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I have been trying to settle with CHASE and they are quite tuff, in my opinion. I went in low and they gave me a flat NO and basically tried to settle for 50% and still got another NO and they came back with 65% BUT they are not willing to send me a settlement letter first. They want me to send the money first-which I don't have that is why i wanted to settle for a lot less than 50%-and refuse to send the letter. Now I am stuck. They said call back in 48hrs, but for what if I don't have the 65% they are asking?!?! Do I move on to another card and try to settle with them? What should I do?? Pl;ease anyone HELP!!!! I'm drowning here!

Part of the offer they are giving is based on how delinquent your account is. If it is only 1 month late then they will not take a 30% settlement. It would not hurt to negotiate with a couple cards at a time. You can play it to your advantage by playing one against the other. Let them compete for your settlement money. Do not send any money until you have an agreement in writing. Do not agree to a settlement for more than the cash you have on hand. Do not agree to 2 settlements if you only have enough cash for one. For example, if you only have 2k which happens to be 30% of the debt then don't agree to settle for 3k because you don't have it. Do not give them electronic access to your bank account. Do not pay with a personal check or a personal post dated check.

You might consider giving chase one more shot and telling them you have x amount of dollars as settled in full and that is all you have today to offer them. If they do not accept then tell them you will make the same offer to another creditor. I would spend 5 minutes max on the phone with them. You do not need to put up with 15 minutes of additional abuse. If they even think about being abusive on the phone then hang up. You don't need the additional stress. Remember time is on your side. There is no reason you have to settle today. I would give them a figure and say that is my offer period. You can accept it today or in 6 months but it is still going to be the same amount.

Sub: #1 posted on Tue, 09/09/2008 - 06:48

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Thanks soooooo much for this response! I am about to sell my soul to the devil I am soooooo stressed out about this! I will do as you say and give settlement with another card a shot and see how it goes for me. I guess I need thicker skin!! Thanks again!

Sub: #2 posted on Tue, 09/09/2008 - 07:13


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