I.C Systems-Closed Chase Checking Acct
Date: Mon, 07/19/2010 - 06:04
I have made 2 payments of $100 and $309. I'm trying to set up monthly payments that I can afford. They are telling me that I need to have this paid off in 4 months which would be monthly payments of $600. I cannot afford this and they will not agree to smaller payments. What are my options? They threatened my stating that I could be sued and a freeze on my bank accounts. Can they leagally request payments of $600? Any advice would be great. Thanks.
Legally they can request the entire balance. They could send yo
Legally they can request the entire balance. They could send your account to be sued but then they would make nothing. So keep negotiating...give them a proposal as so how long it will take you to pay off.
Quote:Originally Posted by AnonymousI had overdrawn on my chase
Quote:
Originally Posted by Anonymous I had overdrawn on my chase account due to illegal payday loans. The amount was overdrawn $2,220. Chase had closed my account and sent it over to a collection agency IC Systems. I have made 2 payments of $100 and $309. I'm trying to set up monthly payments that I can afford. They are telling me that I need to have this paid off in 4 months which would be monthly payments of $600. I cannot afford this and they will not agree to smaller payments. What are my options? They threatened my stating that I could be sued and a freeze on my bank accounts. Can they leagally request payments of $600? Any advice would be great. Thanks. |
okay let's see here.the balance when the account was closed was 2,200.00.you made 409.00 in payments,the bottomfeeder(yes IC systems is a bottomfeeder)is demanding more now than when the account was closed.was the balance the IC first tried to collect on 2,200.00?if so then notify chase of this as once an account is closed for the above reason no other charges or fees can be added.meaning IC might not be applying the money you pay.at least not right away.please let me know the balance IC was originally collecting on,and did you get anything in writing?that info would go a long way in determining how to proceed.
IC systems does a lot of third party contingency work for chase.
IC systems does a lot of third party contingency work for chase.
Were the payments made to Chase or IC systems.
Quote:Originally Posted by SOAPLADYIC systems does a lot of thir
Quote:
Originally Posted by SOAPLADY IC systems does a lot of third party contingency work for chase. Were the payments made to Chase or IC systems. |
that is why i wonder what the actual balance they are collecting on.sounds like it was more than 2,200.00.if 2,200.00 is what the balance was when closed.then the OP owes 1,791.00.not the 2,400.00 additional that IC is claiming.i hope the OP returns with that info.
Ok. I found the letter from IC Systems dated 5/11/10. The amount
Ok. I found the letter from IC Systems dated 5/11/10. The amount of my charged off account with Chase was $2,379.31. To date I made to payments totaling $409 to IC Systems, which $12.00 was for a processing fee. My balance now is $1982.31. When I spoke to the CA they informed me that I need to have this account PIF within 4 months. They also offered me a settlement offer, which I declined since I dont' have any money put aside to pay that amount. I willing to make agrangements for a smaller amount, however they will not negotiate. They informed me if I don't make the amounts of $600, they will inform Chase that I'm not willing to make acceptable arragementments and will take further action against me. I'm really worried at this point and don't know what to do. I cannot afford the amount they are requesting.
Chase more than likely wont take further action but will probabl
Chase more than likely wont take further action but will probably place you with another collection agency. Send your payments in with a cease and desist....if they return your payment, save any documentation. If someone does try taking you to court you will have documentation of refused payments. However chances are they will not return it.
What will the cease and desist do? Do you have a sample letter
What will the cease and desist do? Do you have a sample letter? I'm reallly worried about this and don't want to be sued. Also, if they want to take further action to freeze my bank account, do they need to place judgement against me first? How does that process work? Thanks again for your help and advice.
Don't Cease & Desist them, it'll force their hands into suspendi
Don't Cease & Desist them, it'll force their hands into suspending or litigating. Since the balance is fairly substantial you could risk option 2. Moderator was correct. They'll accept reasonable payment arrangements you can sincerely pay. My advice would be to put that in writing, but limit your instruction to requesting no further phone calls vs. a total cease & desist of all communications. They'll take a 6-12 month payout for sure.
I don???t think the balance is high enough for them to sue.
I don???t think the balance is high enough for them to sue. I would save your $200 a month and make settlement offers based on the amount you have saved. Any time they call I would offer them either monthly payments of $200 or a lump sum payment of the amount you have saved and hang up. If they agree to either then get it in writing first before any payment is made. I think after 6 months of this they will take the $1200 you have saved as settled in full assuming you save the $200 per month for 6 months.
