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Chase Settlement Offer

Date: Thu, 10/28/2010 - 12:56

Submitted by Jay Seeder
on Thu, 10/28/2010 - 12:56

Posts: 14 Credits: [Donate]

Total Replies: 13


I am about 120 days past due with Chase. I've been discussing settlement amounts through several conversations with them over the past month and a half. I've figured out that their system tells them what percentage I'm eligible for based on the number of days I'm past due. And so far the people I've talked to have told me that's the best they could do at that time. Since the amounts offered have been much higher than I've been able (and willing) to afford, we've left each conversation at that.

But during my last conversation with them, I offered an amount that's about 35%. The person came back and said that was too low and that the best they could offer me at this time was 50%. After some nudging, he agreed to take my offer to someone else to see if they would make an exception and approve it. He came back and said they were countering my offer at 40%, and that's the lowest they would go. He stated that that's the lowest they're doing settlements at these days.

As I couldn't commit to the extra amount today, I told them I'd try to get the money and call back. He then told me that the offer was only good for 5 days. When I asked what happens after that, he said I go back to only being approved for 50%.

My two questions are these:
1) Has anyone done a settlement at lower than 40% with Chase in the past month or so? I did a quick search of the forum pages but couldn't find any recent Chase postings.
2) Does anyone have any experience with a counter offer like this that expires? I'm assuming that after this expires I can continue negotiations to try to get lower. But I want to make sure that it doesn't trigger them to stop settlement discussions and send my account to a CA. Any experience or insight any one has would be appreciated.

Thanks again to this forum. I'm at this point because of the info I've found here.

Jay


Chase is, usually, very good to work out settlements with. I think the 5 days time frame that they are talking about is just to make you agree to their 40% settlement offer.

But, remember that you have to walk a tight rope. If you stretch the negotiations for too long, your account might reach the CAs.


lrhall41

Submitted by paulcahill80 on Thu, 10/28/2010 - 15:03

( Posts: 2359 | Credits: )


I am not as many days late as you (we are at little more than 100) and Chase offered us 30% last week, we called back and they said the person was mistaken and they could only do 35%. Anyway we're still negotiating but for us they were willing to do better than 40% with our 2 accounts combined. Hope that helps.


lrhall41

Submitted by debtinthedistance on Fri, 10/29/2010 - 13:58

( Posts: 89 | Credits: )


would have to search to be exact but mine was definitely in last 2 months and it was 25%.
Yes, they have some formula they use based on how many days late, etc but if you keep sticking to your formula that you preset...mine was "I have 25% and no more' they eventually will go off script. Mine ended at 25-27%, again would have to search.
The deadline is always there with each offer.
Kaylee


lrhall41

Submitted by kaylee on Sat, 10/30/2010 - 06:33

( Posts: 176 | Credits: )


I got a call from chase last week and after describing my financial situation she offered me 50%, after 15-20 mins fo negitations she came down to 40%.She said will fax the offer ..still waiting on it..expecting tomorrow..i have time till nov 5 to pay the settlement...Quote:

Originally Posted by Jay Seeder
I am about 120 days past due with Chase. I've been discussing settlement amounts through several conversations with them over the past month and a half. I've figured out that their system tells them what percentage I'm eligible for based on the number of days I'm past due. And so far the people I've talked to have told me that's the best they could do at that time. Since the amounts offered have been much higher than I've been able (and willing) to afford, we've left each conversation at that.

But during my last conversation with them, I offered an amount that's about 35%. The person came back and said that was too low and that the best they could offer me at this time was 50%. After some nudging, he agreed to take my offer to someone else to see if they would make an exception and approve it. He came back and said they were countering my offer at 40%, and that's the lowest they would go. He stated that that's the lowest they're doing settlements at these days.

As I couldn't commit to the extra amount today, I told them I'd try to get the money and call back. He then told me that the offer was only good for 5 days. When I asked what happens after that, he said I go back to only being approved for 50%.

My two questions are these:
1) Has anyone done a settlement at lower than 40% with Chase in the past month or so? I did a quick search of the forum pages but couldn't find any recent Chase postings.
2) Does anyone have any experience with a counter offer like this that expires? I'm assuming that after this expires I can continue negotiations to try to get lower. But I want to make sure that it doesn't trigger them to stop settlement discussions and send my account to a CA. Any experience or insight any one has would be appreciated.

Thanks again to this forum. I'm at this point because of the info I've found here.

Jay


lrhall41

Submitted by A Goli on Sat, 10/30/2010 - 18:05

( Posts: 7 | Credits: )


Thanks everyone for the info.

Another question for everyone, but especially Kaylee and A Goli: were you able to negotiate Chase to report to the Credit Bureaus a "Paid in Full" or "Pay for Delete" status on your account? After we agreed on the settlement amount, I tried really hard to get them to agree to report one of these vice "Settled," but they keep telling me they have no ability to report it any way other than "Settled." I even spoke to a manager about it. They keep mentioning government regulations and saying that the only way they can report it "Paid in Full" is if I actually pay it in full.

Do you think I having any negotiating leverage here? Should I tell them that I won't do the settlement unless they give on this (which essentially would be me saying I'm willing to let the card charge off and potentially file bankruptcy)? Is having "Settled" on my credit report worse than filing bankruptcy? My gut feeling is no.

I feel like I'm walking a very fine line here. Any advice would be much appreciated.

Jay


lrhall41

Submitted by Jay Seeder on Fri, 11/05/2010 - 13:47

( Posts: 14 | Credits: )


does it really matter how it is written on your report? i am so happy to be rid of the credit cards that i don't care how it is written. we took a hit on our credit rating but the way i figure it, now we cant get ourselves into anymore debt by charging anything or borrowing money. we are forced to pay cash for what ever we want while we rebuild our credit.


lrhall41

Submitted by cookycris on Sat, 11/06/2010 - 15:11

( Posts: 118 | Credits: )