deal with! :p

I recently settled Chase for 22%. I found them the easiest to negotiate with although it took longer than expected because they screwed up the paperwork the first time but they were our lowest settlement.

Michael if you have his name/number I would keep calling that same guy every week and tell him you're just checking in and keeping him updated and that you have $XX to settle. As you get closer to charge off you will probably get what you want or at least closer. For us as we were getting down to the wire we increased our number by $200 and that got it done. Good luck.

I just offered Chase 30 and they took it