sifxpert

Having problems settling your credit card?

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CHASE CHARGED-OFF IN 2/2005 IN MAY 05 I SENT A LETTER EXPLAINING MY SITUATION FOR THE DEBT IN RETURN CHASE SENT ME TWO LETTERS ONE STATING THAT THEY I RECEIVED MY LETTER AND WILL PROCESS IT AND THE OTHER LETTER STATED THAT THEY SENT THE LETTER TO THE RECOVERY DEPT AND WILL TRY TO SETTLE THIS MATTER. BY 7/05 I DID NOT RECEIVE ANY RESPONSE FOR CHASE SO I CALLED AND THEY TOLD ME THAT THEY SENT IT TO A COLLECTION DEPT

I EXPLAINED TO THEM THE TO LETTERS WHICH THEY ASK ME TO FAX , I DID THE LADY CALLED ME AND STATED THOSE LETTERS DID NOT MATTER AND THAT IT REMAINS IN COLLECTION. I THEN SENT A DISPUTE LETTER TO THEM DID I ALREADY MESS UP THE PROCESS OR CAN I STILL OFFER A SETTLEMENT? THE COLLECTION COMPANY IS NOT REPORTING ON MY CR ONLY CHASE WHAT CAN I DO NEXT ! PLEASE HELP

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Chase sends collection accounts to various CA's...it depends who has the account. Some will accept 35% and others will not go blow 60%. Chase is a bit odd. MAny times the account will need to be placed with several collectors before they are willing to go to the 35%.

Many times, Chase will determine the settlement amount by the total debt, the time you had the account for, the usage of the account and the amount of placements. Meaning how many different collectrs the account has been sent to with failed attempts to collect.

Aging the accounts is very important. For example, if you can hold out on the calls with the OC until right before charge off they will offer the lowest settlement.

When it goes to collections...the first placement is usually very difficult to get a low settlement. Chase accounts usually stay with an agency for 90 days and then recalled and placed again. Since collectors are very aggressive they will never offer a low settlement at first due to the fact that most people can not stand the abuse for very long and will cave in and pay right away. The longer you wait the more they know you will not bend...settling for the amount you want.

Never settle with a CA for more than 50%. Ever.

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even though you sent a dv to chase or the CA it doesn't matter. They will settle at any time regardless.

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so what will be my next step continue to send letters of offering and is there a certain ph# or fax# that i can contact directly?

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wait until you're contacted by the CA for chase and let me know who they are. I'll tell you to settle or dv. i may even be able to give you a person to speak to.

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Hi I have 2 charged off accounts with providian both accounts have been sold to jdb's. Is it possible if i settle to get both CA and OC off my account or impossible because providian does not own the debt anymore. I have midland on my report also for a very low amount about $350.00. I would like to settle all three accounts. Do you have address's for these CA"s

1. Midland

2. Portfolio Recovery

3. Collect America

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there are threads on this site with contact info for all 3 of these accounts. If not go to bud hibbs website. I would not settle any of these accounts. I would dispute them all. The OC's may not come off very easily though. BUt at least you can get the JDB's off fairly easy.

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I had some fraudulent charges on my Discover account in 2003. I reported it to Discover when I realized it. Through persistence I went over the bill with the fraud department and I paid what was valid charges. The balance was to be taken care of by Discover fraud department.

They never tried to collect and I never heard from them after 2004. Last year I saw it on my credit as a chargeoff. Apparently they opened a new card, transferred the fraud charges to it, closed the card the same day and reported it as a chargeoff (this I got from a Discover employee who helped me under the radar). Discover refuses to handle it and the fraud department will not discuss it.

I got a letter a offering to settle for half (It has now grown to $6100 so the want $3167) after I disputed it with Equifax.

Although I do not want to pay as the debt is not mine. I am willing as long as they delete it. They however, do not want to do that and I do not want to pay fraud charges and be scr***d on top of it.

What can I do?

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I have a very good ocntact with Discover. LEt me make a call for you. I also know 3 ex employees from Discover's collection dept who I am very good friends with. I will let you know what they say.

Have you tried to dispute directly with the CRA's?

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I just realized something...did you get a police report? This may be a bit difficult so what oyu may have to do is go get a police report and send it in. Usually with the report it is deleted quite easily.

I will make the calls anyway though.

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What abt. a CO from Household, sent to CA Midland, just recently recv. letter from an attorney. Original CL was 300, they say total bill at 1250. Did DV, attorney, I live in Calif.

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what attorney? usually, they recall and the account sits in a "parking lot" for the next however long. I've disputed MCM purchased accounts with CRA's and they disappear or they continue to collect after the DV and I hit them with ITS and i get a $0.00 balance with delete. I never pay midland or lvnv or sherman. NEVER!!!! Too easy to delete or scare them away with the ITS.

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Are you saying Household is not known to sue? The law office is located in my state, abt 400 miles away. I could PM you the name.

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it must have been sold to mcm so no longer does hhold own the account if you are explaining things correctly. pm me the name.

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Just re-looked at CR, it indicates that Hhold sold to another lender, one credit report says 284 written off, the others say 1183. Remember this is for an account with a credit limit of 300. I'll PM you the name of the attorney.

Also have a Chevron I'd like to resolve, bal. around 550.

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On all three CR it lists Chevron as collection account, there are no CA's listed on CR as trying to collect on this acct. I did recv. letter from Chevron in 3/04. Two mo. later recv. letter from CA, Nationwide Credit. Nothing since.

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sifxpert - A few comments on this thread:

1. One thing you need to keep in mind is that some credit card companies are charging off way sooner than 180 days, some as soon as 120 days.

2. The other thing is that some credit card companies want to see the settlement agreements with other CC companies before they will agree to go as low as 40%. I've never seen that.

3. The other thing is that credit unions are actually an awesome place to do business. They are usually really understanding about late payments and willing to negotiate. Also, getting a card through them, (usually at a good rate, even if your credit is bad) involves your signing an agreement that if you default on a card, they will use your savings. They are really not being "baddies".

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Hey admin,

1. You are correct yes, some CC's charge off after 120 days but not most. Some store cards and gas cards charge off after 120 days but not most major cards..I use the 180 days as default.

2. I'm not understanding this one...you have never seen 40% or you have never seen a CC ask to see other settlement letters before going down to 40%?

a) most creditors will settle for 40% on the average.

B) some creditors will ask to see letters from other companies when you call and say "well, MBNA offered me 30% or Providian offered 40% so why won't you go doen to 40%?" they then say well send a letter that reflects that amount and we will consider. They are trying to call your bluff...happens often.

3. I agree that Credit Unions are very good. Some are not but for the most part I agree they do business very professionally. I do not remember a time where I posted anything negative about credit unions. I do recall a post where I mentioned something that credit unions are one of the only institutions allowed to touch money in another account if you default on a loan...not that this is a bad thing for them to do but, doesn't it suck when you go to the bank and nothing is there?

I apologize if you feel I misrepresented something here. I do appreciate any constructive criticism. I want nothing more than to keep my words as accurate as possible since they may have a serious adverse effect.

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mtnair...I would call Nationwide and ask if they are still handling the account..they may be able to tell you where it is.

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