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Chase won't settle with me, why?

Date: Tue, 05/04/2010 - 15:37

Submitted by anonymous
on Tue, 05/04/2010 - 15:37

Posts: 202330 Credits: [Donate]

Total Replies: 15


I am about 50 days late with a Chase visa about $15K. They started calling a few weeks ago and I got the special offer from Rose, which is a lowered interest rate and a new letter today about a BLP balance liquidation program where they close the account and change the interest rate to zero and let you pay it off in 60 mos.

I am trying to settle at 30% which I know many here have done. I called chase a few weeks ago and offered 30% to settle (maybe that was my mistake). The rep on the line asked if I could do a few hundred more than I was offering, I said yes. Then they read some legal mumbo jiumbo to me which I agreed to "this is an attempt to collect a debt etc". Then they forwarded me to the other number who said, "oh no sorry we cannot settle for $4800, we need 90% of the balance". OK .

Fast forward to today, Chase sends me a letter I call back. The rep says "sorry you are not eligible to settle other than for the 90% you were offered a month ago, thats why I didn't mention a settlement to you".

Does anybody know what this is about? Am I the ONE PERSON who can't settle this card?
thanks


Puzzled Greetings "Annoyed with Chase ",

We've been bouncing this subject around in pm's for about two weeks now.
I don't have an answer to your specifics other than to guess.

My guess;
1. Do you have other cc's?
2. If so, are they current or behind?
3. Could be they don't think you are at enough risk for a bk or collections.

Sad to say there is no logic behind their thought process.
For most of us, settling with Chase was the easiest at about 30-35%.

Good luck.


lrhall41

Submitted by King Jabba Labba on Tue, 05/04/2010 - 15:46

( Posts: 507 | Credits: )


Maybe, you can wait for some time and let this account go delinquent for a few more months. Creditors are willing to settle for the lowest amount only after the account is gone seriously delinquent. If you are having a hard time in dealing with such creditors, you may seek professional help.


lrhall41

Submitted by BG on Tue, 05/04/2010 - 15:49

( Posts: 31 | Credits: )


It is true I have some other current cards but only because they have zero balances.
I stopped paying my heloc and will let it go to charge off, so what is one other charge off on my credit report, who cares? I may have to let it go to charge off.

I think they put me in their system, and I have been a chase cardholder with high balances for over 10 years, they came back with a 90% settlement offer despite my threatening BK. I guess I will go to charge off and try 25% then.


lrhall41

Submitted by on Tue, 05/04/2010 - 16:16

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Does anybody know what this is about? Am I the ONE PERSON who can't settle this card?
thanks[/QUOTE]

I have been trying to settle with chase for 7 mos now, it went to charge off after 210 days late. I offered 30%, they told me I do not quilify for a settlement.
It's in recovery unit now, I called chase today, they told me I have offered 5,000 many times and many times it has been refused and the only thing they will settle for is 80% I told them I don't have that much then she said 55% is the base min. I told her I would see if I can get more and I will call back.
The one thing I did wrong I only stopped paying on one cc not on all 8 cc, I have learned my lesson so I am trying to hold chase off until I can stop paying on a few other cc so they will see my credit report is not good on other cc.


lrhall41

Submitted by sunkist on Tue, 05/04/2010 - 16:21

( Posts: 16 | Credits: )


And I quote "The one thing I did wrong I only stopped paying on one cc not on all 8 cc, I have learned my lesson so I am trying to hold chase off until I can stop paying on a few other cc so they will see my credit report is not good on other cc. "

I call that the a-bomb technique.
It's what I did after a lot of thought.

Let all of them see that the others in default.


lrhall41

Submitted by King Jabba Labba on Tue, 05/04/2010 - 17:00

( Posts: 507 | Credits: )


Sunkist, if your Chase debt is charged off didn't they send it to a collection agency? You would think THOSE PEOPLE would be willing to settle for much lower.

I definitely think I have the same problem, I have other CCs and all are current but only because they have zero balances, or I have one that has a deferred balance on there so it shows as current only because I don't need to pay until July.

