Chase Settlement

[aksarben]

Got a letter from CA offering 20% settlement on a Chase balance. Should I call Chase to verify it's legit? Would like to take the offer but can't pay a lump sum. Could do it if they would accept payments over 6 months or so. Their letter is dated November but the deadline is in October. Huh?

[EarnIt]

Got a letter from CA offering 20% settlement on a Chase balance. Should I call Chase to verify it's legit? Would like to take the offer but can't pay a lump sum. Could do it if they would accept payments over 6 months or so. Their letter is dated November but the deadline is in October. Huh?

 

How old is the debt? Does Chase still own the debt? When i settled with Chase, they still owed the debt but I had to work with their CA, CBCS. Make sure Chase owns the debt, if they don't, the beneift of paying it off goes doesn significantly, unless you are going to be sued.

 

If you make payment arrangement for the settlement, make darn sure you meet the comittment or the money is wasterd. Defauliting on the settlement means the money is gone but the debt is still owed. I set up a 6 month payment plan and made certain that the Cashier's Check was sent at least 2 weeks early every month to avoid any "misunderstanding." And yes pay with a Cashier's Check or Money Order, make sure the check is well annotated in the memo section and photo copy the checks for your records to prove payment.

 

good luck,

EarnIt

[aksarben]

Got a letter from CA offering 20% settlement on a Chase balance. Should I call Chase to verify it's legit? Would like to take the offer but can't pay a lump sum. Could do it if they would accept payments over 6 months or so. Their letter is dated November but the deadline is in October. Huh?

 

How old is the debt? Does Chase still own the debt? When i settled with Chase, they still owed the debt but I had to work with their CA, CBCS. Make sure Chase owns the debt, if they don't, the beneift of paying it off goes doesn significantly, unless you are going to be sued.

 

If you make payment arrangement for the settlement, make darn sure you meet the comittment or the money is wasterd. Defauliting on the settlement means the money is gone but the debt is still owed. I set up a 6 month payment plan and made certain that the Cashier's Check was sent at least 2 weeks early every month to avoid any "misunderstanding." And yes pay with a Cashier's Check or Money Order, make sure the check is well annotated in the memo section and photo copy the checks for your records to prove payment.

 

good luck,

EarnIt

 

Debt is about a year old, maybe a little less. Not sure if Chase owns the debt or not. The way the letter is worded it makes it sound that way. "Our client would accept".....etc. How can I determine if they still own it?

Edited November 16, 2012 by aksarben

[EarnIt]

Ask both the CA and Chase who owns the debt. Some will disagree with me, but i picked up the phone, called, and asked the questions I needed to have answered to reassure myself.

 

Based upon what you are saying of the letter, "our clinet" could be Chase or a JDB. Hard to tell sometimes based upon the wording.

Edited November 16, 2012 by EarnIt