topic Re: Chase Credit Card Settlement in Rebuilding Your Credit

Chase Credit Card Settlement

Anonymous — Wed, 27 May 2020 18:52:02 GMT

Hello. (If I posted in the incorrect section, I apologize and ask it to be moved to best section. Thanks)

I have a question I was hoping someone could give me some advice.

I have a Charge Off with Chase Credit Card Services. DOFD is August 2015. My understanding is that it would fall off 7.5 years later.

So by that estimate, it will be around the 15th of March 2024.

Yesterday I received a settlement offer from Chase, not a Collections company, for 25% of the total.

I can make the payment as per the terms provided.

Option 1 - Make 1 payment for $XXX
Option 2 - Make two equal payments for $XXX
Option 3 - Make three equal payments for $XXX

When you complete one of the payment options above, we will:

Reduce the remaining unpaid balance to 0
Notify the credit reporting agencies that the account has been paid for less than full balance, and
Stop any further collection activities.

What are the PROS vs CONS?

Does it help my credit score?

Does it completely burn the bridge with Chase?

Should I just keep my money and patiently wait for the drop off date?

Thanks for the help!

Re: Chase Credit Card Settlement

Brian_Earl_Spilner — Wed, 27 May 2020 19:04:04 GMT

1) it will help your score because the negative will stop updating once it's updated to 0

2) it doesn't completely burn the bridge with chase, but they have a very long memory and will remind you of it.

3) you'll be waiting even longer for a relationship with Chase, if you want one in the future. In addition, you could be sued or the debt sold to a collection agency. At that point, you'll have 2 negatives on you're reports for the same account and the CA could decide to sue you.

Re: Chase Credit Card Settlement

RSX — Wed, 27 May 2020 19:06:03 GMT

go for whichever payment plan you can afford

this will help your credit score going forward

i would jump all over this if i were you - be happy they are reaching out and not sending it to Collections

you are already burned with Chase - this might get you back in

Re: Chase Credit Card Settlement

Anonymous — Wed, 27 May 2020 19:13:36 GMT

@Brian_Earl_Spilner

Thanks for your advice. Seems like the right thing to do is accept their offer so I can continue my credit repair.

Do you have any cautionary advice prior to contacting them?

Thanks again.

Re: Chase Credit Card Settlement

TheKid2 — Wed, 27 May 2020 19:48:33 GMT

Another vote to take the offer - getting it reporting $0 balance is the best thing to do and if you can do that for 25% it's a major bonus. Settled debt is always better than open debt!

Re: Chase Credit Card Settlement

Brian_Earl_Spilner — Wed, 27 May 2020 20:09:15 GMT

@Anonymous wrote:
@Brian_Earl_Spilner

Thanks for your advice. Seems like the right thing to do is accept their offer so I can continue my credit repair.

Do you have any cautionary advice prior to contacting them?

Thanks again.

I used to work in loss mitigation for chase and really the only thing you can do is ask if they have other plans. If you're too far along in the process, what they sent is what you get. They won't PFD or Goodwill anything, 99.9% of the time. What will happen(as long as things haven't changed since I left), is they'll get your banking info and set up the payment dates in the computer. After getting a verbal authorization to bill you, that's it. Your phone numbers should be removed from the dialer whithin 24-72 hours, (normally by next day) and you won't hear from them ever again as long as the payments go through. You should receive letters confirming the payment plan and completion.

Re: Chase Credit Card Settlement

Anonymous — Wed, 27 May 2020 22:59:58 GMT

Thanks to everyone who gave me great suggestions. I will be paying off the charge.

One last question...

After I pay this settlement, does this still fall off after the first DOFD, or does the clock start again?

Thanks again for all your kind help...Stay safe.

JBH

Re: Chase Credit Card Settlement

TheKid2 — Wed, 27 May 2020 23:35:14 GMT

@Anonymous wrote:
Thanks to everyone who gave me great suggestions. I will be paying off the charge.

One last question...

After I pay this settlement, does this still fall off after the first DOFD, or does the clock start again?

Thanks again for all your kind help...Stay safe.

JBH

It will fall off based on the DOFD, so that's good news!

Re: Chase Credit Card Settlement

Red1Blue — Thu, 28 May 2020 00:07:11 GMT

@Anonymous wrote:
Hello. (If I posted in the incorrect section, I apologize and ask it to be moved to best section. Thanks)

I have a question I was hoping someone could give me some advice.
Option 1 - Make 1 payment for $XXX
When you complete one of the payment options above, we will:

Reduce the remaining unpaid balance to 0
Notify the credit reporting agencies that the account has been paid for less than full balance, and
Stop any further collection activities.

Congrats for getting the settlement offer from Chase. If you can afford it go with Option 1 and pay it and get it out of the way. Chase will update the balance to $0 and it will help with util. Go for it.

Today I made a settlement / paid off couple of my Chase account. It feels good. Chase CSR asked me what happend and why I fell behind. I told him, I was a fool and went back to school to get my MD/PhD and while I am in school my father had accident and passed away and incurred financial hardships and I finally completed the progrm. He asked if I am a Doctor now and what I am doing. I told him, Yes I am a Doctor and helping the drug discovery for Covid and I am a front line contributer.

He grew so much respect towards me and he aws unbeleivably nice. He said to reach out to him for any help I need. Thanked me several times for being a front line defense for Covid. I really miss being a customer Chase. Who knows I might get back in with Chase but for now, today he really made my day and changed my opinion about Banks and Financail institutions. I hope other COs would extend the same courtesy to me and help me settle things gracefully and move.

Take the settlement and move on. They will update balance on your account $0 help you with util and possibly get back into Chase again. You'll have lot of peace for your self and in the future you might be able to get back into Chase. All the best and good luck with your credit rebuilding.

Re: Chase Credit Card Settlement

Anonymous — Thu, 28 May 2020 00:50:52 GMT

@Red1Blue

That's great news. Congratulations on your PHD and thank you for being on the Frontline of Covid19.

I appreciate all the help...

I will get this done.

JBH

Re: Chase Credit Card Settlement

Aspireto850 — Fri, 29 May 2020 06:03:54 GMT

@Brian_Earl_Spilner

Would your advice be any different if Chase is no longer updating it monthly?

Re: Chase Credit Card Settlement

Aspireto850 — Fri, 29 May 2020 06:05:15 GMT

I'm what scenarios were PFD successful with chase: albeit .1%

Re: Chase Credit Card Settlement

Brian_Earl_Spilner — Fri, 29 May 2020 11:53:37 GMT

@Aspireto850 wrote:
@Brian_Earl_Spilner

Would your advice be any different if Chase is no longer updating it monthly?

No, because I wouldn't want to burn that bridge. I prefer Ultimate Rewards to MRs. So, to ensure I didn't have problems with them later, I would pay them in full. They're not as forgiving as Amex.