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Just settled Chase/ IC Systems...

Submitted by dantheman on Thu, 03/25/2010 - 09:34
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30% of $20k in a lump sum at 180 days. It was tricky as they wanted 40% firm. If I needed 3 payments it was 50% without any possibility of negotiation.

I just crossed $100k settled at average 31% on my own with the help of you on this board.


A big congrats to you!! I saw another thread where you just settled with BofA also. Your settlement journey is almost over, and I am sure you are very happy to see it end. Overall, was this harder than you thought it would be to work with the creditors?

I have Chase & BofA personal ccs and hope I can be as successful as you. I am really stressed, anxious, nervous, etc; I have spoken to them only a few times, but probably should take more calls. How often did you talk to creditors and did you let them bring up settlement? Any advise is welcome. Thank you.


Submitted by MGB on Thu, 03/25/2010 - 11:45

MGB

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Thanks everybody. I'll try to hit all points here but feel free to pm me. Yes, self-employed. The company associated with the wf businessline was liquidated and I was a broke guarantor. Other self-employment information is difficult for them to see in detail, and makes it cumbersome to garnish. So I'm sure that helped a bit. BUT, primarily it seems like 30% is the magic # and 120+ days is the magic time when it all starts to come together. BOA was awesome bc it took out 2 personal and 1 biz line in a single call and settlement. Chase IC was a tough one. They were really stuck on 40%. That was TOTALLY the result of finding the right rep and multiple calls. He got me the 30% and was very candid. Probably because he was young and not hardened as a collector yet. Ummm, I didn't take all of their calls but I didn't dodge them. Kept my story consistent. If they bugged me too much, I would take the call and when they started talking I would say oops and disconnect. That seemed to trick their autodialer computer into thinking they talked to me.... funny huh?


Submitted by dantheman on Thu, 03/25/2010 - 15:33

dantheman

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Oh yea....and while I made an offer on my last cc today, I still have a big second mortgage that will be worthless in my likely deed-in lieu and the deficiency will have to be settled. So, I'll have lots of time to stay in touch. Good info on this board related to real estate issues also. Probably cannot settle that until 2011. Only then will this be over. But it sure feels good today!


Submitted by dantheman on Thu, 03/25/2010 - 15:37

dantheman

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Fantastic info thanks. We don't usually get the back story on some of these settlements so they don't seem to make any sense. Your settlements now make sense. You are absolutely right that being self employed complicates their collection efforts and it's much cheaper to simply settle then to sue and then have hopes of getting something on a bank acct garnishment. Especially since we all know that only happens once. If they don't get enough to satisfy on that first hit of the bank account then they are through because the debtor will never use that account again.


Submitted by on Thu, 03/25/2010 - 20:47

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Acting like you're entitled to a lower settlement is not exactly what I'd call helpful. You'd think that being able to settle all of this debt would be a more humbling experience but instead has only strengthened your false sense of superiority. Calling in and hanging up because you don't get your way, and then calling in again hoping to get another rep is not too far off from what a five year old does when it doesn't get what it wants at the toy store. Also remember that the written off portion of the debt gets passed on to tax-payers. I hope all this patting on the back by our wobnderful moderators doesn't get to your head... Not that NOT doing so would do you any good.


Submitted by Huus on Fri, 04/09/2010 - 16:27

Huus

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If you don't think this is humbling you are wrong. Your tone suggests that we would all be better off declaring bankruptcy and shafting everyone. Try being a business owner who's business was impacted by our wonderful economy and see what it's like to try to keep employees paychecks flowing hoping that business will get better. Then when it doesn't get better then you have to close the business and are left with the debt. Yes that is the debt to I created to keep my employees employed as long as possible since there were not other jobs out there for them. Some would say that is a noble thing to do.

From your tone I can tell you are an employee and have never owned a business and dont know what it's like to feel the pressure of responsibility to the families that you employ and the financial devastation it takes on the owner to keep YOU working and getting your paycheck.

By the way - your tone suggests a five year old that doesn't understand one thing about business. It is far better for the cc companies to get 30% then nothing. thought I would point that out since you don't seem to grasp it.


Submitted by on Sat, 04/10/2010 - 08:33

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Quote:

Originally Posted by Huus
Acting like you're entitled to a lower settlement is not exactly what I'd call helpful. You'd think that being able to settle all of this debt would be a more humbling experience but instead has only strengthened your false sense of superiority. Calling in and hanging up because you don't get your way, and then calling in again hoping to get another rep is not too far off from what a five year old does when it doesn't get what it wants at the toy store. Also remember that the written off portion of the debt gets passed on to tax-payers. I hope all this patting on the back by our wobnderful moderators doesn't get to your head... Not that NOT doing so would do you any good.



i'm going to be watching you huss.btw humanoid any written off portion that exceeds 600.00 gets passed on to that person.not the taxpayers.please know of what you speak.you sound like the five year old,and a complete fool.


Submitted by paulmergel on Sat, 04/10/2010 - 13:38

paulmergel

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[QUOTE=dantheman;671967]Thanks everybody. I'll try to hit all points here but feel free to pm me. If they bugged me too much, I would take the call and when they started talking I would say oops and disconnect. That seemed to trick their autodialer computer into thinking they talked to me.... funny huh?[/QUOTE]


Very nice tactic to deal with the autodialers.:D
How are you progressing?


Submitted by King Jabba Labba on Tue, 04/27/2010 - 18:38

King Jabba Labba

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