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New Member
Posts: 1
Registered: ‎01-10-2011
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Chase Minimum Payment Lawsuit

I received a settlement check in the mail from this class action lawsuit.  It was from a Chase account that I used to have.  I ended up settling the old debt for 30% of what I owed.  I've had a negative mark on my credit report ever since.  I know that if I ever make any payment, toward the account, the clock resets for another 7 years.  What if I cash this check?

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
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Re: Chase Minimum Payment Lawsuit

I don't think cashing the check is going to affect that, but this is purely my opinion. The settlement is for them compensating for whatever wrong they have done (with or without admitting fault), and you settling the debt is another matter (unless its related to your debt settlement directly). 

 

then again, if i were u, i would talk to a lawyer or accountant to be 100% sure. try to find those with 1st free consultants and they should shed some light.

 

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Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
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Re: Chase Minimum Payment Lawsuit


Mo-Money wrote:

I received a settlement check in the mail from this class action lawsuit.  It was from a Chase account that I used to have.  I ended up settling the old debt for 30% of what I owed.  I've had a negative mark on my credit report ever since.  I know that if I ever make any payment, toward the account, the clock resets for another 7 years.  What if I cash this check?


Cash the check...It wont reset 

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Valued Contributor
Posts: 2,179
Registered: ‎01-09-2012
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Re: Chase Minimum Payment Lawsuit


Mo-Money wrote:

I received a settlement check in the mail from this class action lawsuit.  It was from a Chase account that I used to have.  I ended up settling the old debt for 30% of what I owed.  I've had a negative mark on my credit report ever since.  I know that if I ever make any payment, toward the account, the clock resets for another 7 years.  What if I cash this check?


I dont think it resets for another 7 years its 7 years after the first time its late..


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