Initiating debt settlement

I cannot speak about Chase directly but for most CC companies:

They will not start discussing settlement until you are at least 90 days late.

You can threaten bankruptcy but is probably not a wise move. Just tell them you story and that you cannot pay. They will first offer you a hardship program but you can reject that. Eventually settlement will be discussed.

Charge off is at 180 days. The best time to settle is between 150-180 days (right before charge off)

From what I was told 50% is about all Chase will do.

If you got to my blog there are several DIY companies listed as well as things other tips to getting out of debt. Good luck!

I wouldn't bring it up to them. I'd just tell them the truth of your hardship and that right now, you cannot afford anything at the moment. They'll offer a hardship program first b/c they'll get more money over the long haul but for most, the hardship program is still unaffordable. They'll bring up settlement themselves after a few months.

I spoke with a rep from my BOA card that is only 2 months behind and she asked if I would settle now for 50%. And thats after only 2 months. If you hold out 4 months or so I think you could get 30% range.

Good luck

What is the earliest that anyone has recieved a settlement offer from Chase?

I have seen many people on this site that have settled themselves with Chase around 30%, just wait it out.

I have a debt settlement company that is working to settle my accounts. I have 4 with chase and they have settled 3 of the 4. Chase is willing to settle, but please keep in mind that they will settle for the balance as it is when the settlement is negotiated, which means after all of the fees, late charges and interested you missed paying is added in.

My lowest settlement with Chase was for 53 percent of the original (so about 40 percent of the amount after the above mentioned add-on fees) which I reached at around 150 days.

Just wanted to point this out to you.

Also, make sure you get everything in writing. That is why I decided to go through a settlement company. To me it was worth their fee in order make sure all settlements received were 100 binding. I have read about too many people getting screwed by Collection agencies where they thought they had a settlement and didn't.

I received a letter just before 60 days late from chase offering settlement among a list of options to deal with the debt. I called after a few weeks. The guy I spoke too was extremely pleasant. He told me to make an offer to chase and then they would respond with a counter offer or accept. He did eventually say is they don't go below 30% or 35%. Don't remember exactly. I wrote it down but don't have it in front of me.

Please, keep the input coming. I would like to get as much information from as many people possible; that way i am fully prepared to deal with these creditors. Personal experiences with Chase would be most helpfull.

Thanks, to everyone who has posted.

testuser1

How long ago did you receive your 53 percent offer fro Chase?

I received a settleent offer from chase roughly after 120 days. They weren't too difficult to deal with.

Good luck with your situation.

rickc - I received 3 Chase settlements to date:

The first was the one I referenced above and that was in April

The second was in June and that one was about 55 percent of the original debt - so about 45 percent of the current balance

The last was a much larger CC (started at 8000 - went up to over 9000) which was settled by my settlement company for 3400 this month.

I also have a loan with them that was 12000 which has gone to 13000 which they are offering to accent 5500 for. I just don't have the funds yet to settle that one.

I started my debt settlement program with 12 debts and superior debt has it down to 5 in 11 months with another settlement probably for this month.

One thing I want to point out is - SDS has been able to get creditors to commit to settlements with payments which is why I was able to settle with so many in 1 year. That may be something you want to consider so you can lock in the offer.

thanks for the info testuser1

My husband and I were going through a rough marriage, all because of financial issues. I couldn't believe how far apart we had started to become and how many hours we were working. We had a talk and decided that as hard as it would be financially, we would have to cut our job hours to spend more time together in order to save our marriage, and just pay our debt off slowly.

We then decided that if we just took a risk with cutting job hours to spend more time together, then maybe we should take a risk in getting help with our debt. We've been using a debt settlement program called "Easy Debt Relief" that my cousin referred us to and at first I was skeptic but I'm glad we took this risk. They've already settled two accounts for us, one was Chase, and saved us money. I figured the quicker we get our debt settled and save money, the more hours we will eventually have together.

Things have gotten so much better again with us and with our debt using the program. Anyways, I know other peoples debt stories have helped me gain knowledge in many different ways so I hope mine has helped someone too. Oh yeah and if anyone wanted the info for the debt program we're using, I would definitely recommend you to visit their website: easydebtrelief.org

Take care,
Ali :D

My husband and I were going through a rough marriage, all because of financial issues. I couldn't believe how far apart we had started to become and how many hours we were working. We had a talk and decided that as hard as it would be financially, we would have to cut our job hours to spend more time together in order to save our marriage, and just pay our debt off slowly.

We then decided that if we just took a risk with cutting job hours to spend more time together, then maybe we should take a risk in getting help with our debt. We've been using a debt settlement program called "Easy Debt Relief" that my cousin referred us to and at first I was skeptic but I'm glad we took this risk. They've already settled two accounts for us, one was Chase, and saved us money. I figured the quicker we get our debt settled and save money, the more hours we will eventually have together.

Things have gotten so much better again with us and with our debt using the program. Anyways, I know other peoples debt stories have helped me gain knowledge in many different ways so I hope mine has helped someone too. Oh yeah and if anyone wanted the info for the debt program we're using, I would definitely recommend you to visit their website: easydebtrelief.org

Take care,
Ali :D

I settled with Chase about seven months after the first default for 1/3 of the original balance (25% after fees). I called the CA after receiving a letter that Chase would settle for 35%, and negotiated it down to roughly 25%. If you ignore them long enough, they eventually get desperate.

dbg1219,

did you give them the 25% in one lump sum, or did they give you a payment plan over a few months?

I also have chase and am hoping to settle.

Thank You

dbg

Did you ignore them the entire time that your card was in default. My initial intention was to keep in contact with them and just wait for them to offer a settlement. If you could give me a brief summary of how your negotiations went over the 7 month period, it would be helpful.

I talked to chase quite a bit during my settlement process over a 5 month span and received a 46% settlement. I was honest with them about my situation and they folded in the end.

Will Chase negotiate if I have not yet missed a payment? I have to buy a new car, mine has died. Once I do that I will no longer be able to make my Chase payments.
Thanks