Any Recent Chase Settlements Out There ?

We seetled 31K for 30% 2 weeks ago.
We were 5 months past due. They easy to work with. You just need to wait longer.

Chase is one of the best banks to settle with before your account reaches charge off. settle for about 60% off at 5 months delinquency in most cases.

I just settled with CHASE today. I had missed 4 payments to date. My current balance was almost $28K....originally $24K. I settled at 40% which was $10,900.

I definitely recommend to everyone......try it on your own first. Just be patient and have thick skin. Get past the first few months of harrassing and mean phone calls and they actually get less frequent and the account managers become nicer.

Now I got to save up a little more and work on two more creditors.

Good luck to you all.

I have 30k on 2 chase cards. one of them I juse wrote myself an 8000 check on they had sent me in the mail. I needed to catch up on other bills. How should I go about setteling these? Shiuld I atleast make one payment on the card I took the 8k on?

Did you have to make your payment to Chase in full? I have 2 cards - 18k with them. There is no way that I could even pay 30-35% in one payment...maybe spread over 4 months... Help!

chase have send me pre legal department anyone has any idea about it

I paid in full. I sold a vehicle awhile back and have been saving up for settlements.

Don't worry about Chase Pre-legal stuff...they are just trying to scare you. That is where my account was when I settled...they tried to scare me and say that I was 4 days away from going to the attorneys. From what I remember they told me that you stay in pre-litigation dept for 45 days I think.

I paid in full. I sold a vehicle awhile back and have been saving up for settlements.

Don't worry about Chase Pre-legal stuff...they are just trying to scare you. That is where my account was when I settled...they tried to scare me and say that I was 4 days away from going to the attorneys. From what I remember they told me that you stay in pre-litigation dept for 45 days I think.

what percentage were you settled for chase

I settled at 40% of current balance. 44% if you go by my balance at the time that I stopped paying.

I have one chase business card with balance of 10. They offered 60% at 130 days late. I counteroffer at 35%. They declined and said never below than 60%. Any idea? I don't even know I am personally responsible for the account, since it is LLC business card. I plan to offer 40%. Is this a good idea?

Chase has offered me a five year pay off plan on three seperate cards iahve with them. Them gave me a low fixed rate and low payments. I am still having difficulty making the payments. If I stop paying will they still settle my debt? They told me if Idefaulted I would not be elgible for any other help.

Thanks,

Bob

do not accept hardship plan . you settle it later .

Don't listen to anything they say. It is their job to scare you into paying. Just look at this forum and you will see that they are lying that they don't go below 60%. Stick to your guns.

I just made a settlement agreement with Chase today for 40% of the original balance. I had been ignoring their phone calls until I knew I had a little bit of money to work with. I picked up on Monday and was offered half off as soon as I mentioned bk. I told her I didn't have that and she put me on hold and came back with offer of $3865 over 4 months. I told her I would have to see what I could do and let her know because I only had $2200. I called back this morning after borrowing $500 from a relative and told them I was able to offer $2700, they declined. I waited a couple of hours and called again offering a lump sum of $3000, I told her I was still not sure that I wouldn't be better to go with bk. I also told her that if I didn't file bk, then I needed to get one of my creditors to accept what I had now. She placed me on hold and then came back and said she didn't know if they could do it because I had done a balance transfer in Nov. for $4800.00. I told her that I was aware of that and at the time had no clue that January would bring pay cuts & layoffs at my husbands company since they had NEVER had this happen in the past. I didn't get rude with her or deny the transfer, just left it at the facts. She placed me on hold again for quite some time and finally came back stating that they would get the paperwork for my settlement in the mail and that I needed to pay by 7/12.

Just don't let them know if you have the settlement money. Then they just want you to catch up the account. Let them think that you at least have to wait for a friend or relative to get the money to you.

BTW, my original balance was around $7600 and my account was 146 days past due.

I was offered 55% yesterday and am holding out for 35%

I settled for 65% on $40k. I was less then 30 days late on 3 cards and wasen't even late on one card. I know I could do better, but it was a figure I could live with, and I am in a hurry to get things straightend out. Not to mention Chase was the fairest of all the compaines I have had thru the years. If I could just get those sharks at Advanta and BOA to deal a little on the 7k I owe each I would be all set. But both were quick to screw me and both don't want to deal at all.

