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Brrr- hell is freezing- I finally settled with Chase 35%

Date: Wed, 07/07/2010 - 11:49

Submitted by anonymous
on Wed, 07/07/2010 - 11:49

Posts: 202330 Credits: [Donate]

Total Replies: 7


I was finally able to settle with Chase at 35% of my $14K balance at approx 120 days. I wanted to get the 30% which others here have achieved, but my problems were that I had a 6 mos old cash advance on there, and in a week I was going to be transitioned to a 35% interest rate, so the $700 difference between a 30% and 35% settlement wouldn't have mattered, I would have accrued another $1K+ in interest and penalties pretty immediately.

What I discovered in this process is that Chase looks at your balance and decides how much of it is coming from interest and fees, vs things you actually bought or cash advances. If more of your balance is due to fees and interest, they are more willing to cut the settlement amt. In my case my balance was mostly cash advance and purchase. I had a low interest rate prior to these recent hardship issues. So it was hard for me to settle. I am happy with the 35%.

Now I have to settle with world financial bank, another black hole.

Thanks for all the support here.
Annoyed


If your cash advances are over a year ago they won't care. Its only the recent ones. What they look at in settlement is the amt of your balance that is interest and fees vs the actual money out the door for them.

I got that 70% letter also. Wait another month and answer the phone when they call and tell them you only have 20% to settle and see what they say.


lrhall41

Submitted by on Wed, 07/07/2010 - 13:46

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Oops I mean to say balance transfer not cash advance. From what I can tell they have only received $2500 in interest and fees on a transfer for $18K since I stopped paying. Oh well I will remain hopeful :D.

Thanks for the advice. I need to figure out what number Chase is calling me from (if they are) I get so many calls from Cap One from so may multiple numbers I can't keep it straight.


lrhall41

Submitted by Flipper on Wed, 07/07/2010 - 14:23

( Posts: 33 | Credits: )