topic Re: Should I take the offer? in Rebuilding Your Credit

Should I take the offer?

WillCredit1 — Wed, 19 Jan 2022 06:57:39 GMT

I receive this letter from chase about a CC that's been charged off and in collection:

The unpaid balance on this account is $2.750.18. We want to offer you an opportunity to pay less than the
unpaid balance. If you pay $688.71 on this account, we will reduce the remaining unpaid balance to zero.
Here are the payment options; please choose one
Option 1: Make one payment of $688.71, or
Option 2: Make two equal payments of $344.36 totaling $688.71, or
Option 3: Make equal monthly payments of $229.57 totaling $688.71.
When you complete one of the payment options above, we will:
Reduce the remaining unpaid balance to zero,
Notify the credit reporting agencies that the account has been paid for less than the full balance, and
Stop any further collection activities.
Here's how to accept our offer
Pay by phone at 1-866-569-6809, or
Pay by mail with a check or money order payable to Chase. Write your account number in the memo
field:
Chase Card Services
PO Box 6294
Carol Stream, IL 60197
To accept this opportunity, we ask that a payment be received within 30 days of this letter. If you can't make
the payments within these timeframes, please call us to discuss other options.

should I take the offer?
I'm currently using a credit repair company to help remove negative items off my credit report.

Re: Should I take the offer?

micvite — Wed, 19 Jan 2022 07:22:15 GMT

@WillCredit1 wrote:
I receive this letter from chase about a CC that's been charged off and in collection:

The unpaid balance on this account is $2.750.18. We want to offer you an opportunity to pay less than the
unpaid balance. If you pay $688.71 on this account, we will reduce the remaining unpaid balance to zero.
Here are the payment options; please choose one
Option 1: Make one payment of $688.71, or
Option 2: Make two equal payments of $344.36 totaling $688.71, or
Option 3: Make equal monthly payments of $229.57 totaling $688.71.
When you complete one of the payment options above, we will:
Reduce the remaining unpaid balance to zero,
Notify the credit reporting agencies that the account has been paid for less than the full balance, and
Stop any further collection activities.
Here's how to accept our offer
Pay by phone at 1-866-569-6809, or
Pay by mail with a check or money order payable to Chase. Write your account number in the memo
field:
Chase Card Services
PO Box 6294
Carol Stream, IL 60197
To accept this opportunity, we ask that a payment be received within 30 days of this letter. If you can't make
the payments within these timeframes, please call us to discuss other options.

should I take the offer?
I'm currently using a credit repair company to help remove negative items off my credit report.

It depends on your financial situation, personally I don't think a paid as less than agreed is good on credit, but if you can't counter them with a I'll pay it all off on the condition that you remove it it's better than it sitting there. how long ago is the collection from? anything over 7 years doesn't matter anymore also.

Re: Should I take the offer?

OmarGB9 — Wed, 19 Jan 2022 07:54:15 GMT

It depends on what you can afford to pay and whether you're okay with most likely not getting back in with Chase or at least not for a long time.

Also, you didn't ask for this, but I highly advise dropping the "credit repair" company. All they do is dispute endlessly on your behalf and hope something sticks. The money you're paying them could go towards debt. Just some food for thought. Do with this information as you wish.

Re: Should I take the offer?

ptatohed — Wed, 19 Jan 2022 08:36:13 GMT

If a creditor is willing to take pennies on the dollar to settle a debt, why wouldn't you accept it?

But....... I have a suspicion this is a fraud. I think the mailing address is a legitimate Chase address but I suspect that phone number is bogus. The scammers are banking on you calling instead of mailing.

Did the mailer come on Chase letterhead? I bet not.

Call a phone number from a legitimate Chase website and ask if this offer is legit.

Re: Should I take the offer?

sarge12 — Wed, 19 Jan 2022 08:58:37 GMT

@ptatohed wrote:
If a creditor is willing to take pennies on the dollar to settle a debt, why wouldn't you accept it?

But....... I have a suspicion this is a fraud. I think the mailing address is a legitimate Chase address but I suspect that phone number is bogus. The scammers are banking on you calling instead of mailing.

Did the mailer come on Chase letterhead? I bet not.

Call a phone number from a legitimate Chase website and ask if this offer is legit.

