Chase Letter Stating Legal Action

You may certainly want to contact chase to find out what your options are. Once the matter is turned over to legal, chase will not work with you at all. From experience its very hard to impossible to settle at 50% of less with attorney. Their may focus is to get a judgment against you , turning you into a shopping cart. Don't let that happen. Contact Chase make a settlement of 50%. If 50% is too much than ask chase to setup monthly payment.

Ben.

Thanks Ben.

I will contact Chase and hear what they have to say but 50% is more money than I can come up with.

I was hoping to avoid filing BK by trying to settle the debt with tha bank but if they sue me I will be forced to file BK.

I got basically that same letter and almost exactly 2 months later was sued by them.
The problem is if you don't have the money, you don't have the money - which was my problem. They are unfortunately, the biggest filer of lawsuits in my district court.

Hi Ryanzona,

I am about 100 days late when I got the letter.

Do you mind telling me how late you were when you got your letter and where you are locate (state)?

Thanks

Monkeyboy: I just looked it up. I was between 90 and 120 days late when I received the letter. I was sued about 90 days later from that to be precise. This was in IL, where they have attorneys. Hope that helps.

OK. Wait a minute. This needs to be clarified. To you who received the letter or the suit: Did you ever have the opportunity to settle? Did you talk to them or just ignore them. Others need to know that this happens and if you would be so kind as to alert us to the triggers it would be great.

Yes, I'm with Dan, need more info.

Mainly were you communicating with them all along or did you not take their calls then got the letter.??

Kaylee

To those asking about why they sued, its hard to say.

I did initially communicate with them. Thought it might be possible to get together the settlement money they wanted. But after a time realized it was simply impossible. I believe they came down to 45% or so. But I haven't talked to them in months.

Was that wise? I don't know. I do know of others who continued to talk to them and were sued anyway. When you have lots of creditors it becomes extremely grinding emotionally to take calls all the time. The conversations become pointless.

Frankly, I think there is an internal decision matrix that each CC company uses to determine who gets sued and when. And it is like a Rubiks Cube. A hard puzzle to figure out.
For instance, husband and wife with the same credit card company- both default. One gets sued in 4 months, the other nothing happens after a year and half.

How do you explain that?

Thanks Ryan, and I agree with how emotionally grinding it is and also we have talked for months about the no rhyme or reason thing on this forum.
I think that is why so many of us keep trying to figure it out.
I talk to citi and tell them the hardship story and you are correct, they have it right in front of them on computer, it is like they want me to tell it again to see if they catch me in something. Thing is, it is true story so hard to mess it up.
But then they call back 30 minutes later, that is when you want to have a fit with them but so far I haven't lost it.
keep us posted, and good luck.
Kaylee

Hi Ryanzona,

Thanks so much for your clarification.

I spoke with Chase today and was told that I was in the pre-litigation department and will be sent to their litigation screening department in two weeks if nothing is done. I was offered 50% which I told them that I can't pay. They offer to spread it out over three months.

I offered 20% but was rejected. They told me the lowest that they might accept was 30% which is still more than I can come up right now. So I told them that I will call them back, however, I don't think that I can come up with 30% at the moment. She reminded me that I had about two weeks before it gets moved to the litigation department. I am not sure if this is true but trying my best to come up with the 30%.

Note, I have been talking to Chase every two weeks and have gone over the same story with them many times. I have not gotten an offered from them until my call today.

I total agree with you Ryan. It is extremely grinding emotionally to take calls all the time. I am so tired.....

I'm 90 days late with Chase for about $23K and have not spoken to them yet. This weekend I got a settlement offer in the mail for 75%. Got the letter on the 4th and it said I had to contact them by the 3rd to accept the offer. Anyway I know they will go lower so plan to call them today to offer 30%. I'm a little nervous as this will be my first contact with regard to trying to settle.

Sort of odd how they operate so differently from one person to another.

