Chase credit card - need advice

[getoutofdebt]

Hi guys,

New to the forum after reading for a couple of weeks now.

I'm currently about 10,000 in debt with chase on a credit card. Along with debt from other banks.

I've decided to stop paying for the chase card and start the settlement process.

What advice can you give a first timer about the process? What is going to start happening after i stop paying? I am willing to settle with them, i am just extremely worried about getting sued.

I will keep this thread updated throughout this process.

Thanks in advance for any help you guys can provide.

[IOAlot]

Chase is easy, plenty of good posts about them.

I did 3 chase cards at around 90 days late, one for 35%, 2 for 30%, all having a $6k bal each.

Good luck.

[candacededelta]

Chase is easy, plenty of good posts about them.

I did 3 chase cards at around 90 days late, one for 35%, 2 for 30%, all having a $6k bal each.

Good luck.

IOAlot did you contact Chase about settlement at 90 days or did they make you that offer? I also have $6k balance with them at a high interest rate. I would like to settle with them for 30% or less.
Thanks, candace

[IOAlot]

IOAlot did you contact Chase about settlement at 90 days or did they make you that offer? I also have $6k balance with them at a high interest rate. I would like to settle with them for 30% or less.
Thanks, candace

Answered once in the beginning, gave them my hardship, let them call as much as they want, answered after 90 days late, inquired about settlement. Less is more when it comes to communicating with them. They will let you pay the settlement in 4 payments over 90 days.

Many may disagree, but I "acted" like an uneducated consumer, ie: didnt let them know I knew about settlements, but instead asked if I had x amount of $, could we work out a deal to consider the account paid.

[candacededelta]

IOAlot thanks so much for the info. I will plan on giving them a call after 90 days as you did and see how it goes. One more thing how did they report the settlement to your credit report?
candace

[IOAlot]

Experian reports as "account legally paid in full for less than full balance", equifax "account paid for less than full balance

[candacededelta]

Experian reports as "account legally paid in full for less than full balance", equifax "account paid for less than full balance

Thanks so much for that information.