Settlement with Chase

I was in what I thought were negotiations with citibank and instead I get a few harassing calls from a collection agency. UCB United collection Bureau. Sounds like this guys is with a collecion agency. They can be very nasty and rude. I now record the calls by placing them on speaker whenever they call while I have my handy dandy tape recorder!

I would first call Chase to find out if and why the account was really handed over to the CA.

If the account was handed over to a CA, you should be receiving a letter from them. Turn around and send them a VA (validation letter - there are some form letter examples here on the site) via USPS mail but make sure it's CMRR.

Like I've learned on this forum. No validation, no payment.

make sure you read up about not paying by personal check etc. Lots of very useful info if you read some of the threads on the forum!

Ask him to verify the debt. Chase may have hired or sold the debt to this collector. Chase is a good creditor to settle with.

I called chase and settled with 1 of my cards. They said that on the other card, they can't do anything with it anymore. Am I still able to settle with this collection people? Or do I have to pay the full amount?

The best settlements occur at that level and here's a simple example. Original creditor will sell off their uncollected recievables to collection agencies as low one tenth of the sum. That's why collection companies can go as low as 20-30 cent on the dollar settlements and still produce a profit.

I would try to do what I did. Since they were very rude to begin with (in my case, the woman did not identify herself or tell me she was calling from a CA and would not stop yelling). I asked for a manager and spoke to a couple of people and stood my ground and did not let them intimidate me. I probably did not actually speak to a manager but the guy was very nice and did make an offer of 45% of the original debt.

I wouldn't settle right away though, they might make you pay a lot more. Look at the thread that, nascar, I believe, posted on negotiating with a CA. It was very very helpful. I'm printing it out and keeping it handy.

Make sure they validate first! And make sure you do your homework and get the offer in writing etc. so that you're not hit later by another CA collecting on the same debt already settled!

I just settled with B of A today at 30% of 30k. 3 Payments. It was only over 90 days. I am trying to settle with Citi and Chase. Citi I know I will but I have to give it 2 more months, until it gets to the 170 day mark... but Chase are hard lol.... they say my account is on pre litigation only 100 days after initial default, which i think its a lie... i offered 35% and they wont take it... they are being difficult but I am sure in a a couple of months they will come around. I think its easier to call them up and do it by yourself.

If anyone else knows more about Chase and when do they really start comming down please let me know... I am at about 115 days with them... and they will only drop it to 65% which is still too much

Debt Hudini, do keep us posted. I finally convinced my husband to try to negotiate. We have the same cards you have. Chase is about 30k and BOA about 32K. We're barely treading water at this point!

Citi was only under my name and they kept telling me to wait out about 90-120 days and when I did, they sent me to collections.

40k Gold load settled for 5700
12k CC visa settled for 1600
2400 CC Visa settled for 400

Chase didn't what to work anything out.

From what i heard chase is comparatively easy to deal with.

I have talked to chase collectors, they take my offer for settlement and put it in for approval but never get back to me. I call them and they keep saying its pending. I dont get an extension no. for a particular rep so everytime i talk its a different one. I am not sure whats going on , any idea?