When to settle with Citi and Chase
Date: Wed, 02/04/2009 - 07:29
Citi 114 days right now and offering 65 cents on the dollar but I still think its too much. They write off at 180 days so I figure I can wait until the 150 day and start calling. Is this a good idea? does anyone know what is their limit? They seem pretty relax when I call them and hopefully they become reasonable.
Chase gives me the same, 65 cents on the dollar. It is also at 114 days. They say it is on prelitigation, however I think that is kind of funny because why would they want to take me to court on 7k? , I would think it cost more but I am sure they know. They sent me a letter saying they are going to start a litigation against me if I do not pay. I am sure the letter is valid as in theory it is a breach of contract however I think it is too early (90 - 120 day) to start talking about litigation and all that jazz. They said I have 15 days to reply and form an agreement with them but I called them yesterday and told them 35% which is quite good I think but they refused.
Has anyone delt with Chase? what is the settle limit percentage? when will they be at there lowest to settle?
Any advice is greatly appreciated!
Thank you
Oh and I am doing this by myself. Also, Chase says they will on
Oh and I am doing this by myself. Also, Chase says they will only take 1 payment if its a lump sum settlement. Is this true that they will not spread out? or will they eventually give a 3 month period?
It is funny because when you cannot pay they raise the rates to 29.99% like that motivates me to pay. I do not get mad or depress or sad or any of that. I think its all pretty interesting and a learning process.
Be careful here Debt Hudini
While I appreciate your eagerness for knowledge, negotiating with creditors without caution may not be the best arena to get your ???learn on???. One misstep with these creditors could seriously affect the negotiation and repayment process, not to mention what has already happened to your credit.
Typically, most creditors will ask for the entire negotiated balance up front in order to settle the debt. Some will allow you to pay a very large amount followed by much smaller installments.
I would strongly suggest at least talking professional 3rd party company before making a final decision on settling your debt. They???ll help you better understand the pros and cons of certain options. For example, one of the advantages to professional 3rd party settlement companies is you make monthly payments over timeframe that you can comfortly afford. I could suggest some trustworthy companies. PM me if you would like more info.
Thanks for the info. I will take that into account. With Citi
Thanks for the info. I will take that into account. With Citi getting bailed out and pretty much selling its credit card division soon, I am surprise they don't want to settle with credit card holders faster.
I don't like getting depressed or sadden by debt or even the economical state. I figured if anything I can learn from it and if not I can always go and live in the jungle of Costa Rica and surf all day like tarzan =)
I know. One would think that they???d be a little faster o
I know. One would think that they???d be a little faster on the draw with the economic conditions being as they are.
I would urge you to make that call sooner rather than later. Unfortunately these debts will become collections and liens rather quickly. Having a lien on your credit report could disable you from borrowing money from lenders for the rest of your life, regardless of where you live.
One more bit of knowledge from personal experience: If you do go to Manuel Antonio, Costa Rico, never stay at Los Byblos resort. My wife and I had our casita robbed while we were out. FYI..
Hahaha... you are great! thanks for the little bit of of persona
Hahaha... you are great! thanks for the little bit of of personal FYI! sorry about the Casita....
debt hudini, you have a good understanding of how it all works,
debt hudini, you have a good understanding of how it all works, you've already settled with BofA, don't let anyone scare you into hiring a "professional co". Save your money. You are correct these accounts need to age a bit more before they will work with you. Citi will settle around 50% close to charge off. I don't have experience with Chase, but there's a good chance they will too. Just keep telling them what they are offering is way too high, and that you don't have it. Offer low around 30% untill it gets closer to the 150-180 mark and then offer 50% if they don't first. And always talk in amounts not percentages when negotiating. Good Luck