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DefaultNameHere

Debt Settlement: 2 down, 4 to go. (Chase, Cap1)

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Hi all. Long time lurker, first time poster.

I've thus far been able to negotiate 2 settlements - WF and BOA. They both negotiated right before charge off @ 50% (3k and 1k settlements, respectively). The negotiations were relatively painless compared to the other creditors, and I was hoping you guys would be able to shed some light.

1) 8k Chase Business Card. Will charge off in 14 days (10/31). Called them twice - the first time I tried to negotiate and offered 40%. They rejected it and mailed me a letter. I called them again 1 month later and tried to negotiate; they came back with some new verbage claiming that "My account is not eligible to settle".

I did some additional research and it appears that this issue does affect SOME Chase accounts. Perhaps it is due to some purchases I made before missing a payment? This was a business account and my business DID go under.

My options now are to try to settle again, or wait until it's sold to a CA. If the latter option, my concern is that I have personal/business accounts at Chase. While the bulk of my finances are in a credit union, I do have some money in Chase. Do I bail or what? Any advice here is greatly appreciated.

2) Cap1 Sony Card. 4k balance. I called them last week and they offered to settle for the principal (3500). What are the odds of me being able to settle for less? I'm reading 50-75% on forums? This account no longer shows on my "account summary" page.

3) Cap1 Spark Business Card - 2.5k balance. No calls/discussions yet, this account still shows up on my "account summary" page.

4) Citi Universal Business - 8k balance. Charged off. H&H is trying to serve me and I messed up by not DV'ing (oops). I'm currently doing a ton of research while H&H is still trying to serve me but if anyone has any other ideas I'd love to hear them.

Anyway, if someone can offer me some advice on my Cap1/Chase situation that would be great.

Edited by DefaultNameHere

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1. Chase-after charge off they will soften. I would move any money out of Chase accounts yesterday.

2. Cap1 Sony Card.

Had one of these, stopped paying when Chase owned it, then the entire Sony credit cards where sold to Crap1. Crap 1 held it for a year, the best I could do was 65% of an 8k balance.

3. Cap1 Business card-so much easier than the personal card, 50% at 4 months overdue.

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Interesting, I have an update on the Capital One Business card.

I found out (after talking to Cap1 regarding a different card) that my business card is ~200 days past due and is currently with the "recovery" department.

I called the recovery department and they wouldn't even speak to me about my card - they referred me to a law(type) firm. I didn't catch the name but I got transferred and they were already closed (I'll followup again tomorrow).

What do I do from here? I have gotten nothing from this firm that Cap1 assigned my business card to.

//edit2

Update on the Chase card as well, we are 6 days away from charge-off and they are still sticking with the "your account is not eligible for settlement" line.

Edited by DefaultNameHere

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