Chase Settled 35%!!
Is everything is in written paper works?
Just a caution to remind you.
Best of luck :)
Yes everthing is in writing so I'm good to go - just need to make the payments as they have on letter and i'm done. Thanks for the reminder though.
I settled today one of my chase cards. This is my third month late on payments. I told them I had no other option other than to settle and that I can settle 40% of the total owed. They approved, and I said I wanted it in writing, and I could send them a cashiers check for the amount. Last month they said all they could offer was 70% that I pay from the amount owed, I couldn't then. They also at that point offered a 55% which was to high for me too. Maybe I could have gone lower from what I read here, but I am more than happy because that is just one of the credit cards I owe. Glad I saved here and there some money. Stacy66
Is this direct with Chase, or a collection agency? Who was the current holder of the debt?
The reason we need to know this is because anybody who also has to deal with that company now has a general idea of the acceptable guidelines they company has for settling.
Chase and Capitol One typically sell the debt or use a contracted collection agency. I have personally worked both their files, and they went through several different companies who ended up all using our lawfirm. The company that is contracted or buy the debt is what determines the acceptable settlement limits, not the banks.
Many banks use a company called NCO, and the settlement rates can be absurdly low. Some BoA debt holders will settle for a half eaten bag of chips.
The OP's post says they were 118 days late so it was either with an assigned CA or chase itself.
You should clarify that Cap One as a general rule does not sell its paper but assigns it to CA's. Some is sold but the major is held onto by cap one...they also have a high litigation rate.
My post wasnt that long, how could you have missed me saying that was a possibility not once, but twice?
The ligation rate is no different than any other company. One of my jobs as a collector was to verify the suitworthiness of files. There are coded internal collections scores which express the priority of a debtor to be sued. The vast majority of people were not to be sued unless we could find that they had property which did not have a judgment or lien against it.
Banks typically have their own rules for us, like dont sue anything under $1500, and they only approve litigation in batches. It doesnt make sense for them to sue everyone, they would have to pay the lawyer's out of their own pocket and then wait until people could pay or had jobs. They then have to find out the people had jobs, and hire us again to garnish them.
Banks are not any more zealous than any other company when it comes to any general dollar amount.
Any company that handles debts above $1500 is going to have an above average litigation rate. This is because the average litigation rate is reduced massively by the companies that have a million $300 accounts they never sue.
For someone to have an accurate view of average litigation rates, they would have to reduce the standard deviation of the sample group to avoid the smallest and largest accounts.