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Settled with Wells and Chase today!

Date: Mon, 03/12/2012 - 09:59

Submitted by jd7299
on Mon, 03/12/2012 - 09:59

Posts: 10 Credits: [Donate]

Total Replies: 4


I completed three settlements this weekend!

Wells approved an offer I got them to submit at 45% on a balance of $12.5K

Chase settled two accounts at 20% on balances of $15.5K and $5.5K.

Charge off was at the end of this month for all three cards so that certainly helped. Wells was actually easier than I thought and Chase was tougher. Basically it just took getting the right person on the phone that would work with me.

Wells was stuck at 50% for the longest time but I just kept trying and eventually got someone to submit a 45% offer. Accepted!

Chase was firm on 40 and 30 percent, respectively, and wouldn't even submit anything else. I kept trying different phone numbers until I got someone sympathetic. He heard me out and submitted both accounts at 20%. Accepted!

I'm paying Wells in a lump sum (which helped get that one done) and Chase spread over 90 days.

Stoked! Thanks for all the help on this forum!


Hi - I'm trying to settle with both of those companies as well. It's encouraging to hear of your success. Do you happen to have the mailing addresses for their collections departments? I'm trying to preemptively send them a proposal.

Thank you!


lrhall41

Submitted by thephilipj on Mon, 03/12/2012 - 13:03

( Posts: 10 | Credits: )


I don't. I never wrote them. The key for me was time; the longer I waited, the better offers I got and the more consideration they gave to my counter offers.

Take note of all the different phone numbers they will give you and when you are ready to make an offer call them all - or keep retrying the same one - until you reach someone who will listen to you and submit your offer.

For example: on the day I reached settlement with Chase, the first gal I spoke to was absolutely positive that they couldn't do any better than 40% on $15.5 and 30% on $5.5. So I thanked her, hung up, called a different number that I had collected along the way, and got a very sympathetic gentleman who submitted both accounts at 20%. It was approved.

It's a crap shoot. Use time to your advantage and keep at it until you get closer to what you want. They will get more flexible the closer you get to charge off. And if you aren't getting anywhere, just give it a week or two and try again.


lrhall41

Submitted by jd7299 on Tue, 03/13/2012 - 14:49

( Posts: 10 | Credits: )