Cant get CHASE to offer settlement?
Date: Sun, 10/31/2010 - 11:22
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,
you'll get better offers at between 150-175 days late.
you'll get better offers at between 150-175 days late.
My concern is that they havent been offering anything since earl
My concern is that they havent been offering anything since early on. Im working on a letter right now and hopefully I can get some negotiations started.
I would just make your offer of 30% and keep at them.
I would just make your offer of 30% and keep at them.
I think you are just too early! Give it another month and see w
I think you are just too early! Give it another month and see where they stand.
Greetings "[URL="http://www.debtconsolidationcare.com/forums/mem
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
Cappy, The comments so far of sticking to your guns with what y
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
Thank you all for the advice. I will try to wait them out. I w
Thank you all for the advice. I will try to wait them out. I was just getting concerned because they haven't really offered or countered anything yet. I'll wait for the next phone call and keep you all updated.
I would call 866-833-6398 they got me a settlement for 35 cents
I would call 866-833-6398 they got me a settlement for 35 cents on the dollar.
One down!!
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
You are correct about collection agencies not being the "kiss of
You are correct about collection agencies not being the "kiss of death". The main problem is that there is less certainty about what will happen. I cut the best deals with ca's, though and it looks like you have too. Good Luck.
We had three Chase cards. Two were easier, they bundled them int
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.
A significant factor in the settlement terms or percentage given
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.
I agree with what Dan mentioned. We settled Chase for 22% on 2 a
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.