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Spoke with Chase today.

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Hi all. New kid here. I could use some advice.

I settled a BofA account about six months ago with a collection agency. It was 19k, wound up paying 4200.

I figured I would do the same with Chase. But this time, I figured I would NOT wait until it went to a collection agency. I would deal with Chase. I owe 7200. I did not pay my last two bills. The phone calls have been coming twice a day. This afternoon I figured I would answer the call.

They asked a bunch of questions. I told them I had nothing. And my mortgage and food bills come first. The guy was real nice on the phone and after about 15 minutes of back and forth, he offered a settlement. 3050 over 3 months. I told them that I did not have a thousand a month to give them. He asked me to think about it. the offer will stand and I can call them back if I want the deal.

Any ideas on how low I can go?

How long I should wait?

Should I wait for them to call me?

Any suggestions are welcome.

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Get any settlement deal in writing - and make sure that the remaining balance is not sold or transferred to any other third party.

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OP, $3050 to settle $7200, after being only 2 months late sounds pretty decent! From what I've read, they can settle from 20-35%, so there may be more discounts if you wait, but who knows.

Get any settlement deal in writing - and make sure that the remaining balance is not sold or transferred to any other third party.

Good advice. What specifically would someone look for in a settlement offer, that says the balance won't be sold or transferred to a 3rd party?

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You agree to pay XXX the creditor agrees to accept that payment as settlement in full for all claims and demands associated with XXX account, known or unknown. The balance of XXX is forever discharged and you are no longer liable for XXX.

Any remaining balance will not be sold or transferred to another party and xxxx is settlement in full for all claims and demands XXXX has against XXXX arising out of XXXX account.

The letter needs terms like..... forever agrees to waive all claims, full and final settlement, all claims and demands and address the balance that is getting written off. Make sure you nail them down that they can't sell that balance off and agree you are not liable to them anymore.

I copied this from another member. It covers everything. Just edit to suit your needs.

When you finish, post here for comments.

Good Luck!

Good Luck!

Edited by CALIF Dreamer
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what can you realistically settle. 3k over 3 months on 7200 seems like a pretty good deal but if you do not have the means to do it theres not point in wasting time.

What can you reasonably afford.

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what can you realistically settle. 3k over 3 months on 7200 seems like a pretty good deal but if you do not have the means to do it theres not point in wasting time.

What can you reasonably afford.

I could reasonable afford 3 k but I would need 5 to 6 months. 2 to 2.5 k at 3 to 4 months.

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OK, so you guys are not really that far off from each other which is good. I'd make offer asking requesting the extra two months and tacking on 1 additional monthly payment

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That sounds like Chase, I settled 3 with them, all at about 90 days late, 1 for 35%, the other 2 for 30%. Wait them out a bit longer. Also, it is 4 payments over 90 days, dont know if that will help you.

They will tell you that they will send the settlement agreement once the payments are set up, so I set the first payment 10 days out so I had time to receive it before I funded my settlement checking account.

Good luck.

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That sounds like Chase, I settled 3 with them, all at about 90 days late, 1 for 35%, the other 2 for 30%. Wait them out a bit longer. Also, it is 4 payments over 90 days, dont know if that will help you.

They will tell you that they will send the settlement agreement once the payments are set up, so I set the first payment 10 days out so I had time to receive it before I funded my settlement checking account.

Good luck.

They wanted 3 payments.

I am not sure I understand the second paragraph about the settlement agreement.

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RE: Settlement language.

paragraph one and two are redundant. I'm not an attorney so I am reluctant to write the letter for you.

Write yours, then post here for comments.

:)

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They wanted 3 payments.

I am not sure I understand the second paragraph about the settlement agreement.

I am referring to the agreement in writing, they usually say the once you have a verbal agreement in place and the payments are set up, ie auto draft from a checking account, they will mail the agreement. Some insist on having the agreement in their hands first, whatever works for you, but in any event, unless you have an acceptable agreement in writing, you have no deal.

So, I setup the first payment to be drafted 10 days later so I would receive the agreement in writing BEFORE they got their first payment. I had a separate checking account for settlements, so if I did not receive the agreement, I would not fund the account.

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I am referring to the agreement in writing, they usually say the once you have a verbal agreement in place and the payments are set up, ie auto draft from a checking account, they will mail the agreement. Some insist on having the agreement in their hands first, whatever works for you, but in any event, unless you have an acceptable agreement in writing, you have no deal.

So, I setup the first payment to be drafted 10 days later so I would receive the agreement in writing BEFORE they got their first payment. I had a separate checking account for settlements, so if I did not receive the agreement, I would not fund the account.

Got ya. I assume the seperate account is so there can be NO hanky panky with your regular account.

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Got ya. I assume the seperate account is so there can be NO hanky panky with your regular account.

Exactly

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