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Advice on Debt Settlement Letter


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I've posted before and I'm hoping for some advice.....I recently contacted CHASE on a settlement amount, and have got a settlement amount for almost half of what I owe. Can anyone please advise me, if this letter, which I received from CHASE looks acceptable. I want to make sure I cover basis for getting this cleaned up on my CR....thank you!



This letter is to confirm that we will accept payment in the amount of $2500.00 to be received via electronic posting or by personal check, money order or certified bank check as settlement in full on the above referenced account.

Payment must be received within fifteen (15) days from the date of this letter. If an electronic method of payment is preferred, please call the number below to set it up. If payment is made by check or money order, please mail to:

Once your payment has posted, Chase will update your credit bureau rating to indicate that the balance has now been settled.

If payment is not received within the required time frame, this offer will no longer be considered valid. In addition, you are responsible for any tax liability associated with this transaction. Please speak with your tax advisor concerning any other tax questions.


Collections Dept.

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Assuming you haven't been sued, that looks okay to me. Note they tell you they will report it as settled - expect it to reflect that a portion was compromised. You should try to negotiate a pay for delete, or simply account closed.

If the amount Chase is compromising is 600+, you will get a 1099 from them for that amount, which you must report as income on your return for 2005. Small price to pay for getting out from under Chase.

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Go after deletion, Chase has been know to go after the remain amount after a year of settling. Get it all in writting that they will not come after you for the remaining amount in $$$$. on the letter.


Chase agress not to seek $$$ after amount of $$$ has been paid in full.

NEVER pay by check from your personal account or certified check from your back or draft debt from your account. MONEY ORDERS only!!! Do not care if it cost alittle more for the money orders. Once they have your personel account numbers they can try to judgement you

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