Glad you arrived at a satisfactory result.Originally Posted by runningfromdebt
How quickly did they want the 45 percent (~$2950)? Over 3 payments?
And I assume you have not been making payments all this time, and the deliquency showed up on your credit history. How much did your credit score drop?
just fyi -- they offered me 35 percent this weekend in 4 payments -- but had to be paid in 90 days -- (that's usually the longest they'll drag it out) --
at 160 days right now -- good luck to you all
Yes opted for 4 payments & the delinquency is there. I can't say how much impact this particular account has caused considering I'm pending a short sale & that has been the major hitter.
I had my account charged off with chase -- now its at UCB -- they called my brother in virginia -- I live in New york -- very illegal -- but they'll say they do it for location purposes -- Spoke with the collection agency yesterday --verified my location address and number -- now if they call again to him, I believe it will be fineable -- anyway -- they said lowest is 25 percent -- I just settled an amex card so I have no funds till after 16th -- I told them has to wait till then -- he said may not be able to -- how long does an account usually stay at collection agency -- it just charged off 11/3? -- I said to him if they can't wait 2 weeks then take me to court --
chrissty
Thanks for your post. IMHO you definitely shouldn't have spoken with the CA and told them where you are. If you hadn't done that, they couldn't sue you and have you served. If it were me, I would have never talked to them and would have completely stiffed that CC lender.
yeah, well they already had my address, they know where I am since it is a card for chase and chase also has my mortgage --
they have more info on me than probably any other card -- we'll see where it goes -- def bottomfeeders though --
thanks for your post also --
Hi Chrissty,
He's probably full of @#$%. I think they get a better commission if they settle within a certain amount of time. I dealt with a CA for Amex, and they were so hard up to settle on the first conversation saying that settling would probably not be available next month, the next month they settled on my terms.
Tell him if there is a deadline, you can come up with 15%, hey you never know.
thank you!!! I know that guy was full of you know what -- he did want to settle right away -- he also wanted really hard to get me to make a payment of 50 or 100 === I told him It had to wait till after the 16th-- 2 weeks away -- him calling my bro didn't help him either -- I think I would rather deal with another company anyway --
Just the thread I was looking for!
I stopped paying on a Chase Biz CC back in June when I was out of work and on food stamps. I was able to get a summer job that ended in late Sep and afterwards I collected unemployment until I started working again in late Oct.
The business closed in 2008 and I haven't made a purchase on the card since, like a chump I kept paying until finally taking a risk and cutting it off.
In all this time I was getting almost daily calls from Chase that I ignored, they left about 3 messages in the last 6mos and I got one letter that said I might qualify for a settlement and today I finally got a first offer. The balance is $3700 and the offer is for $1940 for a 52.4% settlement. At this moment I'm still trying to get back on my feet with the recent financial hardship and having a short-sale on my record that was settled in April. I'm not sure what to do now. Another issue is that I have been on deferment for my student loans for quite a while and want to start paying them as well as paying other balances down.
The irony is that this account was not reported on my credit until the delinquency as I checked back in Oct and checked again today to confirm.
The offer says it's good until 12/15 and it looks like the 180 day mark would be 12/27. Should I call now and offer $500? If so, will I be able to split this into payment or do you think they will want the whole balance up front since it's so low?
DistressedinIL
Thanks for your post. If it were me, I'd make no more payments to Chase ever again and I wouldn't settle. Since student loans are one of the debts that cannot be discharged in BK, I recommend you apply all available $$ to bringing your student loans current.
Last edited by TomEason; 12-04-2011 at 05:56 PM.
The SLs are current, just in deferment.
Despite the hit my FICO has taken from this as well as the short-sale I guess I still have some concern over my credit score since I might be looking to rent an apartment soon. Then again, it's sad that before I defaulted on my mortgage I had an "excellent" 700+ and 700 is basically avg nowadays. Looks like I'm currently in the mid 500's which is poor.
With that in mind, I should stand firm at offering no more than 20% to settle and start as low as 500(13.4%).
DistressedinIL
Thanks for your update. Although your SLs may be deferment with the approval of the lender, they can't remain in deferment forever. If it were me, I'd make some payments on those loans if possible.
While I hope it's never necessary, you can get your CC debt discharged in a BK, but you can never discharge your SL.
I know you'll do whatever you think is best for you - good luck.
Chase just called, I settled 2 accounts with them. Both closed accounts with a $5600 bal on each for 30% on each over 4 payments in 93 days. These accounts were only 119 and 109 days from "last payment" or 89 and 79 days late.
