Chase Debt Settlement

If you're sure that you???ll not be able to make the payments in your hardship program, then you can contact Chase and tell them that you want to go for debt settlement. There is no delinquency period to be eligible for a debt settlement if you???re already in a hardship program.

It???s important to note that it???s totally up to Chase to agree to your settlement offer. Generally, companies don???t want their consumers who are in hardship programs go for debt settlement. But, if you can convince your situation to them, they might agree to your settlement offer.

A good negotiation may get help you to settle your debts by as much as 60% of your original debt. First check out how much amount you have that you can pay and then make the settlement offer. Although, debt settlements may hit your credit score but you???ll have the chance to work on and improve it.

Hey;

I had a chase cc with a balance about 13k. I stopped paying and started accumulating cash as much as possible. I would get calls from them sometimes everyday, and I would always answer or call back and just tell them I was having trouble paying and couldn't afford anything right now. Keep in touch don't avoid them, they seems more easy to work with me on a settlement because I would always call them back. Document date and time who you talked to. Finally about about month 5, we agreed on a settlement of about 29% payed over 93 days (4 payments). I did a little better with my other CC settlements 20-25% range but those were 1 lump sum payments, but I was happy with the 29% over 4 payments. They were nice and easy to deal with. Make sure you get the settlement in writing. Good luck

I was on their Hardship program and then defaulted. They first little while they just kept trying to get me back on track on that program. Around 90 days late I offered a settlement and was able to settle for about 35% I think it was. One thing is for sure they already know you are in a hardship position so it might actually help to default on it.

I was a newbie just like you in May 2009. I learned everything from this site. Now, I'm debt free. I stopped all payments to chase in July 2009 and only contacted them in Jan. 2010. I just told them I couldn't make the monthly payments because I couldn't afford it. My monthly minimum payments doubled to $800.00. and informed them that I was hoping for a settlement. He was offering at first, a settlement of $12,000.00 on $18,000.00 debt. I just informed him that I only had $4,000.00. He said he would submit the offer. Anyway, I never heard from him in a week. Meanwhile, I was getting letters that
1. I was not eligible for a settlement at the time.
2.They cannot accept my offer.
3. An offer with 80% settlement (LOL), i already was offered a 60% settlement.
I just made a follow-up call after a week, just pretending and ignoring I've never received these letters and inquired about my offered settlement of $4,000.00 I was told the offer on the table was at 35%. $6,700.00 + dollars which could be made in 3 payments. I accepted the offer right there and then. You have to set-up automatic payments with your bank. You will receive in the mail your settlement agreement letter with agreed dates of monthly payments. When your monthly credit card statements arrive, it'll show how much they took out each month and with the remaining balance( don't worry) but after the last payment, chase will send a final settlement letter that they were paid. I hope this helps. I'm forever grateful for this site. I settled BA at 30% first. chase at 35% and Cap 1 at 50%. You could do this on your own. I was always so nervous when I had to speak to anyone on the phone. The people who you had to speak initially to, who had so many questions on why? why? you couldn't make the payments. They will note down the reason why you can't afford paying them. Once your account moves to another dept. at 150-180 days. The offers will be there.

Greetings lemonpie,

totally free at last is dead on right.

Ahhh the pretending and ignoring strategy brings a smile to my face....:D:D:D
Used it several times.

The left hand does not know what the right hand is doing.:rolleyes::rolleyes::rolleyes:

Chase was one of my easiest to settle.
Patience will get you a great offer.

The fact that you're on a hardship plan just adds to your credibility.

Settle on.
King "Kash" Jabba Labba