Approaching Charge Off - Need Advice (Wells Fargo & Chase credit cards)
Date: Wed, 01/04/2012 - 10:22
So here's my situation:
Wells Fargo Credit Card - $12,000
Chase Credit Card 1 - $15,200
Chase Credit Card 2 - $5,100
All three will be at 180 days and charged-off in mid-March.
So far I've gotten a 50% settlement offer from Wells and 60% percent from Chase, which they said they could apply to both cards.
I don't have the cash yet to settle at those levels and I'm getting nervous. I have not engaged in negotiation these rates so far - just said that I could not pay now at those levels and hope to have some free cash in the next month or two (which I will).
Any strategy or advice for negotiating a lower settlement over the next 2 months? I don't want them charged off and have to deal with collection companies or lawyers.
Wells Fargo Credit Card - $12,000
Chase Credit Card 1 - $15,200
Chase Credit Card 2 - $5,100
All three will be at 180 days and charged-off in mid-March.
So far I've gotten a 50% settlement offer from Wells and 60% percent from Chase, which they said they could apply to both cards.
I don't have the cash yet to settle at those levels and I'm getting nervous. I have not engaged in negotiation these rates so far - just said that I could not pay now at those levels and hope to have some free cash in the next month or two (which I will).
Any strategy or advice for negotiating a lower settlement over the next 2 months? I don't want them charged off and have to deal with collection companies or lawyers.
charge off
I have one account that already charged off with chase -- went to united collections -- am trying to settle with them for 20 percent --
was already told no lower than 25 --- so even though its a charge off -- not the end of the world -- you can still deal with collections company - just a little more edgy --
good luck :)
Did 1 chase at 35%, then 2 additional chase at 30%, all 3 only 9
Did 1 chase at 35%, then 2 additional chase at 30%, all 3 only 90-120 days late. Some have posted better results with chase, as low as 20%