chase settlement question
Date: Sat, 03/12/2011 - 07:35
Submitted by had_it_with_credit
on
Sat, 03/12/2011 - 07:35
Total Replies: 4
[COLOR=black]First I would like to say I came across this site a few weeks ago while looking for help with my current credit situation. What a wonderful site. I have enjoyed reading the many posts on here which has given me valuable insight as to how to handle my journey. Here is current situation with as many facts as possible.[/COLOR]
[COLOR=black][FONT=Arial][COLOR=black]Both I and my wife have been out of work since July of 2011. We have 64,000 of unsecured debt. 20,000 has been settled for 5,000 so far. We stopped paying our credit card bills beginning in August 2011 due to lack of income. We want to avoid bankruptcy if at all possible. Main goal is to settle.[/COLOR]
Here is my current roadblock.[/FONT][/COLOR]
[COLOR=black][FONT=Arial][COLOR=black][FONT=Arial][COLOR=black]Chase-Balance 10,000. We have had plenty of phone conversations. In the beginning, a settlement was not an option. Best settlement option on table now is 6500 down from 8500. Account is currently in Active Litigation Department. Last payment was made September 16, 2011. March 16, should make the 180 mark. We just received a court summons for full repayment that must be answered in 35 days. Chase active litigation department states a settlement can still be reached of 6500.00. I have been offering 2800.00 which is our tax refund money. They have said that is not an option but say they are recording the offers. I am not sure on how to proceed from here with this one. Lawyer letter is from their in house attorneys in my local area. Talked with the attorney handling my case who only offered full repayment option. Would hold off lawsuit for a few months until employment is reached but payback plan has to be agreed to now. If a job is not landed before the agreed start of repayment plan and payment is not made a judgement would be made against us. We have until 2nd week in April before this moves ahead. I might have to spend the refund money and put it toward an attorney to help me with this matter which takes my lump sum settlement money off the table. Any advice or similiar stories would be appreciated. Thanks![/COLOR][/FONT][/COLOR][/FONT][/COLOR]
In this case I wouldn't waste the money on an attorney. Normall
In this case I wouldn't waste the money on an attorney. Normally I NEVER suggest that but in this case it looks like you are not disputing the debt and with this situation I don't think a lawyer can help you any better than you could help yourself. It seems you are stuck between a rock and a hard place unfortunately. It looks like they are going to stick to their guns. Go ahead and let them take you to court since that seems to be the only option. take all of your documentation to prove your financial status to court with you and be honest. You are both out of work and have offered what you had, the refund money, but it was turned down. At least that shows the judge you were trying to settle.
Normally a judge could order a payment arrangement that is usually based on your financials, but since you are both out of work I don't see how you could make those payments.
What will likely happen is that you will have a judgment for the amount. If you have a bank account I would withdraw the money from it and start loading those prepaid debt cards so they can't go in and take your bank account and leave you with nothing to live on.
When you do find employment the first thing you should do is send them a written payment arrangement, not mentioning your new job, sent certified mail return receipt so you have proof. Make sure the offered amount is reasonable (use your budget to determine how much you can afford while still leaving you a little funds for emergencies). This way if they turn down your offers (make them repeatedly every couple weeks or so) and they go back to court for a garnishment, you can contest the garnishment and remind the judge that at the time of the judgment you had no employment, but the second you got employment you immediately attempted to set up payment arrangements that they turned down. Then you can show the judge your financials to further back up you were offering what you could afford. More than likely the judge will rule in your favor insofar as to order a court approved payment plan, perhaps even the same one you offered, and then the OC would have no option but to accept it.
This isn't a guarantee, but at least it shows you have been 100% honest and were trying to make it right, you were just in a very unfortunate situation.
Thanks goldenbast for the reply. I have talked with a neighbor w
Thanks goldenbast for the reply. I have talked with a neighbor who went through a similar situation last year and he said hopefully they would still make another offer as it came down to the chargeoff time. He had found chase to be the easiest when working with them. The fear of the unknown and what ifs is what can make you crazy in the meantime. Chase did say they will continue to reach out to me in between and they can still be directly contacted as both departments share and assist with the account together.
Greetings "[URL="http://www.debtconsolidationcare.com/forums/mem
Greetings "[URL="http://www.debtconsolidationcare.com/forums/member.php?u=245497"]had_it_with_credit[/URL]",
Quoting "The fear of the unknown and what ifs is what can make you crazy in the meantime. Chase did say they will continue to reach out to me in between and they can still be directly contacted as both departments share and assist with the account together."
In my opinion, I would telephone them everyday and get really agressive as it can't hurt at this point.
Repeat your story.
Ask them how you can make this go away and help both of us.
You know the spill.
Regards,
King "Kash" Jabba Labba
Thanks for the reply King Jabba Labba. I was going to contact th
Thanks for the reply King Jabba Labba. I was going to contact them on Monday to keep trying. I just dont want to wait too long to answer the complaint. Seems I havent found he right person on the phone yet. BOA was rather easy. They made me the offer. I tried to counter it, but in all honesty, it was way less then I had planned on paying. Lets see what happens!