Probably not fraud, most likely it is actually from a collection agency. Credit card issuers sell charged off debt to third party CA for literally pennies on the dollar. The offer is 25% of the original balance, so if the CA paid 2 cents on the dollar, they can make money if 50% of those offered take the deal. The 25% offer is typical of what the CA might offer. If it is outside the SOL, they may take less...a lot less, because their ability to sue and recieve a judgement is gone. Also, the amount owed is small enough to make it unlikely they would persue a lawsuit. It also is unlikely that taking the deal will improve your credt scores much. If in the future, you plan to buy a house, that debt showing a balance on your credit report might have to be dealt with before closing, so that should be a factor in the decision. Some issuers sell the bad debts, and others just pay a CA to handle collections, and I am not sure what Chase usually does.

Re: Should I take the offer?

FireMedic1 — Wed, 19 Jan 2022 09:37:33 GMT

As you posted its a letter from Chase. Either way it will or should I say it has to show $0 balance. As @OmarGB9 said in a way. You wont get back in until astronauts come back from Mars. Yeah it looks better PIF. But it will quit updating, counted against your aggregate util %, and age on off.

Re: Should I take the offer?

ptatohed — Wed, 19 Jan 2022 09:40:20 GMT

@sarge12 wrote:
@ptatohed wrote:
If a creditor is willing to take pennies on the dollar to settle a debt, why wouldn't you accept it?

But....... I have a suspicion this is a fraud. I think the mailing address is a legitimate Chase address but I suspect that phone number is bogus. The scammers are banking on you calling instead of mailing.

Did the mailer come on Chase letterhead? I bet not.

Call a phone number from a legitimate Chase website and ask if this offer is legit.
Probably not fraud, most likely it is actually from a collection agency. Credit card issuers sell charged off debt to third party CA for literally pennies on the dollar. The offer is 25% of the original balance, so if the CA paid 2 cents on the dollar, they can make money if 50% of those offered take the deal. The 25% offer is typical of what the CA might offer. If it is outside the SOL, they may take less...a lot less, because their ability to sue and recieve a judgement is gone. Also, the amount owed is small enough to make it unlikely they would persue a lawsuit. It also is unlikely that taking the deal will improve your credt scores much. If in the future, you plan to buy a house, that debt showing a balance on your credit report might have to be dealt with before closing, so that should be a factor in the decision. Some issuers sell the bad debts, and others just pay a CA to handle collections, and I am not sure what Chase usually does.

Fair enough but, by definition, if it is a collection agency (CA) making the "offer", and not Chase themselves as presented, that, right there is deception. I still smell fish. I could be wrong.

Re: Should I take the offer?

Anonymous — Wed, 19 Jan 2022 14:01:40 GMT

The address on the letter is correct. The phone number is different than what was on my letter. I suggest you call the phone number on the back of your card, they will transfer you to collection department. From there, you request a new offer letter with due by date of 30 days to give you time to send in payments. I did this with all 4 Chase accounts, works everytime.

My offers started at 60%, then they sent another one @ 50%, then 25%, then 10%, which I took all 4 accounts at 10%. YMMV, so wait to see if they offer lower if you are comfortable. Or call them and tell them you can offer 15% right now, more than likely they'll take it.

Re: Should I take the offer?

OmarGB9 — Wed, 19 Jan 2022 14:25:44 GMT

@ptatohed wrote:
If a creditor is willing to take pennies on the dollar to settle a debt, why wouldn't you accept it?

But....... I have a suspicion this is a fraud. I think the mailing address is a legitimate Chase address but I suspect that phone number is bogus. The scammers are banking on you calling instead of mailing.

Did the mailer come on Chase letterhead? I bet not.

Call a phone number from a legitimate Chase website and ask if this offer is legit.

It's not. I got that letter in the past as well, and it read just like that. The mailing address and number are legit.

ETA: This letter is from Chase themselves; I know it seems odd that they, as the OC, would be willing to settle for less, but I believe this is their last ditch effort before selling it to a real CA and cleaning their hands of the debt. I had this same offer as I said, but I couldn't pay even the settlement amount, and I was embarrassed to reach out at the time, so eventually they stopped sending these letters and turned over the debt to MRS BPO.

Re: Should I take the offer?

FireMedic1 — Wed, 19 Jan 2022 14:43:28 GMT

@OmarGB9 wrote:
@ptatohed wrote:
If a creditor is willing to take pennies on the dollar to settle a debt, why wouldn't you accept it?

