Settlement with Chase. Vague settlement letter
Date: Thu, 03/11/2010 - 13:08
The settlement letter is not very clear to me. They say if it says settlement then I should not worry about it. It will be paid in full.
This is what they sent:
Please be advised that Chase will accept 5,000 to satisfy the indebtedness on the above account.
The release will be mailed to you once the payment has been cleared. Please also be advised that this settlement applies only to the account listed above and excludes any other accounts or indebtedness or any other settlement letter you may have from the bank.
Then the mailing instructions and due date.
I called them today and they confirmed that this is the settlement and they will not reword it. Mentioned a lawsuit. Also said that the offer will stay in the system for limited time only and then be void.
Should I accept and go ahead with the payment? Will it be considered paid in full?
Please advise.
negotiate, tell them all you have is $X000.00 and that's it, the
negotiate, tell them all you have is $X000.00 and that's it, they'll make a note of it, and maybe you get a call back, or they transfer it to a manager, or maybe you ask for a manager
Quote:Originally Posted by AnonymousI am 150 days late on my Cha
Quote:
Originally Posted by Anonymous I am 150 days late on my Chase card. I owe 9,600. We tried to settled from their initial 7,300 in 3 payments to 5,000 in lump sum. They sent me a fax with approved settlement for 5,000. It's already in Legal dept. The charge off is in 3 weeks. They do not go any lower. The settlement letter is not very clear to me. They say if it says settlement then I should not worry about it. It will be paid in full. This is what they sent: Please be advised that Chase will accept 5,000 to satisfy the indebtedness on the above account. The release will be mailed to you once the payment has been cleared. Please also be advised that this settlement applies only to the account listed above and excludes any other accounts or indebtedness or any other settlement letter you may have from the bank. Then the mailing instructions and due date. I called them today and they confirmed that this is the settlement and they will not reword it. Mentioned a lawsuit. Also said that the offer will stay in the system for limited time only and then be void. Should I accept and go ahead with the payment? Will it be considered paid in full? Please advise. |
If you are convinced they will not go lower, take the deal. This wording looks good to me. However, many say they will go to 30%. Good Luck
How possible is the lawsuit if the account is in Legal departmen
How possible is the lawsuit if the account is in Legal department already?
In my opinion legal dept is just a name. On our first Chase car
In my opinion legal dept is just a name. On our first Chase card, it went to a local law firm day 65. Bal was 9200, we called the lawyer and made our 1 and only offer, 2750 lump sum approx day 70ish. They accepted. I settled my 2 Chase accounts bal 18K+ for 6k in payments and I thought that was high. Shortly thereafter 2 other Chase accounts were settled bal I think if memory serves and without looking it up it was 22K or 23k settled for 19.6% or 4500 total in 4 payments. If you are happy with the 5K and can do it, it's your decision.