Just settled 2 accounts with Chase
Date: Wed, 08/04/2010 - 17:10
They called a lot and I pretty much ignored the calls until I got my first offer letter in the mail for the $23K account a couple months ago. Offer was for 75%. They were very nice but pretty much declined my offer off 30% and said I was about 30 days away from charge off and kept pushing for a payment plan. Never heard a peep about the account with the small balance.
I got busy, then got cold feet and didn't call. Got another offer letter last month for 70% then another last week again for 70%. I also go a pre-legal letter on my small account, then last week a letter from legal on that small account pretty much saying the would sue if I didn't pay the full balance. Funny how they want to sue for such a small amount but not the humongous one I owed :confused:.
Anyway I got my mind set again and finally called on the $23K account today. The woman I spoke with again, was extremely nice and pleasent to talk to. I offered 30%, she asked her manager, it was declined. We upped the offer to about 33% and she put in the exception offer. Called me back and hour later and again declined, BUT they would take 35%. I felt pretty good about this so took the offer. 4 payments in 3 months. The usual speel where they say I'll get the "paid in full" letter after all payments have been made. Faxing and mailing the terms to me this week. Again a very pleasent and easy experience. She even said she'd call be back on Monday to confirm they had received my first payment.
So then what the heck, I called the department that had the $1500 account in legal. Again, extremely nice guy I spoke with. Told them I only had $600. He pushed just a little for more, then said "OK, you want to settle for $600? Let me ask my manager." 3 minutes later I had settled for $600 which is about 40%. Again...happy just to have it over. He told me several times over what a good customer I had been prior to my financial troubles and seemed really happy to help me get that settlement and wished me luck with my others.
So basically I settled two accounts totaling $25K for $8700. Not bad :D
Now on to Crap One :evil:... I'm about 120 days past due on $15K. Based on my last conversation with them...I know they aren't going to be so easy. At this point after my settlements I made today...I am pretty much only able to pay them 35%.
Many thanks to everyone on this board...I couldn't have done this without your support and inspiration!
Those are kick @ss settlements! I think I got 30% but I had $50
Those are kick @ss settlements! I think I got 30% but I had $500k defaulted including the heloc, mtg and cc's. Yes, they are funny about the small balances. I think that small balances amount to the vast majority of their outstandings, so they handle them differently. Congrats.
Congrats! Capital One is a tough one. Make sure you settle tha
Congrats! Capital One is a tough one. Make sure you settle that one before charge-off. Cap 1 is sues the most out of any big bank. I'd offer them 20% and stay at it. You should be able to settle for 30-40%. Good luck.
Hey congratulations!! you stared down the dragon and won. Grea
Hey congratulations!! you stared down the dragon and won. Great settlements and a good job negotiating.
Yes Cap One is a tough one. I finally settled 4 months after charge off at 55%. They didnt offer me anything lower than 88% in the recovery department. It wasn't until it was assigned to their collection agency that I was able to settle on the first call from them. PM me if you have any questions on what went on. I also have a thread about it if you want to check that out.
Congrats Flipper, Those are great settlements. Well, you've sh
Congrats Flipper,
Those are great settlements.
Well, you've sharpened your sword and you'll need it to battle carp one.
Good luck!
King "Kash" Jabba Labba
What's not in my wallet?
Credit cards.
So it has been one week and still no letters from Chase. I don'
So it has been one week and still no letters from Chase. I don't have a "private" fax and since they told me it could take 2-3 days even for the fax to come through...I declined that option and 'm waiting for letter in the mail.
those of you who have settled with Chase...how long does it normally take to get the settlement agreement letter out?
Go figure...after I made my post, I checked the mail and there t
Go figure...after I made my post, I checked the mail and there they both were. 7 days it is :-)
two mistakes you made!
