brokeanddesparate

chase settlement, citi next i hope

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Last year bank of america settled with me at 15 percent, chase seemed to be playing much harder ball, just read in paper chase in florida is being more aggressive in suing and got a demand letter to pay in full on account that is about to charge off or face lawsuit. I had been trying to settle at 20 percent as i heard chase was much harder. I had told them 15 percent was best i could do. I called today and they dropped from 55 to 30 percent and they told me this was final offer, i fell for it and accepted. Has anyone recently settled for less with chase? Did i cave to soon? In house legal was going to start suit paperwork in 20 days, maybe if i waited would have gotten better, but this seemed real. Any recent experience with citi? they have not dropped below 4O percent on account that charges off in a week.

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Last year bank of america settled with me at 15 percent, chase seemed to be playing much harder ball, just read in paper chase in florida is being more aggressive in suing and got a demand letter to pay in full on account that is about to charge off or face lawsuit. I had been trying to settle at 20 percent as i heard chase was much harder. I had told them 15 percent was best i could do. I called today and they dropped from 55 to 30 percent and they told me this was final offer, i fell for it and accepted. Has anyone recently settled for less with chase? Did i cave to soon? In house legal was going to start suit paperwork in 20 days, maybe if i waited would have gotten better, but this seemed real. Any recent experience with citi? they have not dropped below 4O percent on account that charges off in a week.

I recently did collections for them, and that is a decent offer. If it had gone to a lawyer, this is especially a good deal, as the average settlement is well above 50%. Chase and BOA are (words I probably cant use here) and I recently closed my BOA account because I, their former collector, did not trust them.

Its good that you settled, it would have saved you a lot of BS. Chase and BOA are the worst ever. I once had someone who had a bank account which was over 8K, and she deposited 85K from an insurance company. They were holding the extra 77k, through a legal loophole. They dont have to deposit the money, and so its in purgatory until the settlement. They therefore get to charge money on the 8k, while not paying out on the extra 77k because its not officially on the books.

I have a similar issue with Chase, where they froze one of my dads accounts for 25k, and even after it has been released by the court, they still are holding the account.

The whole point being that you got off lucky, because once you get into trouble with banks like BOA and Chase, your life is likely to become a nightmare.

So, if anybody thinks my other posts are all negative and Im trying to intimidate people, I myself know exactly what its like to deal with this, and I dealt with it 6500 times before.

Try to never get to a lawfirm, and if you do, unless you did not actually approve the debt do not get into court. They can pull so many things, its absurd. If you anger them, they can play all sorts of tricks which require judgments to reverse, but they can order them without a judgment. Always settle while you can, if you are really responsible for the debt, they will bury you. They are already willing to do the same payment agreements as they would after you "defeat" them in court, as you never really defeat them, you end up paying one way or another.

I mean, seriously, they are willing to do $50 PA's, so if you are responsible for a debt, its almost impossible you could do better. You still dont get it off your record for years, so if thats important to you, a settlement is the best choice.

So ya, you did pretty well for yourself. Ive seen people spend hundred on a lawyer, just to end up paying more.

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Congratulations on your negotiations - I think you did an awesome job! :)

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Ok, so now citi account charges of april 1, approximately 21k owed, final offer is 40percent or approx $8400, i had offered 15percent, they will not offer less, they tell me once it charges off i have other options, he won't say what they are but probably will not be lower through collection, is all that true? They offer 5 year payment plan of $350 month, which is under 10percent interest, i have no job and unemployment comp ended 6 months ago, i know bk is an option but i have reasons to not want, they tell me if i pay 1 payment of 350 they will delay charge off for 30 days, does that mean if i take the 350 a month offer and stop paying the charge off also starts 1 month later? or does that give me another 6 months before charge off? Citi seems to be the hardest to settle with, do they get easier after charge off?

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