Well I called Chase and the woman I talked with was very nice. I offered 30% and said they can't go that low and that my previous "offer" had expired (although I have not intention of taking a 75% offer...I'm a little purterbed that I got the letter on 6/4 in the mail and it expired on 6/3). She said it would charge off in about 30 days but was sort of vague. Basically was pushing me to make a payment. I told her I'd call back in a couple weeks and she said they WILL be calling me as well, as my balance is so high.

To above posted in regards to " if you don't have money, then you don't ". True, if you truthfully do not have any funds available than by all means avoid paying the punks. Now if you decide to take that route be sure you don't have anything to lose. Why ? simply, because soon or later not now but maybe years later down the road you will get SUE. No matter what, someone will come after you. If you got nothing than they get nothing besides wasting time.

What good is a judgment if they're not able to collect on it.

Judgement = j
shopping cart = s

if ( s == 0 )
J = Null
else
j = collect

see even wrote a simple program.

Hi Flipper, I just got a letter from Chase today - it expires 6/10 - asking for a 70% payoff. I am like you I don't have anywhere close to this, I need an offer of 25%. Maybe they sent these out in one huge mass mailing to all the late people. My letter said "One phone call turns things around" and signed by an "A Gordon Dennis" customer support manager not even a VP!

Annoyed -
yep same exact letter. And he didn't answer the phone either lol.

[COLOR=black]Hi All,[/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black]I called Chase again today and offered them 25% but was told that I needed to give them my income before they can submit an exception offer. I told them that I was not comfortable giving my personal info over the phone. The guy said that they can't summit an exception offer unless I gave him my income info. I told him that I will have to think about it and will call him back. Again, he told me that in one week, they will send my accounts to the litigation department.[/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black]Has this happen to anyone? Did you have to give Chase your current income for them to submit an offer?[/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black]Thanks[/COLOR]

Hi All,

Apparently, providing your income and expense is not a requirement to submit a settlement offer. I spoke with a Chase supervisor today and offered 25% which was declined but they countered at 30%. I accepted the offer but asked if I could pay it over three months and they agreed (I have most of the 30% but should be able to come up with the rest in three months).

Please note that my settlement letter was from the Litigation Support Group. I think that I would have been sued if I had not settled with them.

Let me know if anyone have any questions regarding my experience with Chase.

Thank you everyon for all you inputs.

Monkeyboy - that's awesome news. I hope I can get them down to at least 30% as well. I'm about 100 days late myself.

Sorry you had to go through the stress of the threat to sue before then though.

btw - did you ask for the supervisor when you called back, or did the supervisor call you? Thanks in advance...

Thanks Flipper! It stills feels unreal to me even after I settled with Chase.

Btw, I called and asked to speak to a supervisor. I explained that I was not comfortble giving my personal income info over the phone and everything that they needed to know about me is in my credit report. The supervisor was understanding and submitted my offer. The rest is history, however, I am still a little short of 30% but I have three months to come up with the different.

And I quote"I called Chase again today and offered them 25% but was told that I needed to give them my income before they can submit an exception offer. I told them that I was not comfortable giving my personal info over the phone"

And another quote"Btw, I called and asked to speak to a supervisor. I explained that I was not comfortble giving my personal income info over the phone and everything that they needed to know about me is in my credit report."

Greetings,

Both are great answers however you must realize that the cc's are the enemy!
If you really want to break the chain of cc debt then there's some things to think about.

1. we've gotta change our spending habits.

2. we've gotta attack these guys.......tell the truth but embellish it to you advantage.

3. never ever.... accept no for an answer. be aggresive and keep driving for your advantage.

Best of luck,
King "Kash" Jabba Labba

Thanks for the advice King. You're are 100% correct

Thanks for documenting this, monkeyboy. I've gotten the same letters from Chase and "A. Gordon Dennis" -- the ones that provide two options... 1)Assist and 2)BLP, which are both basically offers to waive the fees, cut the interest rate and reduce payments. I'm wondering how much time elapsed between your first letter and the date they accepted your 30% offer?