Settlement with chase?

Im giving it a try. I have until today, otherwise i believe it will be charged off.... ill update later on on how it went.

Just finished my call. I stopped paying back in 10/10 and It was a $4,088.80 card with Chase. The lady that answered was very generous and went out of her way to help me. She first asked me if i wanted to make a payment, i told her my situation, and that i received a letter stating that chase will accept %50 as a settlement payment.... but that i only had 1400 that i received for my tax return and i had no other income. She put me on hold, she said she would have to argue my case and that it would have to be at least 1.432 (35%) for them to be able to look at it. When she came back she said that because of my past payment history, the 1.432 was accepted on 2 payments.
Great stuff!!!! Thanks so much to this forum!!!!

Chase was my easiest to negotiate with as well. I had one card down to 15.2% and took it. And my larger one that was about 13k they settled for 12-13%..... NOW I did not deal with Chase I delt with the Collection agencies. One was Creditors Interchange and the other was NAF I think. They both sent me emails to verify that the amount will be posted to my credit report as settled in full by the Chase company. I told them that I only had X amount of dollars to settle their account with and I started at 10%..... They came back with the other numbers and I jumped on it with both feet! I never in my wildest dreams thought they would settle that low. But from what I've read, always start real low, you can go up, but you can't ever go down! I gave them the number of my bankruptcy attorney that we gave a $50 payment to as a "down payment" so that he would tell them all he would represent us when we paid him in full. I gave all my creditors his Name, number and address, and they DID call him---I guess to see if I was bluffing. They saw that they better get what they could, before I filed for BR.....

It's been several months since anyone has posted on this thread, but I hope someone will see it and enlighten me. I didn't read through every post, so forgive me if this question has been asked and answered before.

I see a bunch of people have talked about getting 35% settlements. Is that 35% off your total balance so you now owe 65% of your balance or, flipped around, they're offering to accept 35% of your balance as settlement?

I was offered a settlement with Chase today. I am not late on any payments, just no longer have the ability to pay so I called them and explained my situation (before I found this forum). They initially offered to take 15% off my total balance due (I owe roughly 8k). By the end of the conversation, they offered to take 20% off the balance with 3 equal monthly payments to pay off the remainder. They said that was the best they could do.

So my question is this: Am I understanding on this forum that you guys are 1) settling for as much as 75 % taken off your balance and 2) you don't get these types of settlement offers until and unless you're 120 days or more past due? I cannot afford to pay 80% of my balance in 3 equal installments. I was hoping for a 50% reduction, and I would have been thrilled with that. But if I'm understanding correctly, I should just quit making payments, let a few months go by so that I'm seriously delinquent, and try again for a settlement that is as much as 70-75% off my balance? I know it comes with ramifications (being taxed on what they write off and having your credit rating affected). But I just want to make sure that I'm understanding that Chase has offered many other people on this forum settlements that relieved you of up to 70 to 75% of your debt.

Thanks for any clarification. :)

I am one of the stories in this thread so I figured I would answer with my experience. I settled with Chase for 22% of my balance. In other words they forgave 78% of what I owed. I had 2 cards with chase and settled them together. They were one of the easiest to negotiate with in my opinion. I made 1 lump payment electronically AFTER I received a faxed settlement letter with all the details from Chase. It took a few attempts for the letter to say what we had agreed to so check everything.

Good luck!

I also was able to settle with Chase relatively quickly and for 20% of my total balance. We had two cards totaling $18,000. One settled at 60 days, the other took 150 days. Good luck!

Hi,

Settlement always affects your credit score, usually negatively. So if you don't have any other positive financial activity to hike up your score, they may fall quite low. However, settlement is a much better option when you consider the last option left- bankruptcy, which should be avoided at all costs.

Take care
:)

Hi,

I think you should pay off your debt as soon as possible because although paying your debts won't have any effect at all on your credit score, defaulting on them will surely decrease it.

If you want to increase your credit score then you have to include more positive information such as taking out small loans and paying them back in full within time and keeping your credit card balances below their credit limit.

Hope these suggestions help you.

Thanks to all of you for your replies. I'm still contemplating what would be my best recourse. As an alternative to settlement, they offered to let me pay a flat monthly fee that is less than my current minimum monthly payment, with a reduced interest rate, but with no reduction of balance. My balance would take 60 months to pay off under that scenario. Only problem is, they want more per month than what I can afford. I tried to talk them down on that payment, but they wouldn't budge. If they could meet me with an affordable monthly payment (which is less than half what I'm currently paying per month), I could do it. Thanks again to all of you! I'm encouraged to keep trying to work with them.

Whenever people post settlements, the percentage is (or should be) the percentage of the new balance that they had to pay including built up interest and fees, at least that is how I am posting my results.

The other confusing part of the equation is how many days late, I always use days from last payment so there is no confusion.

My first was Chase and I settled at 35% of a $6415 balance at 105 days from last payment. They broke it up into 4 payments over 90 days.