I offered them 20% last week and they countered with 55%. When they called today, they mentioned the offer from last week, I tried my hardest for 25%, but was only able to get to 30% with them. The light is getting a "little" brighter at the end of the tunnel.
My Cap 1 is SLOWLY softening up. It is with their hardship/recovery dept, the card charged off in Oct 2011 and they say it will be with them for 6 months from charge off. I was sure it would have gone to a CA by now, but when asking another question, the rep said they have changed the way the approach settlements over the past few months. They have gone from principal only before CO, to 75% and down to 70% today. They will have to wait, I have three others that would be affected if I go above 50% with them.
wow! great job with chase -- I might have to go for 25 but I really need 20 -- since I have 30k with them total -- would be nice when I"m done -- that's great with capital one -- I'm glad for you -- search online for settlement letters with cap one -- you might find one with a lower percentage -- thanks for posting -- I think I mentioned I just did 20 percent on an amex with nationwide (collections) on 14k bal -- that felt great
Just updating my status. Haven't paid the CC in about 9 months. Think it is charged off at this point. Haven't talked to them at all. Just received a settlement letter from CA for about $4400 of the $10k plus balance owed. Definitely not low enough. Just wondering if I should counter or just keep ignoring them a this point. Any suggestions from any of you who have had any dealing or success with Citi would be appreciated. Thanks
Hi DeepnSoCal
Thanks for your post. Please know that Citi is notorious for suing their CC borrowers. I recommend you make yourself difficult to serve, if possible.
You might consider frequently searching the new civil filings online with your county's superior court. That way you'll be alerted of the filing of a complaint and summons by Citi, and will be forewarned to become evasive.
I don't have a recommendation about their current offer. I recommend you attempt to determine at what amounts Citi usually settles for. As you know, all the majors have their own personality and modus operandi.
Good luck.
Just an fyi, that on Friday I settled both of my Chase credit cards (total bal $26,000) for 15%!!! I was shocked they accepted the offer I was completley bluffing just to see where they stood.....it was at about 120 days so hang in there and know they are making good settlements right now! I had contacted them 5 weeks before and they advised my account did not qualify for settlement at that time...wow what a difference 5 weeks makes!
I spoke to their proactive solutions dept(fancy term for in house collections)
Best of luck to all!!
Wow, 15 percent, thats great! Prior to me settling earlier this month I heard they were holding firm at around 30-35%, so I jumped on 30.
Congrats.
Tom thanks for the relpy. I notice in my error I listed it as Citi when it is actually Chase. Must have confused it with my 2nd mortgage as I am dealing with them as well. Glad to hear of others having successful settlements with chase. Will be looking forward to their reply to my counter offer of about 5 percent.
I was able to settle with Chase today for 18% on 4 cards... $45011.57 owed on the 4 cards and settled for $8102.08...
I don't quite get this. If payment was due on 9/1, shouldn't it be "missed" on 9/1 too? Why is it missed a whole month later?
Also, will the CC company tell you exactly how many days remain before they charge off your debt?
Thanks.
Do they really care about what hardship story you tell? To the CC, isn't it just about the numbers? You can say you got a huge hospital bill or you lost your job, but will they believe you and/or want to verify your story?
loansafe91745
That payment won't be reported as a 30-day late until 10/1.
Thanks Tom. (You're tireless!)
As I kept on reading, I saw that my question was answered. I'm going to take notes from now on, rather than ask questions immediately. Better yet, I should write up an FAQ....
I have 3 accts that charged off already with chase -- last payments made almost a year ago -- all three are with collections agencies now. If you don't have it, you don't have it === plain and simple -- I used everything I had to settle with other guys and now I'm done and have an IRS bill too -- so -- don't stress --
if it goes to an in state attorney's office -- that's when you have to worry about getting sued -- if its with a regular collections agency most likely you won't == and keep everything in writing -- you can sue the collections agencies if they violate your rights also
When you stopped paying Chase, what happened? When did they start calling you? Did they call often?
"The other guys" that you settled ... did your hardship story matter, do you think? Did they care *why* you couldn't pay?
After several months of ignoring them, I was prepared to agree to a settlement offer with a Chase CA at appx 30 percent of original debt. When I called the CA, they told me that my account was sent BACK to the Chase Recovery dept and that they could no longer accept any settlement offer. Has anyone experienced this before? Is this a good thing or a bad thing? I'm concerned that Chase may now be preparing a law suit. The CA gave me the phone number for the Chase Recovery dept but I am reluctant to call them. Also, does Chase have access to my bank account info at another bank?
gotobigsur
Thanks for your post. It's neither good or bad, just standard stuff. Debt owners, in this case Chase, outsource collections to a CA. When that CA doesn't produce results, Chase terminates their contract and pulls the collection function back in house. Then they might contract with a different CA, ad nauseum
If you want to settle, I recommend you contact Chase. Good luck.
