Settleing w/ Chase?, any help greatly appreciated
Date: Fri, 03/06/2009 - 15:37
I contacted them in october and they were helpful setting me up on their BLP (Hardship Program) for 60 months at 6% ($425 per)....I had been on time since BUT Being located here in Florida (and the primary wage earner of my household) Work has been IMpossible to find for BOTH of us, literally (although account is ONLY in my name). Since finding employment no matter how temporary has been of no luck, I am currently late on the BLP about 45 days now (They say after 60 days I will revert back to my OLD, disasterous terms!) and hence be forced to default.
My fear is the Job market here is getting WORSE not better for ALL fields.....Due to the grace of god (and careful planning/Investing) we owe little on our house NOR elsewhere, hence can get by on what LITTLE $ is coming in (Odd local small handyman, type jobs for I) BUT cannot afford the $425 per......Again fearing the worst I have reached out to family whom is in the process of refinancing and can borrow 10K from my Mother and Father (We consider oursleves fortunate and appreciative!) My credit scores have always been PERFECT (700 beacon+ ) BUT with things the way they are , now NOT so much the concern, as securing the house, utilities and basic needs etc. IF I can offer Chase approx. 12-13K in one lump sum do you feel it will help our cause? and what would be my best plan of action to do so please?, what would Chase's recourse be in this instance IF they have NO interest in settleing? (Home-owner, UNemployed, Primary earner in FL? etc.) I have been in contact with Chase on MANY an occassion PRIOR to this last late BUT not since? MANY Thank you's again for ANY insites
RAN
Hello! I am in the middle of settling with Chase right now. I
Hello!
I am in the middle of settling with Chase right now. I have successfully settled (on my own, not with a company) with BofA and American Express. I owe Chase $9K. The settlement offer I gave them just recently was $2500. I low balled the offer because I believe they typically will settle at 35%, so now they can counter offer. The interesting part of all of this is that the representative that I have been dealing with told me today that he thinks I have a decent shot of getting my $2500 offer approved, which isn't even 30% of my balance. This is great news! You must realize however that Chase will not settle with you (and especially for a low percentage) unless they truly believe that you are a risk for completely defaulting on the balance. If they think you are unable to pay and may end up walking away from the balance (as in filing bankruptcy) trust me they will settle. You have the advantage of having the ability to pay in one lump sum vs. 3 or 4 payments, so you can probably get an even better deal. Don't be afraid to low ball it, and of course don't let them know how much you really have! Tell them that you can barely get this money together... say you are borrowing some from relatives and some will be from tax refunds and whatever else you can think of so that they know this is not easy for you.
Read as much as you can here. You will find a lot of valuable info! I will keep the forum posted on my progress with Chase. The customer service rep that I have been dealing with told me today that I should have an answer by next Friday at the latest.
I forgot to mention, that because Chase won't settle unless they
I forgot to mention, that because Chase won't settle unless they truly believe you are a risk for defaulting on the entire balance, you must let your account be past due for at LEAST 90 days. Most people believe that the best deals are made around the 150 days past due mark....right before charge off.
Good luck!
Sounds as if you are on the right path :-) Truth is for I, IT IS
Sounds as if you are on the right path :-) Truth is for I, IT IS from relatives, so that part is EZ, and I can prove such accordingly IF need be for them, just wish I didnt have to go to family in the first place, BUT, my options at this point are bleak, I thank you for your input and personal expierence sir!
RAN
sunnymay ow are you settling are you calling them or email or ma
sunnymay ow are you settling are you calling them or email or mailing and how far past due because i have boa ae and chase also any info will help
I called Chase and told them that I was expecting a tax refund a
I called Chase and told them that I was expecting a tax refund and was hoping they would agree to some sort of settlement. When I called and offered the $2500 last week (for a $9000 balance) my account was a little over 120 days past due. Normally I would wait until Chase mentioned settlement, but I actually have enough funds right now so I decided that I would be the first one to bring it up since my account is still "in house" and not with a collection agency.
I have been in contact with Chase from day 1 of not paying on my account. I called them at least twice per month to let them know that although I could not pay on my account, I was actively looking for a second job (true..not a lie) and I was working on trying to get current with all of my creditors. When I offered the settlement the rep that I spoke with commented on the fact that he could see I have been in good communication with them for many months. I do feel that this approach has helped me get to this point. I should hear back from Chase in the next few days...I will post what happens, wish me luck!
Chase settlement
We, too, are in the same predicament and cannot afford to pay our credit card bills. I talked with a Chase rep. a few weeks ago and she surprised me by telling me that Chase usually will go to 35% for settlement. She submitted my account for settlement approval at that amount, about $1,010, but I received a letter about a week later saying that the settlement was not approved. The account is about 80 days late. I'll wait another month or two and try again.
Your account will have to be seriously late before they will talk settlement. Your credit score will recover in time and since you're unemployed and broke, you won't be making any major purchases in the near future anyhow, so don't worry about your credit score. Take care of immediate needs and you'll feel better after taking control of the situation.
I live in FL too. We have a strong homestead exemption that protects our homes from creditors, make sure you have filed for it.
I hope the employment situation turns around before too long, I can't find any part time jobs either.
Good luck.