schleprock Posted August 23, 2012 Report Share Posted August 23, 2012 Some quick research on the forum lets me know that charged off doesn't mean it still isn't generating interest on the account. The account doesn't seem to have been sent to a collection agency. But it was only charged off in 08/19/2011 with a last payment on 12/15/2010. So there is plenty of time for them to come after me.Can you tell me the best approach to start a payment plan and get rid of this debt. I was hoping to simply wait until I had more money, but I can't do that if it is accumulating interest. Should I wait for it to go to collections and then offer a settlement. What is the best approach to resolving this problem. I am not trying to buy anything. I just don't want a big rock hanging over my head. I want to pick the time that the rock hits me, not them. I want to make this go away as quickly and cheaply as I can.This is a Chase Bank credit card.It has a balance, at charge off, of $2,038.And, Thank you for considering my problem Link to comment Share on other sites More sharing options...
racecar Posted August 23, 2012 Report Share Posted August 23, 2012 (edited) https://www.annualcreditreport.com/cra/index.jsp look for sold to another lender if its not sold call1-800-242-7338 chase phone number tell them you would like to settle your account with them,tell them what you can pay to settle.All they can say is yes or no. Edited August 23, 2012 by racecar Link to comment Share on other sites More sharing options...
antiquedave Posted August 23, 2012 Report Share Posted August 23, 2012 Since its in charge off you should be getting a letter(s) from debt collectors who will most likely violate fdcpa, you can pay chase out of your pocket if you have the cash or collect from the collectors and use the money to pay the bill, or buy a plane. Link to comment Share on other sites More sharing options...
schleprock Posted August 24, 2012 Author Report Share Posted August 24, 2012 I will first contact Chase with the number provided. If they do not give me the right response I will let it go to collections. When the collectors violate the FDCPA I will take the money they give me and buy a plane. I will not pay with that money. Under no circumstances will I pay them with money collected from a lawsuit.ThanksI will use the number and hopefully work something out. Link to comment Share on other sites More sharing options...
BV80 Posted August 24, 2012 Report Share Posted August 24, 2012 I will first contact Chase with the number provided. If they do not give me the right response I will let it go to collections. When the collectors violate the FDCPA I will take the money they give me and buy a plane. I will not pay with that money. Under no circumstances will I pay them with money collected from a lawsuit.ThanksI will use the number and hopefully work something out.There is no guarantee that a collector will violate the FDCPA. The most you can get from an FDCPA violation is $1000 in statutory damages and that amount isn't guaranteed. The judge could award less. Unless you can prove punitive damages, you won't get anything extra.You have some options:1. Settle with Chase.2. Hope a collector violates.3. Hope Chase sells the debt to a JDB who can't prove ownership of the debt.You also have to consider the fact that Chase may decide to sue. Link to comment Share on other sites More sharing options...
schleprock Posted August 24, 2012 Author Report Share Posted August 24, 2012 I called Chase today. Their Recovery people were authorized to accept a single payment of $1700 to settle the debt. I didn't have that much so I said no. They countered with monthly payments of $170 for 12 months.(real payment is 169.xx, I rounded up. All of the payment goes to principal)I acccepted the 12 month deal and have resolved my problem with the help of this forum's guidance. Thank you.Additional:They also informed me that once charged off it didn't accumulate interest or penalties. This may be a company policy or just a mistake by the person on the phone, but that is what I was told.I am speculating, but believe if it had of went to a collection agency they would have charged for everything and have added fees of their own. 1-866-2525777 is the direct line to the Recovery people at Chase. There is a crazy phone tree to get through to the Recovery Dept.No, I am not a secret agent for Chase. Things just worked out very well for me and I hope the same happens for you.On the other hand, no lawsuit and no plane. Even if it were only a 1000 dollar plane it would have still been cool.Thanks so much for all the help. You gave me the courage and information to deal with my problem. Link to comment Share on other sites More sharing options...
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