First Settlement Offer with Chase
Date: Wed, 10/21/2009 - 19:13
I am currently enrolled with a debt settlement company that is helping me settle 8 CC I have. 3 are with Chase. One quick point I should make is that all 8 CC accounts have balanced of less than 3200.
I just heard from my debt settlement company and since I am still very new to them, I got my first settlement offer from Chase (I have 3 CCs with them, but my lowest balance of $1500 is one of them). Anyway, Chase is offering to settle for 55% of the $1500 I owe. I know I've seen on this board that Chase does give better % for settlements so I did tell my debt settlement company that I will pass on this offer and let them keep trying to lower the % for me. They did advise me though that my % might not go down a lot more on this particular account because the balance is so low- is that true? My problem with my CC debt is that I have 8 CCs I need to settle, but like I said, none of them have balances over $3200- should I expect the CCs to want to settle at a higher % just because my balances are "lower"?
Just curious if the offers I can expect to get with these accounts ranging from $1500-$3200, are the % they offer and the lowest they will go be higher just because they aren't in the 10k-20k range??
Any advice is appreciated. BTW, the CCs I am looking to settle (8 in total) are with Capitol One, Citi, BoA, Chase (3 accounts), HSBC and Wells Fargo.
I have 2 cards with chase. I owe about 4500 between the 2 of the
I have 2 cards with chase. I owe about 4500 between the 2 of them. They are both about to be charged off. The guy @ chase suggested that I settle both of them at the same time, but didnt give me a %.
I am calling tomorrow to negotiate, and will let you know how it goes.
I am doing the same thing w bofa tomorrow. when I tried to settle with bofa a while ago, they said 45% was the lowest they would go. That was at about 120 days late.
Howe much do you owe chase all together?
How far behind are you w/ chase?
Thanks
I really hope they will help me out. I know my amounts seem like its not a lot, but it is to me.
Guest, While it is possible you will get a better percentage re
Guest,
While it is possible you will get a better percentage reduction offer in the future, stop and do the math and see if it is worth the wait.
Your interest rates were likely jacked to default levels when you missed a payment, and your being charged late payments and perhaps over limit fees. This will continue until settlement.
With lower past due amounts it is sometimes best to get it done quicker at a somewhat higher % because the math works better, or the difference in waiting is negligible.
Mileage may vary
I am 70 days late with the account that Chase wanted to settle a
I am 70 days late with the account that Chase wanted to settle at 55%, I owe Chase just over $6000 between all 3 of my CCs with them.
I settled with HSBC for $1891 as full settlement on a balance of
I settled with HSBC for $1891 as full settlement on a balance of $3,751. I am paying them $315 per month for 6 months. No further interest charges or late charges. Just the $1891. I was very satisfied with this offer.
They agreed to report it as account paid in full for less than the full balance. Now, on to BofA and Citibank which have larger balances and I hope to get a better %. But the HSBC was so small I jumped at the opportunity to clear this one.
It's BS. I settled two chase accts balance less than 2000 each a
It's BS. I settled two chase accts balance less than 2000 each at 35% 100 days late. The longer you wait the lower you pay.
I just used Ontrack Financial Group to resolve some collection d
I just used Ontrack Financial Group to resolve some collection debt for Chase. They charged me a flat 6%. I feel sorry for people hiring companies and getting robbed. Ontrack Financial Group has been Great!!!!!!