Ill be settling with chase shortly -- I am 150 days past due on 1 acct -- last offer was 60 percent -- have to call this weekend --

I have two other cards with them -- they had mentioned all three can be done at same percentage --

give you an update soon --

thank you !! :p

If you calculate your "past due" days from the date of the last payment, then you are mistaken. You are not past due until 30 days or so from the date of last payment.

options,
I agree, but when I post a settlement I prefer to mention how many "days from last payment" for those who may be confused by when the payment is late.
I often wonder when I read posts on settlements after xx days late if the poster is calculating correctly, its easy to miscalculate.
Basically,
days from last payment -30=days late correct?

we have 4 accounts with chase, all are from $1600 to $2800 balances.. one was sold already, one turned over MRS collection agency and 2 turned over to zwicker ... having dealt with Zwicker before, i just sent the dv letters yesterday. MRS, the paperwork i got from them had anything that you could ask for in a dv in the initial letter, and chase confirmed that they sent it to them, so i felt no need to validate.. within a week of their initial letter, they sent me a settlement offer, i have not accepted it yet, but am talking to them about it.. i have bigger battles to deal with first and see how much money is left to work with the smaller balances.. whatever i do not have funds to settle, i will get set up on affordable payment plans, now that i have a monthly income (which is protected funds)...

called this weekend -- im at 35 percent now with charge off at end of october --

I have 30 k with them and I really need 20 percent or lower if I am going to be able to settle all three -- I know I can ask for other two at same percentages --( they are only 60 days late right now )

do you think I have to let them charge off ? for the 20 percent -- I am going to try to call close to end of oct anyway --
I am also concerned about 1099 -- might be better to wait till next year but not sure how long I have --

charge off figure november to new collections -- how long do they keep?

End of October is a long way off. Keep talking to them and offering them the 20%. Call them every few days and wait til you find someone who will present it. If they reject it try again in another week. We settled Chase in January for 22% on both cards we had with them. I feel certain they will go lower. Good luck!

i just settled 3 with chase thru their collection agencies they use.... once they get to ca, you are probably gonna be stuck around 40%.. thing is, the ca is gonna give you the first offer of 70% of the balance, and you will be bickering back and forth....
i would ask chase if you settle all 3 at the same time, if they will accept 20%.. my opinion, with 2 at only 60 days late, i don t think they will go that low, but that is jmo...

hi guys!

thanks a lot for your posts -- I might have to settle the first one at 20 -- it is due to charge off on the 31st of oct (my birthday) which is why there is a pumpkin on my site :) ---

the first card is around 9800 -- I just got a letter in the mail from chase saying they'll take 48 percent -- I'm gonna try to get it to 20 -- from the posts on here it is reasonable to assume that --

Has anyone else went to collections with chase? what percentages were they?

thanks everyone :D

Chrissy, I had a Chase card that was charged off and went to Valentine and Kebartas. I never talked with Chase before the charge off---stupid, I know. Having read here the %s people have got make me really regret letting it get charged off.
Settled with them 30%. They were tough and smart negotiators but I stuck to my guns.The settlement payment was made today and I will get my paid letter in 7 days (but I have to follow up with them to get it).
I would say settle now with Chase if you can. You will likely get a lower % and possibly more time to pay it off.

thank you -- I see that recently its been tough to go under 30 percent -- I remember a while ago I saw chase settlements for 15 to 20 percent --

I have to call them this weekend -- charges off next weekend --

I'll see how it goes --

thanks for your input

it is appreciated!

from our experience with chase, all we got in the mail was the regular monthly statements, and an occasional letter of "past due" status. they NEVER sent us anything stating that if we did not contact them by certain date the accounts would be turned over to collections or sold to jdb.. they will act swiftly without notice to you once the account is 180 days past due....

well I called them yesterday and they would not come off the 35 percent==

my mortgage is 5200 monthly and I am already 2 months past due with that due to tax increases --- I can't do the 3500 they wanted right now --

I was hoping for 2000 -- it would have been tough but do -able --

my charge off is monday -- so I talked to them to update the acct, explain my situation and hope for the best -- they understood with my monthly expenses -- the rep I spoke with just said to call in again next month --- not sure if they are holding it still since I have another 20k with them that is only 90 days right now --

this acct was 10k --

The 35% offer may be as good as it gets. There are instances of them going to 30% and very rare instances below that with them. You may not meet the demographic for any other offer than 35%. Its a good offer, but an offer is only as good as your ability to pay it.

Would you be able to accept the offer if they were willing to structure the 3500 over a term payment? Settlements performed prior to charge off can can be set up with payments if the final installment is remitted within 94 days. If you are confident you can come up with 1,166 each month over 3 months talk to them about the option.

Thats disapointing as Chase was my first at 35% after only 90 days, and I still have 2 more with chase was hoping for better than 35%, Ill be watching your updates.

You may want to call back in a week or so, after the billing cycle changes again, perhaps you can get somewhere before they send it to collections.


Thats what I need to try with Cap 1 as it charged off yesterday and they are playing hardball as usual.

EVERYBODY LISTEN UP!

I can help you get the best settlement amount, but only if you tell me who the current owner of the debt is. It is not Chase, and it is not the name of the lawfirm. It will be something like "Portfolio recovery associates" or "Equable assent financial".

Each company has its own guidelines, regardless of who owned the original debt.

I can also explain how to settle below guidelines with certain companies. I need to know who you are really dealing with.

I can do payments for a settlement, Im doing one, it's 392 x9mos total payment about 3600 on a 9500 balance, i could have paid less if I did one lump some.

My job is salary and I work 60+ hours as week, I've applied to several jobs, even target turned me down. I tried to donate plasma but my veins weren't good enough. I haven't found anything online very viable.

I just have to keep trucking along, I make plenty of money per month. I just lived beyond my means for too long and when I became unemployed it call came crashing down, and now i'm nearly 4 mos behind all but a few small credit cards.

"you can't get blood from a turnip"

So im doing what I can, Im meeting with CCCS next week, I hope they can help, they can at least stop the late fees, etc.