Shawna
How late is your account? Just trying to get ideas.
Thanks!

My account with Chase went to their Pre-Litigation dept. They said they could settle the most of 70% but that's it. I told them I don't have the funds for that. My balance is $3,600 right now. I offered them $1,000 because that was what I could borrow from my family. They declined. Will they sue me? What should I do? I am only 39 days past due and it went to their pre-litigation dept already. BTW I settled with 2 of my other accounts with them already, one for 30% full balance and the other for 36% in 4 payments. Could the reason it went to pre-litigation so quickly because of the other two accounts?

Don't fall for their lingo. Collectors and credit card companies use words like pre-litigation department to make you think you have to settle immediately. Time is always on your side and you can always settle even if they sue. I just received an offer from a collector at 30% on a 2-3 year old Chase debt. I doubt they ever sue me. I am still waiting for them to validate.

Chase pre-litigation is a very real department.
Yes, there is a very real chance that your account will next be referred to either Chase legal or local counsel, who will then attempt to collect with authorization to file suit as part of those attempts.

I doubt the account was flagged for pre-lit because of the other settlements.


mileage may vary

39 days is too early for them to settle. They just scare you to accept 70%. Wait until it passes 100 days. They will bend down to a significant number. It's unlikely that they sue you for jsut a small balance. Throwing good money after the bad! They scared me before but settled for 36% for all 6 CC after 95 days late.

We received a call day 36 with an offer to settle our account at 80% or 20% off. Balance is approx $9300. I thought this was a start in the right direction.....Four days later we received a letter demanding the entire balance within 15 days or they would sue...Made no mention of pre-lit dept. Approx 4 days later received another call essentially saying the same thing, adding in the logistics, Sheriff to serve summons, Judgment wage garnish etc...I wonder if this has anything to do with the fact that they hold our mortgage....My associate settled his 2 chase accounts within the past 2 months...2 accounts Balances 20K and 19K, they agreed to 4 payments of 1K, or 20% on each...I'll update whether or not they are bluffing...

Quote:

Dollars,

It is as you describe, a scare tactic. It is also a very real department where accounts land before being transferred to Chase legal.

Chase legal will file suit at 90 days.

I agree that being sued is just another opportunity to settle and I also support your numbers.

People react very differently when stressed. The fact with any settlement is that the math has to work. You have to hit a number that you can fund and that the creditor will take. That is sometimes easier said than done.

If the math does not support the settlement, it doesn't get done. If you get sued and the numbers still do not work, you will have to mitigate the damage from there.


Mileage may vary

Chase called today and I got up the nerve to talk to them. They were very nice. I explained that I lost my job in August and haven't yet been successful in finding employment. They said they had several offers for me to repay, and that I will be charging off soon (the rep confirmed they will charge off this account on November 30). I said that my mother offered to loan me some money for settlements, and they said they do have a settlement offer for me.

My balance (with bloated interest & late fees, etc.) is 1500.00, but they offered me 1100.00 in 4 payments. I called back and explained I could not afford that and then offered them $450.00. They said they will submit my offer and call back today or tomorrow if they accept or not. They once again reminded me "how great" their offer was, in 4 easy payments, but I reminded them that I have 14 other cards and this is all I can get. They read me some terms, and I inquired about selling it off to a collection agency, and they said they wouldn't do that. They won't send me a letter unless and until my offer is accepted.

This is my first offer and my first attempt at negotiating. I was shaking the whole time and extremely nervous. I know that it's a relatively low balance, but again, there are 14 other cards to consider. I am hopeful we can come to an agreement, as it is close to the end of the month. This has surely boosted my confidence in talking with the OC's, but I know the others may be more difficult. I just feel really great about this right now!!!

Just recieved settlement letter for Heloc today and I am happy. Settled $68,000 heloc for $15,000. The best part is that I still got to keep my house. Began the process in April and it all ended today. Now that is being Blessed!!!

I settled on a 122 HELOC with Triburo at 20,000. I started at 1500. You have to have tough skin and ride it out with these guys, they never want to go to court.