I am 50 days late now, hopefully my heloc will charge off soon so Chase will work with me. VERY FRUSTRATING since everybody else gets a settlement but me.


lrhall41

Submitted by on Tue, 05/04/2010 - 22:11

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Quote:

Originally Posted by Anonymous
Sunkist, if your Chase debt is charged off didn't they send it to a collection agency? You would think THOSE PEOPLE would be willing to settle for much lower.

I definitely think I have the same problem, I have other CCs and all are current but only because they have zero balances, or I have one that has a deferred balance on there so it shows as current only because I don't need to pay until July.

I am 50 days late now, hopefully my heloc will charge off soon so Chase will work with me. VERY FRUSTRATING since everybody else gets a settlement but me.


Chase charged off last friday, I don't know how long it will be in recovery unit before they send it to a CA or try to sue me. I'm trying to stall them.
you need to wait it out, my problem was I had other cc with a bal in good standing and I guess they did not like the idea they are the only ones I stopped paying on. But they will change I'm not going to pay my 2nd chase acct this month and hope for the best.


lrhall41

Submitted by sunkist on Tue, 05/04/2010 - 22:49

( Posts: 16 | Credits: )


I went with Preferred Financial 2 years ago and have had very good results. Look at it this way, without a professional service to help me handle these accounts I would have to pay back 100% of what I owed, not to mention future fees and interest. Regardless of a fee, I still am saving thousands off what I owe. My wife and I recently went on the first vacation we have gone on in 10 years, and thats not being frivilous, it was well deserved. After paying back probally twice what I borrowed the debt reduction program finally allowed us to get ahead.
One account I had was with Chase, I first tried working directly with them but they wouldn’t budge. Three months later my interest rate creeped up to 22%, I contacted the FTC, I sat and did the math with my wife… and lets just say it would have taken us forever and a day to make any headway going the way that we were going. So, my reply and advice is do whats best for you but Preferred Financial did give us structure to what we were doing and helped us a lot.
Best of luck,
Jay


lrhall41

Submitted by on Wed, 05/05/2010 - 09:20

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I agree with King Jabba Labba

The A bomb tech, I think works the best.....stop paying (if you can) all at once..... they do look at your credit ... and if you are taking everyone down and they really think you can easilly go Chapter 7 .... then you will get a pretty good settlement....
What I am finding out is the more debt you owe (as in my sit. ) .........the better % you might recieve....

The more debt you have ..... logically the more likely you will actually file chapter 7


If you have 8 cc cards and only default on one.... that would not set you up at all for a good settlement... they might not settle at all ??? just depends on bank


lrhall41

Submitted by mac123 on Wed, 05/05/2010 - 09:51

( Posts: 71 | Credits: )


hey don't be dis hart-end about that well chase will settle sooner or later you accounts have to go delinquent by 60 to 90 to 120 days before you can get settlements of a substantial discount before 60 days all they have on the table is 90% which you were offered wait up a few more weeks and you could get what you want


lrhall41

Submitted by Adam. Augustine on Wed, 05/05/2010 - 17:02

( Posts: 65 | Credits: )


NCB Managment Services, called me this evening, he was very nice he went over some stuff, then said he would settle for 6515 about 37% I told him that I could not get that much from family and friends.
He said, I see that you are having a hard time right now, I see that on your credit report has been in A+ standing for over 16 yrs.
I told him I tried to get together the 5,000 (org offer) but all I can get right now is 4400. He said how soon can you get this amount, by this weekend. Ok, the bank (collection Company) will settle for the 4400 about 25%, 6 days after charge off.
I have to get him a fax number so he can send some papers to me, that state bal 0. He wants to take the funds from my bank, thats ok cause I opened another bank acct away from my org bank.
I'm so happy this is over, the pressure of being sued, I could not sleep nights.
Maybe I should of said a lower amount but I'm happy.
If you want to know my full story just look up all my threads


lrhall41

Submitted by sunkist on Wed, 05/05/2010 - 21:29

( Posts: 16 | Credits: )