Chase Settled at 30%
Date: Sat, 11/14/2009 - 08:32
Hi Everyone, I have posted on here a few times. Here is an update of my Chase encounter.
My original balance was $24,000. I offered Chase to settle for 35% ( around $8400)the first month late. They declined several times.
They would not offer a decent settlement because they said I transferred some balances to the card just before I quit paying. This is true.
They offered to settle at 90% for first two months
then 80% for 3rd month.
Then 70% 4th month
Then 50% for the last month.They just would not meet my terms to settle for 35%.
At around day 150 they quit calling me every four days like clockwork. I always talked to them by the way, and tried to take the calls. Most were nice to talk to, but there were a few jerks. I may have taken about 40 phone calls total.
They send a Demand letter with the threat of sueing me on day 155.
I called them on day 156 and they settled for 30% one lump sum pmt on a new balance of $26,200 which is $7,860.
It is funny to me because they ended up getting $540 less from the original settlement offer I proposed 156 days ago even though they added on $2200 worth of interest and fees. So, they are getting $7860.
Good luck to anyone that needs to settle out an account. Stay the course. I was very frustrated but new that every time I took a phone call from them, I was one call closer to getting my settlement terms met.
My original balance was $24,000. I offered Chase to settle for 35% ( around $8400)the first month late. They declined several times.
They would not offer a decent settlement because they said I transferred some balances to the card just before I quit paying. This is true.
They offered to settle at 90% for first two months
then 80% for 3rd month.
Then 70% 4th month
Then 50% for the last month.They just would not meet my terms to settle for 35%.
At around day 150 they quit calling me every four days like clockwork. I always talked to them by the way, and tried to take the calls. Most were nice to talk to, but there were a few jerks. I may have taken about 40 phone calls total.
They send a Demand letter with the threat of sueing me on day 155.
I called them on day 156 and they settled for 30% one lump sum pmt on a new balance of $26,200 which is $7,860.
It is funny to me because they ended up getting $540 less from the original settlement offer I proposed 156 days ago even though they added on $2200 worth of interest and fees. So, they are getting $7860.
Good luck to anyone that needs to settle out an account. Stay the course. I was very frustrated but new that every time I took a phone call from them, I was one call closer to getting my settlement terms met.
Good for you! I am considering using debt free associates to h
Good for you!
I am considering using debt free associates to help with my settlement. Not sure if I am doing the right thing. I just don't have the time or patients to call or answer calls.
My account is 90 days past due and it isn't with Chase anymore,
My account is 90 days past due and it isn't with Chase anymore, they have sent
it to a place called IC systems to try to collect, did you have that same experience or
did you account stay with Chase the whole time??
my account stayed with Chase the entire time. Good luck.
my account stayed with Chase the entire time. Good luck.