Has anyone settled with Chase for less than 50%?

[Anonymous]

I have two accounts with Chase totalling about $50,000.

They're going to charge off any day now. I've spoken to them a few times and every time they say 50% is the lowest they can go for a settlement. It almost seems like the reps there aren't even allowed to go lower as that's the only offer they ever make. 

Does anyone have any advice on how to get it lower? Will I get a better offer once they charge off or get sent to collection agencies? 

Any advice on this is appreciated, thanks!

[Anonymous]

I settled a charge off with chase for 10%. Chase didn’t send it to outside collections. They kept sending letters with offers and one of them was to settle a $6500+ account for $650. I jumped on it. Of course I got a 1009-c for the balance but I was happy to have it done!

[OmarGB9]

Yes, but after the account had already charged off. I've settled two accounts for 30% and am settling a third one for 42%.

[Anonymous]

That's awesome! Thanks for the info! How old was the debt & how long ago was this? Just curious as I think they're always changing their policies. 

[Anonymous]

How long after charge off did you settle for 30%??

[OmarGB9]

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@Anonymous wrote:

That's awesome! Thanks for the info! How old was the debt & how long ago was this? Just curious as I think they're always changing their policies. 

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I'm not advising you to let it charge off though, first of all. Just want to be clear. But yes, after it's been CO'd, they employ a collection agency to collect on their behalf, and the CA seems more willing to negotiate a bit. Depending  on which one it is of course. In my case it was ARS. Anyway,  the accounts CO'd in January 2018, CAs hired around June 2018. I settled this past July (2019) in two installments for 30%, which was around $1k on one account and $1.6k on the other. Total debt between those two account was about $6k. But $50k is a lot to try to hold out for, and I'd brace myself for the possibility of litigation.