Re: Question about Chase

Posted by JerNTN (24.158.147.91) on August 10, 2004 at 18:34:40:

In Reply to: Question about Chase posted by Daniel on August 10, 2004 at 15:07:50:

My experience with Chase resulted in a settlement of $3300 on a $15,000 debt. First of all, IF you are entertaining the idea of settling, make sure you speak with the Collection/Recovery Department.
Insist on dealing with the department supervisor who will be the only one with the authority to give you a settlement agreement written on the Chase letterhead. Don't even bother talking with the in-house collectors who say they will send you the standard b/s computer printout.

Alot of how much Chase will accept in settlement depends on how much they feel you can actually pay. In my case, they knew my SS and pension were exempt from judgement and I was the primary debtor; my wife was only an authorized user.

Chase WILL definitely charge the account off once it is 180 days late. Once it is charged off, they will not settle with you because they will receive a tax write-off. They will also issue you a 1099-C for the year in which the debt is forgiven. One of my accounts was charged off on the 14th. of the month and 7 days later it was assigned to a scumbag CA. I have absolutely NO intention of settling with the CA unless they sue....screw 'em.

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