In my experience Chase changes collection agents every 6 months. And they also do in house collections. This doesn't mean anything regarding a law suit.
Some think that Chase has robo calling issues that they don't want exposed in court. Because of this, it appears that Chase is not suing over cc debt.
If you want to settle, you should hold out for 15%. I settled for 17% after 6 months, but I've seen others who got 15%.
Here's the # to call for settlement.... 866-339-8391
Don't give the any financials. Just say that you're unemployed and are able to borrow a small amount from family. That's all they need to hear. They do not have access to your other bank accounts.
But before you do settle, you should read more of the chase threads on this forum and google "chase robo call lawsuit" to learn more. You may decide to wait out the statute of limitations.
Whatever you do, good luck. Let us know how it goes.
Tnado
Thanks Tom for the very quick reply! I will contact Chase and see if they will match the CA's settlement offer. Do you know if the banks are allowed to share an individual's bank account info without the account holder's knowledge?
gotobigsur
Thanks for your post. I believe banks are prohibited from sharing any confidential financial info without your permission.
If it were me, when contacting Chase, I would not mention any other offer. This is a negotiation and you'll likely be facing a trained negotiator. I recommend you allow Chase to make the first offer. Then you might counter with your own price.
I recommend you avoid getting flustered and feeling any time pressure. You might tell the Chase rep you'd like to think about it, and ask the rep for the mailing address where you can submit a written counteroffer.
Good negotiating!
Thanks Tnado!! I will read up on the "robo call lawsuit" and review some more threads on the forum before I call Chase. I would like to settle in the near future so this does not haunt me for several more years. So far, I have maneuvered my way through multiple foreclosures thanks to help from TomEason and the other regulars on this site and when I settle this Chase debt the nightmare will be over. I'll let you know how it goes.
How do they try to negotiate? What kind of questions do they ask?
Thanks.
How long had you stopped paying?
7 months.... I stayed in contact with them each month and asked for different settlement amounts. They originally started at 50% at 2 months... I then kept renegotiating until I got the 18%... They are now settled and I have zero balances with Chase. Saved 37000... It would have taken me 15 years to pay them off with minimum payments...
Thanks & congratulations.
Just settled with Chase for 23 percent of $19,000 on two CC's. The two accounts were to be charged off this month. They hung in there at 30 percent for a while, but finally came down. It seems the lump sum offer is what brought them back to the table. Thanks forum for the insight to make this happen. I followed the settlement strategies offered on this site pretty closely and it worked. The negotiator at the end was a little pushy insisting I make a payment from my bank account and to send the money before receiving a letter. She claims it would take too long to receive the letters and the accounts would be charged off by then. Total BS! Any glad to be debt free of credit cards.
Last edited by Tobias; 07-25-2012 at 04:01 PM.
Congratulations Tobias, and thanks for sharing!
Would you mind sharing a few more details, like:
What percent did you originally offer, and how long did you stick with it?
How often did you talk to them? Did you have a fictitious hardship or a genuine hardship?
Just prior to chargeoff, did you contact them with your final, firm offer, or did they contact you, at which point you had your final negotiation?
Did you demand and receive a fax or letter with the settlement terms and how did you pay? Sorry to be prying, but I'm very interested in your specific moves. Thanks!
..........
Congrats!
there are times I wish I held out a bit longer with Chase, but they were my first, I got excited.
Would you mind sharing a few more details, like:
Q. What percent did you originally offer, and how long did you stick with it?
Answer: I let then make the first offer. They offered 30 percent on the two accounts I was attempting to settle
Q. How often did you talk to them?
Answer: Only 4 times and that was when I called. I sent a cease and desist letter immediately missing the first payment, they never called me, or sent me a letter except to indicate they received my letter
Q. Did you have a fictitious hardship or a genuine hardship?
Answer: It was genuine, but I kept my answers to a minimum, and they didn't press much
Q. Just prior to charge off, did you contact them with your final, firm offer, or did they contact you, at which point you had your final negotiation?
Answer: I called 3 times asking for charge off dates, each time they tried to get me to settle for 30 percent, no lower.
The last call was a week before charge off and at the end of the month(important time) I offered them a fixed amount not a percentage. I feel like when you talk percentages they qualify you as knowledgeable, so moved away from that on the last call.
Q. Did you demand and receive a fax or letter with the settlement terms and how did you pay?
Answer: I did demand a fax and hard copy mailed to me of the settlement letter. I paid with a cashiers check (important) from a brand new account from a new bank.
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