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Cant get CHASE to offer settlement?

Date: Sun, 10/31/2010 - 11:22

Submitted by cappymrgn
on Sun, 10/31/2010 - 11:22

Posts: 7 Credits: [Donate]

Total Replies: 13


I am about 120 days late and have been speaking with them at least once a week. Everyone has been very polite and cordial. At the 60 day point someone threw out a settlement number of 75% and I told them I couldnt do it. I have been waiting for them to offer me another settlement, but they seem fixated on a hardship plan. Yesterday, I told them I had borrowed 6K from family to offer as a settlement (30%) and they didnt even counter, only said to contact them if anything changes with my situation.

I am thinking I should write a letter, but does anyone have any other suggestions?

Should I fax or regular mail the letter?

I really only have the 6K, but I cant seem to get negotiations going and Im getting nervous.

Thanks,


Greetings "[URL="http://www.debtconsolidationcare.com/forums/member.php?u=227766"]cappymrgn[/URL] "

Looking back at my spreadsheet, I settled multiple accounts with Chase from 116 to 160 days.

My advice along with the other great posters above me.....is just to wait them out.

Be patient.
Good Luck.
Keep us updated.

King "Kash" Jabba Labba


lrhall41

Submitted by King Jabba Labba on Wed, 11/03/2010 - 06:26

( Posts: 507 | Credits: )


Cappy,

The comments so far of sticking to your guns with what you can afford to settle with and waiting until closer to charge off (150-180 days of non payment) is good feedback.

Please also be aware that creditors, including Chase, will flag an account with a specific floor for settlement if the account had recent cash advances, balance transfer, large purchases etc...

In the end, you can only do what you can do. In other words, if you are trying to settle debt in order to avoid bankruptcy, but cannot hit the settlement targets needed to be successful, you may indeed end up filing.

Mileage may vary


lrhall41

Submitted by on Wed, 11/03/2010 - 10:58

( Posts: | Credits: )


I am the original poster, but cannot login for some reason.

Well one of my cards was charged off and sent to a collection agency (NCB Management). I have been avoiding their calls because I had resigned myself to bankruptcy. After speaking with them and getting ready to set a $50 a month payment (to buy some time to see what is going on with my house) when they offered 2K on a 12K balance settlement! The card was at about 10K before I stopped paying. I was thrilled and accepted!!

I guess my message is that the collection agencies are not the kiss of death. I am almost hoping my other card is charged off as chase still hasnt budged much on the other card.

Its difficult to be patient, but it does help.

Thanks an I will update when I hear something on my other card.:p


lrhall41

Submitted by southtwnr on Sun, 01/23/2011 - 17:02

( Posts: | Credits: )


We had three Chase cards. Two were easier, they bundled them into one 50% settlement. The third one they held out on so I just let them. Finally two years and several CA's later, they settled it at the same rate. We went round and round on the third and I held out. At first, they only wanted to knock off the late fees. My credit score was in the crapper anyway so I wouldn't do that. I finally settled when they got to 50% on it too.


lrhall41

Submitted by lisaawilliamson on Wed, 02/02/2011 - 06:46

( Posts: 210 | Credits: )


A significant factor in the settlement terms or percentage given by Chase seems to relate to what they see on your credit or asset search. It surely seems they are easier on people who look financially devastated than others. In my case, I defaulted on so much I must have looked really bad...and probably worse than it actually was because I still had a good job. But for others, the reality may be worse than it looks on paper (especially if you have lost employment or income). I do not have the mind of a collector, but this is what I believe.


lrhall41

Submitted by dantheman on Wed, 02/02/2011 - 10:07

( Posts: 860 | Credits: )


I agree with what Dan mentioned. We settled Chase for 22% on 2 accounts. Both were in my name and they knew I had lost my job. From our credit report they could see that I have had excellent credit for years and years but that I defaulted on all of my cards at the same time so I think they knew the situation was serious and that they may end up with nothing. There were no wages to garnish since these accounts were nit in my husbands name and I did not have balance transfers or large purchases in the last 4 years, etc. I think they looked at my info and decided to get what they could. We had our offer denied several times but we kept at it . Their tone changed after 150 days and we new we could get what we needed.


lrhall41

Submitted by debtinthedistance on Wed, 02/02/2011 - 11:46

( Posts: 89 | Credits: )