Success Stories for Chase CO?

[Anonymous]

Have you ever gotten Chase to remove a charge-off?

I have several with Chase. I am deciding between holding out for a pay-for-delete, or just accepting a CO/Paid in Full, then starting a GW campaign. Past experiences with Chase would help me understood which is more likely to succeed.

[Anonymous]

Not to be the bearer of bad news but I had a CO that I didn’t know about until earlier this year.  I paid it in full, it was only $300, and after I sent them the money I realized it was BS.  I spend an incredible amount of time proving it was an error on their part (they transferred an overdraft to a credit card I was not using and believed to be closed), and the executive office agreed and sent the money back, but refused to remove it from the credit report.  I live in NY so it fell off a few months after I got the money, but they were pretty clear that pay-for-delete/goodwill letters are not helpful.  Good luck, though.  No harm in trying!

[Anonymous]

Thanks, NKB! Sorry to hear you got such unfair treatment. Might not be what I was hoping to hear, but it's still quite useful.

[sjt]

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@Anonymous wrote:

Have you ever gotten Chase to remove a charge-off?

I have several with Chase. I am deciding between holding out for a pay-for-delete, or just accepting a CO/Paid in Full, then starting a GW campaign. Past experiences with Chase would help me understood which is more likely to succeed.

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It is impossible to get a PFD from Chase or any other lender, unless there was some sort of extenuating circumstance. 

Based on your question on this thread and the other one, I recommend that you go ahead and settle with Chase.

Here are the reasons:

1. Chase still owns the debt and chances are they are still reporting on a monthly basis, this keeps your score down. 
2. When you pay or settle, it will zero out the balance and stop monthly reporting. Your score will increase.
3. Keep you off the blacklist.
4. Peace of mind knowing its paid and not worrying about any lawsuits.

[Anonymous]

Thanks, sjt. I appreciate you taking the time. I've been mulling for almost a week and am leaning toward just mailing the checks. 

One question: You recommend settling. Are you advising that I negotiate for a lesser amount? If so, would there be a significant bump to my credit if I paid in full, rather than settling?

[sjt]

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@Anonymous wrote:

Thanks, sjt. I appreciate you taking the time. I've been mulling for almost a week and am leaning toward just mailing the checks. 

One question: You recommend settling. Are you advising that I negotiate for a lesser amount? If so, would there be a significant bump to my credit if I paid in full, rather than settling?

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Couple of things to consider:

1. Whether you pay in full or settle on a charged off account, the score increase would be the same. There will be a notation in the CR that you settled for less then owed.
2. The difference between the settlement and the amount you owed is a debt forgiveness, which is considered income. If you are considered "insolvent" that can offset the debt forgiveness amount. 
3. If the amount of settlement is not that much less then the amount you owe, you might consider just paying the full amount owed, but that is up to you.

[sjt]

I re-read your other post and wanted to respond to those questions you had:

1. The removal period/date of negative information is 7 years from the DOFD. That will never change.
2. When you make a payment, that will reset the Statue of Limitations (SOL) which is the period that a creditor can legally collect the debt. Each state has different time frames. For instance, in California the SOL is 4 years from the date of last activity/payment. It will reset when a payment has been posted. So you might want to check your state's SOL and see what the status is.
3. I think its in your best interest to pay these debts. Call Chase and see what they would settle for. They might settle for 50%, they might settle for 90%.
4. If you decide to settle or pay in full, you will be done with it and you will be one step closer to better credit.

Keep us posted.

[Anonymous]

I'm about a year away being able to apply for early exclusion on all three, so it sounds like settling makes the most sense. Do I just call Chase and ask them to mail me a settlement offer?

[sjt]

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@Anonymous wrote:

I'm about a year away being able to apply for early exclusion on all three, so it sounds like settling makes the most sense. Do I just call Chase and ask them to mail me a settlement offer?

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Yes, I would call Chase and tell them you would like to settle these accounts, but dont have the money to pay them in full. See what they have to offer. 

[Anonymous]

Sigh. I already told them I could do a pay-for-delete with full payment. But I'll call and ask if they have a current settlement offer. The worst that can happen is they say no. And then I'll pay them in full.

Thank you! I'll report back after I get up my courage to call again.