Chase settlement agreement
Date: Fri, 04/16/2010 - 08:56
I have a Chase credit card where I owe about $14,000. I am more than 3 months behind, and Chase has offered to settle the account for $4300. They sent a letter with all the terms of the settlement agreement. They are requesting I pay the $4300 in 4 payments. Everything looks good, except that nowhere in the letter does it specify how the account will reported to the credit bureaus. I've called several times and asked them to include some language (i.e.: account paid in full, with a remaining balance of 0.00), but they refused. They've verbally agreed to report the account as "settled", but cannot include this in the letter??. Should I accept this offer???
It will be reported to credit bureau as "settled for less than a
It will be reported to credit bureau as "settled for less than amount owed". I have settled with Chase for 30%.
Definitely take the offer. In some cases, you can negotiate the
Definitely take the offer. In some cases, you can negotiate the way it's reported to the credit bureaus, but honestly, even if you can't change how it's reported, it's still a darn good settlement, I wouldn't pass it up.
