chase prelitigation

If you cannot make the payments that you've agreed to while re-aging your account, then the creditor will either send your account to collections or sue you. You should have a word with your creditor and try to negotiate for a payment plan with them. It will be their discretion as to whether or not they will consider your case.

Hi Chrissy,

The primary regulator for Chase is the OCC. There are specific criteria set forward by the OCC for successfully re-aging accounts. If your financial ability does not meet that criteria you should look to whatever resources available for settling the account. If you cannot identify and/or accumulate resources to meet settlement terms with Chase you will have opportunities to do so once they charge off and assign the account to an agency, sell the debt to a buyer, or in fact flag your account for legal action.

I am assuming they are recognizing your account as past 90 days delinquent at the end of this month. If I am correct, you will generally have a couple months to determine your capabilities before the earliest a suit would typically be filed.

Threats of filing suit are far more frequent than actual filings. That said, Chase is filing more of them (and earlier) than in recent past.

In your effort to be fully informed of all of your options be sure to consult with a bankruptcy attorney in your area. If you can qualify for chapter 7 you can keep that fact in your back pocket and know that you will get relief even if it involves filing BK. You are probably like most people and want to avoid having to do so. If you can, GREAT! It will not hurt to be informed of the option as it would apply to you and many attorneys provide initial consults at no cost.

Best of success to you in your efforts!

Mileage may vary

thank you very much -- I appreciate your response --I am hoping to get out of this in the spring as we have our house up --we've been trying to sell since may with no offers -- thank you for giving me the guidelines --it helps to know the timelines