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Need to settle with Chase

Date: Fri, 03/19/2010 - 10:18

Submitted by P. J. Bou
on Fri, 03/19/2010 - 10:18

Posts: 4 Credits: [Donate]

Total Replies: 17


I have $42K on three Chase cards, one is at 150 days the other two at 120, I need to call and start the conversation regarding a settlement. I'm wondering if anyone can tell me what info they are going to want from me and if there is anything I should/should not disclose to them. My husband and I are both working, although I had 2 pay cuts in 09 and have had my hours reduced to half for the last several months. Would it be best to tell them I am still working some, or would it be better to say I have been laid off completley. I don't want to say something that will screw up my chances of settleing with them. Also any ideas on what my chances are of getting 20% over 3-4 months.. thanks for any help


IMHO, Chase is more likely to sue if they know there's income. Self employed/laid off is the better way to go. They don't care about reduced income, just whether or not if they sue d that they can collect...There are several reports on here of 20%er's on those balances, I did a 19.6 on 24K, a 31% on 18.5K, which was high..As far as disclosure, unless contradicted by your credit report, I'd disclose little except there's no money...


lrhall41

Submitted by on Fri, 03/19/2010 - 11:29

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I called them on Friday, they didn't ask me anything about our job situations, just at the end asked what happened that we started not paying, when I started to explain about pay cuts/reduced hours etc., he just interrupted and said "so it was a loss of income" and that's all he wanted to know. It was actually a very easy conversation, he gave me good info, at first said 70% settlement was all they could do, but I had him to 35% before we were done, still hoping to get it lower.


lrhall41

Submitted by P. J. Bou on Mon, 03/22/2010 - 11:07

( Posts: 4 | Credits: )


Penny,

Great that you could get Chase from 70% - 35% in your first settlement conversation. I have two Chase cards ($28K) one around 120 days late; the other is 60. How ofter have you spoken with Chase and explained your situation? I am hoping to begin settlement talks at the end of this month, I have only spoke with them twice, but they call constantly from various nbrs. Best of luck to you.


lrhall41

Submitted by MGB on Mon, 03/22/2010 - 11:16

( Posts: 33 | Credits: )


First I wanted to say thank you to all the people on this board. I just settled with Chase on Saturday (124 days). I owed 33k and I settled for 10K (around 30%). I have never been late on a credit card in my life and I lost my job and have no income. I plan on staying away from credit cards in the future. I read this board everyday when the phone was ringing and it was this board that got me through. I still have one card to settle with HSBC 11K and they won't budge. They want 50% ($5,500). It makes me so mad because I had signed up for services to get a business going (Business Coaching with Prosper Inc.) and I never received the coaching I was promised. So, my situation went from bad to worst. I was suppose to make money and now I am unemployed and owe them 11K for business coaching that I did not get. HSBC has not been easy to work with. I know it is not their fault that I didn't receive services, however you would think there is something they can do. My account will charge off in 5 days. I'm not sure if I need a lawyer or what?? Prosper won't return my calls or emails and they received all the money. What a scam!! Does anyone have any advice on this?
Thanks!


lrhall41

Submitted by on Mon, 03/22/2010 - 17:19

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The first offer Chase ever made me was for 30%! However, they won't budge off of that and its due for charge-off next week. BofA gave me 20%, so I was hoping for that from Chase.

My question is how much worse for my credit report is it if I let the Chase accounts charge-off and pay a collection company vs. paying Chase before they charge-off.

Thanks for your help.


lrhall41

Submitted by steve burke on Mon, 03/22/2010 - 18:38

( Posts: 8 | Credits: )


I'm curious of experiences with Chase if you are still current on your mortgage. I'm behind on all my cards, settled already with B of A, but am current on mortgage and car lease. Need to have a roof over my family's head, even though my monthly payment has gone up due to taxes. My account is filed with the county for a lawsuit, and now I'm trying to get 50% approved before I'm served. Not where I wanted to be, but I think Chase can be tougher than you think.


lrhall41

Submitted by Michael Stevens on Wed, 03/24/2010 - 17:05

( Posts: 34 | Credits: )


Quote:

Originally Posted by steve burke
The first offer Chase ever made me was for 30%! However, they won't budge off of that and its due for charge-off next week. BofA gave me 20%, so I was hoping for that from Chase.

My question is how much worse for my credit report is it if I let the Chase accounts charge-off and pay a collection company vs. paying Chase before they charge-off.

Thanks for your help.

Steve, Chase is stuck at 30% and boa/fia is stuck at 30% on 3 cards 150 days. How did you get boa to 20. That is the one I need due to high balance. Any tips are greatly appreciated. Thx


lrhall41

Submitted by dantheman on Wed, 03/24/2010 - 19:50

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