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Settling Chase

Date: Sun, 04/04/2010 - 10:22

Submitted by MGB
on Sun, 04/04/2010 - 10:22

Posts: 33 Credits: [Donate]

Total Replies: 7


Hi all. I recently received a 35% settlement offer from Chase for my 2 cards; I am only 90 days late on one and 45 days late on the second. I know this is a good offer, but I just can't raise that amt. I am going to offer 28% and hope they accept. Since I have time before charge-off, do you think they will go down on the % (hopefully will not raise it higher)?

Also, when I do settle, since it is with the OC:
1. Do I need to have something in writing before I send any money? They say they will send out a ltr but I must make the first payment within 10 days of accepting an offer and due to mail svc, I might not get the ltr in time.
2. Any issues paying by check ( cking acct is not with Chase)? Or is Cashier's Check or MO best (if Chase will accept that form)?

Thank you for your help/advise.


Quote:

Originally Posted by Shazzers
Definitely get something in writing, also request that they remove negative remarks on your credit report. I just settled with Chase for 20%, they actually weren't that hard to settle with, much easier than BOFA.


I will get something in writing, but don't have a fax #. I tried to use Kinko's, but they would not accept it. I thought I might ask them to overnight or priority mail a ltr, have you ever heard of them doing that?

How late were you when you settled at 20%? I have more time till charge off, I'm hoping they might come down from the 35%. Thank you.


lrhall41

Submitted by MGB on Mon, 04/05/2010 - 09:48

( Posts: 33 | Credits: )


Quote:

Originally Posted by mac123
Shazzers -
If you settle with the OC .... do they normally take off the negative marks on the credit? Is that something that one needs to get in writing or do we just ask them for it ? If they say no .... is there anything we can do ?

Yep, we got it in writing, they faxed over the agreement.


lrhall41

Submitted by Shazzers on Mon, 04/05/2010 - 18:04

( Posts: 17344 | Credits: )


Quote:

Originally Posted by mac123
Shazzers -
If you settle with the OC .... do they normally take off the negative marks on the credit? Is that something that one needs to get in writing or do we just ask them for it ? If they say no .... is there anything we can do ?

hey mac....

They may agree to report it settled in full. But they are not likely to remove the late monthly payment history, which is part of what hurts your score. I tried to get this done and was told it was not going to happen. That seems to be the small pleasure they get out of settling...to know that your score is going to keep their banking buddies safe from you.


lrhall41

Submitted by dantheman on Mon, 04/05/2010 - 20:56

( Posts: 860 | Credits: )


Remember when you get it settled make them spread out the payments from 1st to last 80-90 days. I settled my 18.5 for 6K, I know too high, but to make it worse they scheduled my 1st and last payments within 56 days. Shortly thereafter I settled 24K for 19% and the payments are scheduled 1st to last 86 days in total...4 payments vs. 3...


lrhall41

Submitted by maggie22 on Tue, 04/06/2010 - 09:51

( Posts: 140 | Credits: )