Quote:
Originally Posted by Flipper Yay I'm so relieved! :p I had two accounts, one I owed $23K and the other $1500 and was about 150 days late on both. They called a lot and I pretty much ignored the calls until I got my first offer letter in the mail for the $23K account a couple months ago. Offer was for 75%. They were very nice but pretty much declined my offer off 30% and said I was about 30 days away from charge off and kept pushing for a payment plan. Never heard a peep about the account with the small balance. I got busy, then got cold feet and didn't call. Got another offer letter last month for 70% then another last week again for 70%. I also go a pre-legal letter on my small account, then last week a letter from legal on that small account pretty much saying the would sue if I didn't pay the full balance. Funny how they want to sue for such a small amount but not the humongous one I owed :confused:. Anyway I got my mind set again and finally called on the $23K account today. The woman I spoke with again, was extremely nice and pleasent to talk to. I offered 30%, she asked her manager, it was declined. We upped the offer to about 33% and she put in the exception offer. Called me back and hour later and again declined, BUT they would take 35%. I felt pretty good about this so took the offer. 4 payments in 3 months. The usual speel where they say I'll get the "paid in full" letter after all payments have been made. Faxing and mailing the terms to me this week. Again a very pleasent and easy experience. She even said she'd call be back on Monday to confirm they had received my first payment. So then what the heck, I called the department that had the $1500 account in legal. Again, extremely nice guy I spoke with. Told them I only had $600. He pushed just a little for more, then said "OK, you want to settle for $600? Let me ask my manager." 3 minutes later I had settled for $600 which is about 40%. Again...happy just to have it over. He told me several times over what a good customer I had been prior to my financial troubles and seemed really happy to help me get that settlement and wished me luck with my others. So basically I settled two accounts totaling $25K for $8700. Not bad :D Now on to Crap One :evil:... I'm about 120 days past due on $15K. Based on my last conversation with them...I know they aren't going to be so easy. At this point after my settlements I made today...I am pretty much only able to pay them 35%. Many thanks to everyone on this board...I couldn't have done this without your support and inspiration! |
one was you should have got the letter FIRST for the settlement offer,they now can sell the account balances to a collection agency and you will be hounded for ever on that balance. the other mistake is that they now will report the savings $14k plus to the IRS and you will get a 1099 as earned income! (anytime you save over $500 you will get a 1099 from the IRS as earned income)
Nah, that's just silly. Not much room around the 1099 issue, so
Nah, that's just silly. Not much room around the 1099 issue, so that's not a mistake. Also, it's not anytime you save, but is for forgiven amounts over 600, they report to the IRS. Regardless, even if the amount is under 600 you're still obligated to include it in your tax return as income (unless insolvent), it's just the 1099 doesn't get reported/sent by the by the cc co...
Lastly, great settlements!! I got started when I'd learned my buddy settled his 2 chase accounts, total balance 40K for 8K or 20%...Despite that, I settled my 2 balance total was approx 18-19k for 6K...With multiple cards ya gotta start somewhere.
Great settlements Flipper!!!!Since now you have received the set
Great settlements Flipper!!!!Since now you have received the settlement agreements, you can at least be in peace.
call 866-833-6398 they usually settle pre-litigation accounts fo
call 866-833-6398 they usually settle pre-litigation accounts for 20-25 cents on the dollar.
I didn't pay anything until I got the letters from them. And th
I didn't pay anything until I got the letters from them. And the settlement letters say it will be paid in full after all funds received. Actually for the smaller balance which I have already paid off, I got the "paid in full" letter last week.:D
Fully aware of the IRS thingy. Since I'm upside down on my house I'm pretty sure I can file insolvent during tax time.
Way to go, Flipper. Ours are pretty similar, I also got the Chas
Way to go, Flipper.
Ours are pretty similar, I also got the Chase letter in a week and mine was the same deal.
I'm also insolvent on my houses so not too worried about it, Debt Free helped me do the equation on that and understand it better.
Congrats on your settlements, gosh, if feels good huh?
Congratulations on you deal ! In process of negotiating with th
Congratulations on you deal ! In process of negotiating with them myself did they offer you terms to your settlement on payment options and timeframe?