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Hello & First Settlement Report w/chase

Date: Wed, 11/18/2009 - 09:32

Submitted by maggie22
on Wed, 11/18/2009 - 09:32

Posts: 140 Credits: [Donate]

Total Replies: 2


Hi all, my journey has begun. Long story short...I'd Never missed a single payment on any account, my oldest account is 12 years...My Interest rates were increased to the max, and the minimum pays doubled or tripled. I called and asked for lower rates in January 2009, Their answer: NO,... the economys too bad. Decided early 09 to pay them all off, paid off $17,500 to 2 cards in February...My reward...My Credit lines were dropped to at or near the balance, reason given: to maintain profitability??? Dropping my credit lines significantly elevated my credit to debt ratio so that I'm currently ineligible for any loans...Thanks Alot...

Months later my business started declining to the present date.

Just settled my 1st chase account, at day 35 they offered to settle at 80% payback. Day 39 received demand letter for full balance, or threaten to sue with the name of the law firm referenced. Day 60 received letter from said law firm. Day 70 we made our only offer at 29% firm lump...They accepted...balance was 9500, settlement letter in hand, done. They lose $ by sending the account off to a law firm that typically takes a percentage off the top. Thought we'd have more time to save up, but I'm pleased with the result.

7 More to go....


I'm in the same boat, somewhat- only my credit card debt is all personal debt, not business related. I started out with 8 credit cards with 6 different creditors. Just this last week I settled 2 Chase cards on my own for 38% and 25% of the balances. So two down, six more to go but I'm finding out that I can handle the stress a lot better than I thought (I WAS using a debt settlement company to do the work for me). I just figured if I had control over my $$ and who I call back and what I offer, I'd be less stressed than getting occasional updates (if at all) from the debt settlement company. It's going to be a slim holiday season this year as I want to use as much of my available $ for settlements, but it's something I'm more than willing to do to get out of this debt.

Hang in there!


lrhall41

Submitted by neveragain09 on Wed, 11/18/2009 - 11:20

( Posts: 39 | Credits: )


great job guys, settlement is a long process and i will tell ya, its down right depressing. and as for the holidays, its the thought that counts remember that.

and as for the cc companies reducing lines, i have 1 card right now that had a 5,000 limit, i had 2,600 charged and i paid it off last month only for them to bring my available credit down to 500.00 real nice. i have had cards cancelled due to the economy were im still paying balances on, its really hard to repair your credit when they do crap like that. im with ya it stinks


lrhall41

Submitted by love_my_things on Thu, 11/19/2009 - 10:27

( Posts: 1434 | Credits: )