Chase and BOA Help
Date: Sat, 09/25/2010 - 13:25
BOA is only 25 days late and a settlement wasnt available as of yet. I am routinly behind on this account and have 1 missed payment with them. I dont avoid them and I speak with them everytime they have called looking for a payment. When we talked I gave them updated income information, along with my current expenses. She agreed that I cant afford the payments... So I will have to wait.
Chase offered me 80%. They said the offer was good for 5 days. I explained I only had $7500(40%) left in my retirement account and dont have any other funds available to me. She said 80% is the best they could do at this time and to call back and try my best on the payments.
The numbers I used for both Chase and BOA were from this site and got me in direct contact with a account manager. I called a few different numbers and got the same answers. I have read where several on this board are able to counter Chase's offer, do I need to speak with someone else at Chase? Do I ask for a supervisor, rather then dealing with an account manager?
I am current with a payment due on the 28th on my 10K chase card
I am current with a payment due on the 28th on my 10K chase card and just missed the payment due on the 23rd for my 8K chase card. I plan on calling back next week when I have missed the payment on my 2nd card and once again give an update on my situation. I am encouraged that they have at least considered a settlement, as I was only a few days behind on 1 payment. Hopefully when I speak with them next week after I miss my other payment I can gain a little more ground. I am on the Hardship program and have been for nearly 9 months, so this has been an ongoing problem for me with Chase. They also have access to my checking/savings accounts and see what I have coming and going out every month. I should say did, as I opened a different checking account yesterday, so Chase wouldnt be able to pull money out of my account that I need for my mortgage, school loan and car payments to pay on the credit cards.
The number I called was 1-866-339-8391 and spoke with an account manager. I just wasnt sure if I was wasting my time speaking with an account manager or if I should ask to speak with a supervisor. I know I maybe a little premature, since I am not even 30 days past due, but I figured it wouldnt hurt to call and at least let them know that I am having problems.
Chase update. I called yesterday and spoke with another Account
Chase update. I called yesterday and spoke with another Account Manager/Supervisor, I asked her if there is anyway to counter the current 80% offer and she explained that I had to wait 5 days for the current counter to expire. Chase considers their first offer of 80% to be a counter, since the first offer is the full amount due. The lady was very cool and even gave me tips for the next time I called in. She said to explain once again that I have limited income coming in and I cant make my monthly payments any longer. She also told me to tell them the exact dollar amount I can offer and ask them if they are rejecting this payment. I asked her if there was a way to speak with a supervisor and she indicated that I was speaking with a supervisor and the only one higher then her would be a Sr. Supervisor and I would have to wait for the first counter to expire. I will update after Wednesday...
The reason you're having difficulty is likely because you are cu
The reason you're having difficulty is likely because you are current. Unfortunately, most CCs aren't willing to even discuss settlement until you are 90 days or more behind.
I 2nd what Ohio said. I stopped and settled 5 cards and no one
I 2nd what Ohio said. I stopped and settled 5 cards and no one offered anything low until at least 150 days old. If you really want to settle and have the funds, stop making any payments and save. Talk to them 1 a month and in 150+ days you can settle.
Quote:Originally Posted by OZZIE69I 2nd what Ohio said. I stoppe
Quote:
Originally Posted by OZZIE69 I 2nd what Ohio said. I stopped and settled 5 cards and no one offered anything low until at least 150 days old. If you really want to settle and have the funds, stop making any payments and save. Talk to them 1 a month and in 150+ days you can settle. |
Ditto to these responses. Marginal settlement offers do exist, when you are not even late...believe it or not. I had a $50k acct with BOA that I paid in full. Later I learned that they would take off 10-20% just for a full-payment of the balance if you tell them that you received a windfall and are otherwise unable to pay.
But true settlement opportunities occur near charge-off at 150 days or so.
