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Chase settlement offer on first call

Date: Sat, 09/24/2011 - 21:14

Submitted by jd7299
on Sat, 09/24/2011 - 21:14

Posts: 10 Credits: [Donate]

Total Replies: 4


I just got my first call from Chase on two cards totaling about 19.5K. Explained the situation that I couldn't pay, etc, etc. She said they noticed I've been long time customer with history of on time payments and they'd be willing to accept settlement and that I should think it over and come back with offer in next week. It's been about 2 weeks since I stopped paying. Is it normal to offer a settlement so quickly? I can only muster around 15-20 percent realistically in the next month or two so that will be my starting point I guess. Little caught off guard that they offered settlement so quickly. Any advice?


sometimes they will settle with long time, good paying customers pretty quickly...
keep in mind, they will give you up to 3 monthly payments to pay the settlement agreement out, i had one gave me up to 6 months to pay the settlement out....
start at 20% and all they can do is say yes or no, and will most likely give you a counter offer.... but i can tell you, they are settling right now at 40% easily...
i just settled one with chase (thru collection agency) myself at 40%, and have 2 with chase (at a different collection agency) that are hubby's and am waiting to hear back from the ca if chase accepted the offer on those. the ca feels confident that they will accept- thought we would know by now, but since i did the offer so late on thursday, it will be monday before i know..


lrhall41

Submitted by generallee on Sat, 09/24/2011 - 22:10

( Posts: 150 | Credits: )


I missed the boat on settling with Chase before they sent it over to a CA so my experience isn't exactly apples to apples, but I think you should start at 20% and explain in detail why you can't pay more in the future. I would be careful about saying how much you can raise now and can raise in the future as that may influence them to steer you towards a long term repayment of the entire debt or holding out for a higher amount.


lrhall41

Submitted by indymps6 on Sun, 09/25/2011 - 10:48

( Posts: 16 | Credits: )


Thought it was too soon. I called back about three days later. The woman on the phone obviously had no notes of the previous conversation because she had no idea what I was talking about. The previous caller had indicated I could offer settlement for the combined total on both cards. This woman was only looking at one of the cards and I constantly had to remind her of the second card and that the offer was for both cards. She didn't seem too eager to negotiate and while she offered settlement for the one card, she started at 77%. Anyway, I just said I'd call back but I think I'll just let it ride for a while. They haven't called back yet.


lrhall41

Submitted by jd7299 on Tue, 10/04/2011 - 08:45

( Posts: 10 | Credits: )


you can call back tomorrow or later today if you want -- you may have just gotten a bad rep on the phone--

I also have 3 cards with chase -- one is later than the other two --

but if you get the right person you may do better --

when I give them my social security number they are able to bring all 3 up right away -- you may want to start with that instead of the account numbers --

good luck !! :):D


lrhall41

Submitted by chrissyhen1 on Tue, 10/04/2011 - 12:26

( Posts: 151 | Credits: )