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Debtconsolidationcare.com - the USA consumer forum

CC Settlement

Date: Thu, 03/11/2010 - 08:01

Submitted by MGB
on Thu, 03/11/2010 - 08:01

Posts: 33 Credits: [Donate]

Total Replies: 12


I have been reading this forum for a few months, what a great site.

I have three cc (Chase and BofA); 100+ days late on one and 45+ days late on two. I have spoken with ccc a few times explaining our hardship, but no settlement offers yet. Chase calls several times a day from various numbers and usually does not leave messages.

I have read many different approaches on this forum: some say don't talk with the ccc until you are ready to settle, others say be polite and speak with them often. Some say don't bring up settlement, let the ccc do it; while others say to get the best deal, you need initate discussions about settlement. Then I read where some have received settlements while only 30 days late; where others say you get the best settlement closer to charge-off; with offers starting around 90 - 120 days late. I hope to be able to reach settlements that are satisfactory to me and the ccc and begin a cash only lifestyle.

Any advise/guidance from anyone who has recently dealt with Chase and BofA would be greatly appreciated. Thank you.


I settled $30,000 with Bank of America in last 6 months. I took their calls each month (I would call back) and they brought up settlement at about 150 days late.

I have cc with Chase that is 160 days late and so far they offered 50%. Many people on this site have settled with Chase in the last 6 months.

I never brought up settlement, they did. Not sure it really matters. The later you are the better the offer. They would rather settle than charge off.


lrhall41

Submitted by OZZIE69 on Thu, 03/11/2010 - 11:55

( Posts: 555 | Credits: )


Ozzie69,

Thanks, my plan is talk with them every few weeks or at least once a month. I do get depressed and discouraged about current financial situation; but then I try to just view it as business, be patient and know I will be successful in settling with each creditor. I have read where Chase and BofA usually are fairly easy to deal that.....that's what I a hoping for. I am really glad I found an inter-active forum....makes me realize I am not alone in this journey.


lrhall41

Submitted by MGB on Thu, 03/11/2010 - 12:22

( Posts: 33 | Credits: )


My 2 accounts with Chase total about $39K, and they told me that the accounts are in legal. I'm coming onto 150 days in a week or 2. They gave me a number which is a Chase attorney in New Jersey (my state). I called back to get more details from Chase and had someone say she could try to get approval for 50%. I'm still holding steady at 35%, which I think I can swing. I'm a little nervous about getting sued and wondering if anyone has seen it go to an attorney so soon. Should i just try to settle with the attorney at the end of the month?

Thanks


lrhall41

Submitted by Michael Stevens on Mon, 03/15/2010 - 16:53

( Posts: 34 | Credits: )


It going to the attorney may be a ruse to get you to pay. I would think the attorney may be more able to settle - they may have better parameters than the call center. If your hardship is legitimate you can probably settle with them. I would think the attorney would only want to sue those he or she thinks they can actually get money from. If they think it's hopeless than they won't bother and would be happy to settle.

Remember, once they sue you can always file bankruptcy and just be done with it. There are always options.


lrhall41

Submitted by on Mon, 03/15/2010 - 19:22

( Posts: | Credits: )


Greetings to all Settlers!

I had my epiphany last November 9th. Looking at all of the cc bills, I was sunk and depressed.
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Gave serious thought to hiring a debt settlement company.
After reading all of the great infomation in here, I decided to go on this adventure myself.
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The cc's started calling about one week after I was late.
But I then changed my contact number to my cellphone.
That way I could identify where these calls were originating.
The cc companies have lots of call centers.
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I always called them back and stuck to my story.
It helps to embellish it.
Let your concious be your guide.
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I settled 7 accounts for an average of 30% more or less.
Chickened out on discover and Cap 1.
Got them in the quick pay off.
[FONT=Calibri][SIZE=3][/SIZE][/FONT]
Get going and you can do it.
[FONT=Calibri][SIZE=3][/SIZE][/FONT]


lrhall41

Submitted by King Jabba Labba on Mon, 03/15/2010 - 22:30

( Posts: 507 | Credits: )


Thanks Debt Free, what makes me concerned is that I still have income, although less than before, just not enough to cover all my home expenses which have increased and credit cards. I don't want that to work against me. Are there any other disclosure rules about giving information to attorneys about income, employment, etc.


lrhall41

Submitted by Michael Stevens on Tue, 03/16/2010 - 01:16

( Posts: 34 | Credits: )


Quote:

Originally Posted by Michael Stevens
Thanks Debt Free, what makes me concerned is that I still have income, although less than before, just not enough to cover all my home expenses which have increased and credit cards. I don't want that to work against me. Are there any other disclosure rules about giving information to attorneys about income, employment, etc.


Mike

Having income should not work against you since it has dropped. I would give attorney as little information as possible. Really none of their business. Bottom line is you cannot pay. I beleive Chase has arbitration clause in their cardholder agreement. You may want to look into this.


lrhall41

Submitted by OZZIE69 on Tue, 03/16/2010 - 10:11

( Posts: 555 | Credits: )


I've heard about this arbitration thing haven't checked it out yet. The only thing I have seen is that a study was done and 90 some percent of the time the arbitration was in favor of the credit card company so I'm not so sure I want to go that route.

Anyone have any info on arbitration?


lrhall41

Submitted by on Tue, 03/16/2010 - 17:12

( Posts: | Credits: )


I had just settled with Chase Bank on a credit card that had a $14k balance on it. I kept in touch with them through out the whole ordeal. I stopped paying back in Nov. '09 & every month I stated that I was willing to settle. The settlement payoff kept dropping and in Feb '10 I stated that I only had $4k to settle over 2 installment payments & they accepted! I just made my last payment yesterday, keep on them to settle, they will.


lrhall41

Submitted by on Wed, 03/17/2010 - 16:52

( Posts: | Credits: )


Quote:

Originally Posted by Anonymous
The settlement payoff kept dropping and in Feb '10 I stated that I only had $4k to settle over 2 installment payments & they accepted! I just made my last payment yesterday, keep on them to settle, they will.


Congrats on your settlement. You were about 120 days late when you reached a settlement? Did you talk with them weekly or monthly? Did they bring up settlement first and then you told them what you could afford to pay? I am 100+ days late and have only received BLP offers in the mail, no settlement offers. I have spoken to Chase twice (called them back); but they call me several times each day. Thanks.


lrhall41

Submitted by MGB on Wed, 03/17/2010 - 18:08

( Posts: 33 | Credits: )