Hey guys/gals

Chase settle with us for about less than 25% (don't have exact figures at the moment.....) after about 120 days...they were fairly easy to settle with at that point. Why not wait and settle a little bit later so that you can get a lower settlement amount so that you can do the 3 payments. That is all they offered me...was lump sum or three payments....because we settled around $11,000 for $2,500 we were able to settle in a lump sum....we would not have been able to do that at 50% settlement!

Lots to think about....maybe someone else has had a different experience!

I too agree to wait longer and see if you can get a better settlement that you can do in 3 payments. My chase settlement was about 35%. My one cap One was a 50% settlement and the other cap one card they are just refusing to settle on and it is 2 months past charge off and still in their recovery dept. Only settlement on that one offered at this point is 88%. So if you can get a 50% settlement from them take it because they can be very stubborn.

Well thanks for the replies but I'm still wondering if anyone else has done more than a 3 payment plan. 3 months seems to be the norm. I'm also wondering if it would make a difference to have the payments SACH'd from my account (would that make them extend the payment plan a bit, because they would feel more secure in getting their payments, as opposed to me just mailing a check every month).

When you settle, part of the condition is money for the creditor over a short time period, usually 3-4 months max. Anything more is considered a payment plan.

ACH is used cause collectors are tired of the old phrase "the check is in the mail". It shows intent to make the payment each month and is often a condition of a settlment.

Thanks soap lady

I had another quick question; I could possibly get enough money to settle with Chase but i wouldn't have all the money until at least Sep or Oct. If I negotiated a settlement is it possible for them to wait a month or two before payments start? I know you folks aren't experts on here but maybe someone else can share their experiences with settlements and how the procedure worked, in regards to how many payments, how much original balance, how much was settled for, how long it took you to pay it off...etc etc. Has anyone done a settlement, started paying and then couldn't finish paying the agreed upon settlement? WHat happened to you? I guess I'm just really nervous and would like to feel comforted a bit through other folk's success, and even failure, stories.

Thanks