Chase Charge off

[Anonymous]

Hello I had a chase card for $5k it was charged off for a little less. They gave me relief on the card and lowered my payment, unfortunately I was unable to the last 3. In October 2019, I think around the 14th I called Chase to stop the automatic withdrawals because it kept making my account negative and they were not receiving the payment anyway. The representative removed the card and told me my account was 87 days past due and I need to make a payment before 120 days or else my card will be charged off. In December when I called to make a payment, I found out my card was charged off in on 11/22/2019.The account is now with a collection agency. How do I go about dealing with this charge off, should I try to see if Chase can reverse it or should I just dispute it with the collections agency. Any advice would be greatly appreciated, TIA

[Red1Blue]

It does not hurt to call Chase and talk to them. What CA is handling the account now ?

[Anonymous]

I called Chase and they just referred me to the collection agency, I can't remember the name I just have the phone number. Chase told me I  can request the transcripts of the phone call I made in October. I was told because they gave me relief in the past the account was charged off after 90 days of late payments which is different from what the rep informed me of. I did not call the collection agency because I don't know what to call and say. I do not want to make the situation worse. Thank you for your response. 

[RehabbingANDBlabbing]

What do you owe them as of today? You may be able to negotiate a very affordable settlement. I have settled 2 Chase charge-offs in 2019, and I settled at percentages of about 12% and 15%. Granted, they were 2 years old, but I highly recommend waiting it out with Chase.

The best deals you can get will come from third party collection agencies, versus calling Chase directly. If they do not want to offer a good settlement deal now, then I would just wait until you can save up some money and let some time pass, in order to get a better offer. The damage is already done, IMO, so you might as well maximize your savings and get your finances into a better situation. Right now, they will likely be asking for a high percentage of the balance, which you are already struggling with paying.

[Anonymous]

Than you so much for this information. The balance is close to $5k, you right I need to just save and wait until I can offer them something to settle. In the meantime I will just work on what I can because I can't even settle for 50% because I do no have it. Hopefully my clearance for work don't get flagged soon for this charge off. They will force me to pay it or make a payment arrangement. 

[gdale6]

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@Anonymous wrote:

Than you so much for this information. The balance is close to $5k, you right I need to just save and wait until I can offer them something to settle. In the meantime I will just work on what I can because I can't even settle for 50% because I do no have it. Hopefully my clearance for work don't get flagged soon for this charge off. They will force me to pay it or make a payment arrangement. 

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CAs take monthly payment arrangements too, just be sure that the payment you agree to can be handled on a monthly basis.

[Anonymous]

Thank you, right now I can't afford it I will try to catch up on bills, after that I will be able to contact them and try to make an arrangement, I really want to get it off.

[Red1Blue]

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@Anonymous wrote:

Thank you, right now I can't afford it I will try to catch up on bills, after that I will be able to contact them and try to make an arrangement, I really want to get it off.

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As long as there is threat of them suing you, I would say save money and then approach them. Most likely if you are willing to pay one time big chunk as the settlement, you'll get a better deal. Make sure there is no risk of being sued. I understand some collection agencies might pursue that action.

[glockrunner]

See if you can settle with them and do a PFD. I wish I'd have known about this site years ago. I would likely not have any charge-offs on my report if I'd done PFD's with them.

[Anonymous]

Eventually I would like to do a pay for delete but the amount is close to $5k and I don't even have 50% right now to offer them, right now I am on a prayer hoping they do nto try to sue me for the money