brokeanddesparate Posted May 1, 2010 Report Share Posted May 1, 2010 Just agreed to settle with bank of america credit card debt for 15% of debt right at 180 days behind. At 120 days their offer was 37%, fell to 30% at 150, and 15% right at 180. What can i expect from chase credit card? Link to comment Share on other sites More sharing options...
willingtocope Posted May 1, 2010 Report Share Posted May 1, 2010 No one can answer that with 100% accuracy. Settlement depends on too many factors. How far behind you are has little to do with it...its more controlled by whatever the manager of the settlement department feels like doing that week...and it has nothing to do with you.Now...your 15% with BofA...did you get that in writing? Are they going to sell the balance to a JDB? Are you going to get a 1099c? Link to comment Share on other sites More sharing options...
brokeanddesparate Posted May 1, 2010 Author Report Share Posted May 1, 2010 they have to give m a 1099c, thats the law. i have a written settlement letter they sent me mentioning debt is settled at conclusion of the 4 payments and i will get a 1099c. They would not send the settlement letter out till i gave them my checking account # and 4 check numbers for the 4 monthly payments, this website says this is normal and trusted when debt is with the original creditor. There is no escaping the 1099c and taxes due, unless i can qualify for insolvency to the extent of my debt with IRS form 982, despite what anyone else says. There are many postings on this site from people who were told they would not get a 1099c and got it anyhow, its a false promise to believe you won't get a 1099c. Link to comment Share on other sites More sharing options...
mac123 Posted May 1, 2010 Report Share Posted May 1, 2010 Chase seems to be a little tougherI have 2 chase cards about 135 days latetotal balance of 26k between the 2I have offered 15-20% and they are stuck at 25%They were at 30 % then a few days ago they went to 25%I'm going to push my luck and press them for 20% right at 170-180 days I dont know if I will be successful or notwish me luck Link to comment Share on other sites More sharing options...
willingtocope Posted May 1, 2010 Report Share Posted May 1, 2010 they have to give m a 1099c, thats the law. i have a written settlement letter they sent me mentioning debt is settled at conclusion of the 4 payments and i will get a 1099c. They would not send the settlement letter out till i gave them my checking account # and 4 check numbers for the 4 monthly payments, this website says this is normal and trusted when debt is with the original creditor. There is no escaping the 1099c and taxes due, unless i can qualify for insolvency to the extent of my debt with IRS form 982, despite what anyone else says. There are many postings on this site from people who were told they would not get a 1099c and got it anyhow, its a false promise to believe you won't get a 1099c.Sounds like you've done pretty good so far, and are prepared for the consequences. I still don't think anyone can completely answer your question about Chase. And, I'd like to direct your attention to the FDCPA (link at top of page) specifically Para. 802 2). While federally the FDCPA only applies to collection agencies (were you dealing through one?), your state laws may apply it to the OC. Link to comment Share on other sites More sharing options...
brokeanddesparate Posted May 1, 2010 Author Report Share Posted May 1, 2010 at 150 days bank of america was still at 30%, they dropped it to 15% as 180 days loomed providing i could schedule the first payment by a day or 2 before 180, so it sounds like chase offer may get better before they tell you charge off is looming. To get the settlement from bank of america they said they would have to verify that i have talked to a bankruptcy attorney, i gave them attorney's number, they only call to ask if you are represented by them in regards to bankruptcy, they just called the main phone number of law firm and verified, they know if bankruptcy is in sight they should settle, so a small retainer to a bk law firm is well worth it, i hope chase gives me options you have got so far, good luck, but for some people bk is better, in my case i would rather settle, but if pushed would do bankrupt, and the image bank should have is that you will go bankrupt if needed. Link to comment Share on other sites More sharing options...
brokeanddesparate Posted May 1, 2010 Author Report Share Posted May 1, 2010 Also in my case i let them know i have no funds, just a small unemployment check but a relative who will help me with either settlement funds or attorney's fee's, which was the truth. Link to comment Share on other sites More sharing options...
brokeanddesparate Posted May 1, 2010 Author Report Share Posted May 1, 2010 Also i am not out of woods yet, bank of america set up the 4 payments, the first 2 much less than the final 2, they are rooting fore me not to get the bigger final payments so they can apply the smaller payments to balance with no settlement and go after me more. My relative has not yet committed to me enough, so if i miss a payment i'm back to square one, wish me luck. Link to comment Share on other sites More sharing options...
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