Just made settlement with Chase
Date: Thu, 04/15/2010 - 13:01
Quote:Originally Posted by Jill AdamsI just wanted to put this o
Quote:
Originally Posted by Jill Adams I just wanted to put this out there because I know it helps others going through it. We did a settlement with Citi at 30% last week and today just did a 30% settlement with Chase over 4 months on a $14,900 balance. We are about 115 days late. The only way we can even afford this is because we are getting a tax refund back. Just waiting on the letter but we just spoke to them. 2 down and 2 to go. I don't know if/when we will have the funds for the other ones but we will see. |
Congrats! 30% is clearly the magic number. I settled 10 cards totalling $165,000 for 29.7% avg and negotiated hard.
30%
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Originally Posted by dantheman Congrats! 30% is clearly the magic number. I settled 10 cards totalling $165,000 for 29.7% avg and negotiated hard. |
I know, they settled so easy without negotiation I am wondering if they would have settled for less! Oh well, can't look a gift horse in the mouth I suppose.
Quote:Originally Posted by Jill AdamsI know, they settled so eas
Quote:
Originally Posted by Jill Adams I know, they settled so easy without negotiation I am wondering if they would have settled for less! Oh well, can't look a gift horse in the mouth I suppose. |
you may have received a lower % down the road only after substantial interest and other expenses were added. this is a very good settlement.
When you settled with them over the 4 payments..do they stop int
When you settled with them over the 4 payments..do they stop interest and late charges and stop reporting you to credit bureaus??
Thanks for the info. It is definitely good to hear from others
Thanks for the info. It is definitely good to hear from others who have settled. We are currenlty about 70 days late on Chase and they call me continuously. I have yet to speak to them...I'm pretty sure at this pont it's just an auto caller that will transfer me to a call center in India or something if I answer. I'd be pretty happy to settle our $24K debt for 30%. Hoping for the same with Capital One as well...currently about 100+ days out on them. They have gone silent for the time being.
Quote:Originally Posted by luckin10When you settled with them ov
Quote:
Originally Posted by luckin10 When you settled with them over the 4 payments..do they stop interest and late charges and stop reporting you to credit bureaus?? |
The account is not settled until the terms of the settlement have been completed. The interest and late fees tend to stop. And, because the payment is reflected on your credit report you will tend to be less late because the installment payments on the settlement look like payments on the card. It will not show as settled until the last payment is received and completion of the agreement is acknowledged.
I got offed 30% on 2 chase cards totalling about 25500. Im a
I got offed 30% on 2 chase cards totalling about 25500.
Im about 120 days late on both
I decided to wait for a 20% settlement... at about 170 -180 days....
They are very stuck on 30 %.... hopefully it wont backfire on me !
If at 180 days they wont go lower than 30 % .... I will probably take it
Quote:Originally Posted by mac123I got offed 30% on 2 chase card
Quote:
Originally Posted by mac123 I got offed 30% on 2 chase cards totalling about 25500. Im about 120 days late on both I decided to wait for a 20% settlement... at about 170 -180 days.... They are very stuck on 30 %.... hopefully it wont backfire on me ! If at 180 days they wont go lower than 30 % .... I will probably take it |
Mine was over 180 by my count and 150 or so by their count....they would not budge. But, if you can get them to 20%, you're my hero!
Citi
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Originally Posted by Anonymous Hi Jill, was you able to get a written agreement from Citi or its collection agency before mailing your payment? thanks |
Unfortunately no. I didn't push it though so maybe I could have. The person said the letter would go out in 5-10 business days and then asked when I could make a payment. I know wonder if I would have scheduled the payment for more than 10 business days if the letter would have come in the mail before the payment, not sure if that makes sense.
Anyway, I know I should have waited for the letter but I was anxious and did it, it worked out for me though. They now have their payment and I have since gotten the letter.