settling debt with chase
Date: Thu, 09/09/2010 - 00:24
i've been trying my best to keep up with my monthly payments, but I don't think I will be able to keep up with my payments anymore and the bills are stacking up. I'm hoping to settle my debts if possible and start fresh. I was able to borrow against my 401 and am hoping to use that to settle my Chase debt. Would they be willing to settle even if I've been making my monthly payments? Some people have said they won't talk to you until you're seriously behind on your payments. I just want to settle asap since I have the money now so that it won't my credit score as in the case if I go delinquent on my payments (very soon) or worse, go bankrupt (which may be an option if I can't settle). And if Chase is willing to settle, what are the correct wordings I should demand in writing from them to protect my credit score... "debt as settled", "paid off'?
Any info would help. Thanks!
just my 2 cents but i dont think they will settle if you are mak
just my 2 cents but i dont think they will settle if you are making your payments. we had the same thing with our mortgage, we were in an interest only loan having trouble and we asked for them to just put us in a regular mortgage but they wouldnt do it because we were making our payments. they didnt care that we were taking cash advances to help pay it, they even told us we should consider renting a room in our house to help. these people are trained to not care. you have to stop making your payments for them to see that you really are having trouble . then they will talk. put the money away that you have saved, so that in a few months it will be there for you...good luck, keep reading these forums there are a lot of great people on here that can help!!
I agree with cookycris totally. Also I might add that it is sad
I agree with cookycris totally.
Also I might add that it is sad but the whole thing is a game and if you want to settle you must play! You can search for my posts and see I have been there. You will have to drag it out for 3-4 months with your hardship story because they consider settling the next to last option (bk) so they try everything to get you to pay on a lesser rate (drag it out).
Think about it --if everyone just called up and said I want to pay off my cc at 25% and get a fresh start and not hurt my credit...they don't see you as taking responsibility. Not meaning to be harsh, just that I have also tried that.
Kaylee
Greetings unregisterded, "You've gotta be late if you want to
Greetings unregisterded,
"You've gotta be late if you want to negotiate".
That's it.
King "Kash" Jabba Labba
Quote:Originally Posted by Anonymoushi everyone, i've been tryin
Quote:
Originally Posted by Anonymous hi everyone, i've been trying my best to keep up with my monthly payments, but I don't think I will be able to keep up with my payments anymore and the bills are stacking up. I'm hoping to settle my debts if possible and start fresh. I was able to borrow against my 401 and am hoping to use that to settle my Chase debt. Would they be willing to settle even if I've been making my monthly payments? Some people have said they won't talk to you until you're seriously behind on your payments. I just want to settle asap since I have the money now so that it won't my credit score as in the case if I go delinquent on my payments (very soon) or worse, go bankrupt (which may be an option if I can't settle). And if Chase is willing to settle, what are the correct wordings I should demand in writing from them to protect my credit score... "debt as settled", "paid off'? Any info would help. Thanks! |
Yes, at this point, a bank is not generally going to negotiate any principle unless you are at least 90 days delinquent. Of course their could be some exceptions to this. And actually trying to negotiate prior to that could cause some additional problems and increased pressure.
To answer your second question, there is nothing you can demand in writing to protect your credit score. You are going to be delinquent if you fall behind and end up settling the debt, your score will take a hit. You have to decide what is more important for you at this time. Unfortunately you can't have both.