But....... I have a suspicion this is a fraud. I think the mailing address is a legitimate Chase address but I suspect that phone number is bogus. The scammers are banking on you calling instead of mailing.

Did the mailer come on Chase letterhead? I bet not.

Call a phone number from a legitimate Chase website and ask if this offer is legit.
It's not. I got that letter in the past as well, and it read just like that. The mailing address and number are legit.

ETA: This letter is from Chase themselves; I know it seems odd that they, as the OC, would be willing to settle for less, but I believe this is their last ditch effort before selling it to a real CA and cleaning their hands of the debt. I had this same offer as I said, but I couldn't pay even the settlement amount, and I was embarrassed to reach out at the time, so eventually they stopped sending these letters and turned over the debt to MRS BPO.

Ouch. Sorry man.

Re: Should I take the offer?

OmarGB9 — Wed, 19 Jan 2022 14:53:07 GMT

@FireMedic1 wrote:
@OmarGB9 wrote:
@ptatohed wrote:
If a creditor is willing to take pennies on the dollar to settle a debt, why wouldn't you accept it?

But....... I have a suspicion this is a fraud. I think the mailing address is a legitimate Chase address but I suspect that phone number is bogus. The scammers are banking on you calling instead of mailing.

Did the mailer come on Chase letterhead? I bet not.

Call a phone number from a legitimate Chase website and ask if this offer is legit.
It's not. I got that letter in the past as well, and it read just like that. The mailing address and number are legit.

ETA: This letter is from Chase themselves; I know it seems odd that they, as the OC, would be willing to settle for less, but I believe this is their last ditch effort before selling it to a real CA and cleaning their hands of the debt. I had this same offer as I said, but I couldn't pay even the settlement amount, and I was embarrassed to reach out at the time, so eventually they stopped sending these letters and turned over the debt to MRS BPO.
Ouch. Sorry man.

Lol no worries. That was years ago. It's all taken care of now. Just relating my personal experience with a Chase CO.

Re: Should I take the offer?

WillCredit1 — Thu, 20 Jan 2022 07:23:45 GMT

I going to counter offer via mail with a 10% of the original amount and ask to marked it as paid with no future collection effort and a deletion off my report from both OC and CA.

Re: Should I take the offer?

OmarGB9 — Thu, 20 Jan 2022 09:18:22 GMT

@WillCredit1 wrote:
I going to counter offer via mail with a 10% of the original amount and ask to marked it as paid with no future collection effort and a deletion off my report from both OC and CA.

Well certainly good luck with that, but to be honest, the odds of them accepting your terms are slim to none. I don't know how old the debt is, but being that they're the OC and already offering a settlement of 25%, I don't know that they would go much lower. If they do, great! However the rest of your terms they would not agree to. There is no CA involved right now, and them as the OC will NOT delete their TL. Not trying to discourage you or anything, simply saying to temper your expectations. As I said though, best of luck.

Re: Should I take the offer?

Red1Blue — Thu, 20 Jan 2022 09:23:49 GMT

Last year I made settlement with Chase on two CO accounts for 10% each. It was an offer given by Chase to me. It does not hurt to ask.

Re: Should I take the offer?

hd1218 — Wed, 11 May 2022 06:11:03 GMT

Any update on how things went with situation? I'm in a similar predicament with chase except I've already started receiving letters from mrs bpo. They have not yet reported to my credit however. Chase is still showing as CO for the full amount, but are no longer updating. Trying to weigh my options as I eventually want to be a chase cardholder again in the future.

Re: Should I take the offer?

FireMedic1 — Wed, 11 May 2022 09:55:32 GMT

@hd1218 wrote:
Any update on how things went with situation? I'm in a similar predicament with chase except I've already started receiving letters from mrs bpo. They have not yet reported to my credit however. Chase is still showing as CO for the full amount, but are no longer updating. Trying to weigh my options as I eventually want to be a chase cardholder again in the future.

The OP hasnt been here since Jan. May pop back in. Who knows. But only 2 posts in 2022. Before that 2014. Click on a name and you can see their timeline. Getting back in with Chase will be years. Call and go for a settlement and get it in the past so it quits updating monthly and no longer affects your util %'s. Maybe @Red1Blue could help out. Good Luck!