Anyone dealt with Wells Fargo or Chase lately?
Date: Wed, 03/07/2012 - 15:47
For background:
I was able to get a 45% offer submitted to Wells on a balance of $12.5K. Offered to pay it all in one payment so we'll see how that goes. Should know by Sat.
Chase was moving along nicely on both cards (% coming down over time) but have hit a road block over the past two months. I'm stuck at 40% on a balance of $15.5K and 30% on the second balance of $5.5K. Charge off for both cards is March 30.
Anyone dealt with these guys lately and have anything to share? Any advice on how to proceed given approaching charge off? I don't have the cash to pay Chase at those levels so I'm not sure what to do.
Thanks.
The last 2 Chase I did were at 30%, both settled the same day an
The last 2 Chase I did were at 30%, both settled the same day and conversation.
They called me several days after I offered 20%. They were stuck at 40%, after talking a bit I asked him to please submit an offer of 30%, he said if he could get the 30% approved for the one, he was confident he could get the other at 30%. Both were approved at 30%.
As a side note, I had a lengthy, candid conversation with a collection agency today, she seemed very sincere and said things have changed in the last 6 months or so and many banks are raising there settlements and not negotiating as much as they used to. Perhaps she was playing the nice card to get me to settle at a higher amount (didnt work by the way), but my recent conversations with several creditors makes me believe her, they seem to be saying this is what is on the table, take it or leave it.
I've been a little disappointed with my progress, they are/were
I've been a little disappointed with my progress, they are/were all due to charge off this month.
Target went to collection early, I settled with the CA for 40% in 3 payments.
Chase just settled last week at 35% in 4 payments.
Discover hasn't been willing to do much, but my account is $4500 and is only about 2 years old, which might be why. I kept calling, but they wouldn't go below 70%. I was told they would charge off on the last day of this month, however I got a call this week saying that if I didn't work out something by the end of that day it was going to an attorney. I called and asked again to settle and was told that my only offer at this point was for them to deduct $1000 from the balance and set up 60 payments for the remainder at 0.99%.
Citi charges off in a week or so and the best offer I've gotten is 50%, I'm not sure what to expect at this point. Has anyone settled with Citi recently?
Updade
FYI - completed all three settlements this weekend. Wells approved the offer they had submitted at 45% and Chase settled both accounts at 20%. Chase was tough - they were firm on 40 and 30 percent, respectively and wouldn't even submit anything else. I kept trying different phone numbers until I got someone sympathetic. He heard me out and submitted both accounts at 20%. Accepted! I'm paying Wells in a lump sum and Chase spread over 90 days. Stoked! Thanks for all the help on this forum!