Chase and AmEx - Settled

a few questions:
1. were you sued?
2. how long before you received the initial offers and what were they?
3. are they for lump sum payments or if a plan what are the terms?

thank you

Excellent! But - especially with NCO - make sure you get that settlement arrangement *on paper* before you pay them a dime. Otherwise you may hear from a junk debt buyer coming after the rest of it a few months down the road... AND make sure you pay by Money Order or Certified Check. DO NOT give them your bank account info.

1) I was not sued
2) I received the initial offers right after 90 days; however, it is important to note that I was the first one to float the idea of settlement. They then presented their first offers. Chase was at 50%, AmEx at 55%.
3) I offered up lump sum payments since I already have the funds available. I think this helped reduce our settlement %.

Sounds like you did a fantastic job negotiating with them. I'm sure the lump sum payments made them jump at the opportunity to get something and not nothing.

I think so. Coincidentally, I also settled with Advanta last night (Phillips and Cohen) for 30%. This was a much smaller account ($3,000+), but it is still another one to knock off the list. 3 accounts settled in 2 days!!!

what was the balance on the chase and amex cards?

Chase - $14,000
AmEx - $18,000

thanks for the info

what did you negotiate on reporting to credit bureaus?

How did you do it? What number and/or department at Chase did you use? I am 120 past due and received a letter for only 65%!

All three settlements will be reported as "settled in full." Apparently, it is next-to-impossible to have it listed any other way. As for Chase, just call them up and use the settlement offer of 65% as a starting point. Tell them you can only come up with 20-25% and settle somewhere in the middle.

I've been late for less than 60days and I want to settle with chase and 53rd Credit card.
Please let me know what is the first step to do?

Thank you

Good for you! I am jealous :mrgreen:

I am about 45 days past due with Chase and 30 days with AMEX. It's great that you settled, but curious who you called and how do you begin negotiating? I was considering hiring a legal debt negotiation firm to help, but they charge 14k over a four year period. By reading this blog, I know now that I should do it on my own and save the extra money. Please let me know the process and when is the best time to start the negotiation process.

Click on "Do It Yourself" above for a full section of advise and the necessary steps.

Anony

I am confused. You said they gave their initial offer at 90 days, but you say you initiated settlement.