Advice on Settleing my Chase Card

I am new to the forum and am looking for some advice. I have been researching debt settlement companies and was ready to move forward with Debt Free Associates. Now, after reading their fine print, I am having second thoughts. They use Global Client Solutions and Rocky Mountain Bank and Trust which both have a lot of negative reports out there.

I am looking for a settlement compant that allows me to hold my money until they have a settlement offer for me and then I'll be happy to pay them their 15% fee.

Any suggestions? I also thought I'd try to contact my creditors directly and use the letter templates provided.

I have a lot in credit card debt and I'm now at the point where I can no longer afford the payments. I'm not sleeping and my anxiety level is through the roof. Most of the debt is with Chase, anyone have positive experiences trying to settle with them?

Thanks in advance for your help.

Anyone got any Chase advice? I am in the same boat!

So am I... I am between 40-60 days late on an account thats 13k. So Far I have got 3 calls from them.. the last one I just said I am working on a loan mod for my house and they should let me know mid june. The person said ok they will check back with me then and good luck on the loan mod. Thats about all I have delt with them so far.

So, when you get sued, your name shows up in the paper???

Hi,

Can I ask if BOA allowed you to pay in installments? My problem is I want to negotiate settlement but need months to do it. AH!!! I am looking at debt settlement companies but fearful of them. We have about 78k in CC debt.

Good luck to you. I am interested in this thread too because I have a Chase card with 10k on it.

I am three pass due . they gave me 60% settlement . forgave 40% so far

Hi Troublegal,
My FIA card services Suntrust card( which is owned by B of A) took a $5000 settlement on a balance of $13,500.
They wanted a lump sum pmt to settle that low. But, I am sure they would have taken installments over a few months. So, offer to do installments if you need to, but you will get the best deal if you pay in one lump sum

OOPS, correction. the B of A card balance was just over $18,000, and I settled for $5,000 in one lump sum. My total savings was around $13,500. They settled for 27% of the original balance.
The card was just over 60 days past due, and they offered to first settle for $14,000, then they offered $7500, then they called back a few days later and took $5,000. You can settle these cards yourself, just stay the course and be willing to talk to them when they call.

I have app. 28K with BoA (4 CC), almost 90 days late and they are willing to settle for 30%, but I want 25% and they keep saying no. Anyone has luck with BoA lower than 30%. I also have 6 CC with chase, only one CC they settled for 30%, the others, they keep saying declined. They are between 6-90 days late.

Well I have 55k with BofA and they said they would settle for 30% pretty fast. I am just waiting to hear about my house loan first before to go ahead. But today I got a call from them telling me as of tomarrow they could not settle with me. They said it had to do with some regulation that starts tomarrow. They also said they cant settle anymore till accounts are 120 days pass due, and wanted to know if I could settle today. I told them I couldn't today and talk alittle with them. So far the have been very nice and said they would check back in 2 weeks and see if my home loan is taken care of. Not sure if thats true or just something they say when they want your money.

I keep hearing that I should wait until 150 days and settle before the 180 day charge off to get the best deal. The end of the month is better as well. Just like buying a car.

What's different between hiring an attorney and Debt Management Co. to settle? Any one retained attorney to settle the debt?

Main difference is that under Fed rules a CA must deal with the attorney not you (although OC can).

I called BoA yesterday and was told that they could not settle anymore until 120 days past due due to new policy. They told me to call back next month to check the status. Anyone has been told the same? I don't know whether they don't settle anymore. If that is the case, I have to file BK. Chase is playing hardball on me, I keep offerring and they keep denying, so far I am in 90 days range.

I just settled with Bank of America/FIA card for 26% with payments over 3 months on 45k. They will play a we don't move game at 120 days. Wait until end of month or new month. They will change they're tune. Anyone know about Chase? I'm stuck at 35% and need 20-30%? I'm 120 days late.

Hi, my card is now about 45 days past due. Chase calls me every 4-5 days. They are not easy to talk to. If you don't talk to them, then the automated system will call you every hour all day.
They are now offering an 80% settlement. I said " No Thanks" I will just wait until you meet my terms of 30-35%.
Good luck to others in their debt settlement. This is my last card to settle, and I can't wait until it is paid off!

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If they will not settle let charge off. You can get better deal through collection agency. Also, I believe they have a arbitration clause in their cardholder agreement. You may want to looki into that.

I am days from charge off with them. Would not take 20% 1 month ago. Will offer 25% now and if they will not do then I will let charge off.

For me Chase was easy. They settled at 35% at about 120 days late or so.

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I've got one Chase account we're just now late on... I'll look to update this post when we have more updated info.
For what it's worth, while we were able to keep up with them, they were not flexible on interest rate- except to keep raising it!

~Matt

I have been trying to settle a Chase card with about $14K on it for months. Other people on here settle with Chase easily, not me. I stopped paying in Feb and the best they have offered me is 90% off. I think the reason why I am having such a hard time settling is because-
1. I have a very long history with them, over 15 years with no lates and high balances
2. My credit score is around 675 now down from 800 even though I stopped paying everything including mortgages, probably because of my many years of good credit
3. Most of my other cards are current only because they have zero or under $50 balance.

Due to this, Chase says "I am not eligible for settlement". They call all the time and I say I am considering bk and am only interested in settlement and they say to call them back with my lawyers name and hang up.

Today I got a letter in the mail saying they reinstated my original interest rate back to 11% where it was before I started to be late. In other words they LOWERED my rate despite the fact that I haven't paid since Feb!!!

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You are not settlement material because you are not late enough. Wait until at least 120 days.

does the amount that you owe have any bearing on all of this ( with any cards, not just chase) i have about 24,000 between 4 cards. what is the minimum amount of time i should wait to call and try to get a settlement? should i make an offer, or let them?

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