Chilly Willy

Anyone deal with LTD Financial - Chase Settlement

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Over the past several months I have received several settlement offers on a Chase account from LTD Financial.  Chase still owns the account, but has apparently assigned it to LTD for collections.  The first few times, the offer was at 30% or more, but I couldn't afford that at the time.  Recently, they have came in at 25%, which I may be able to swing due to some outside help...  The offer says  "settlement in full offer" at the top of the letter, and I will save $XXXX.  It also states that I will get a 1099C, and Chase will not do further business with me. 


I don't know if it's possible to get this any lower, and maybe I should try to get this done before it expires.  If I can get the funds together, I plan to get a cashier's check and mail that to them overnight or two-day so I get some sort of confirmation they got it by the required date. 


If it matters, this isn't my only debt, so could settling this one cause other issues?


Has anyone dealt with LTD Financial?  Is LTD Financial an honorable collector, or will they try to shaft me somehow? 


I do find it somewhat suspicious that the settlement offer is above the 'tear along dotted line', and the 'payment coupon' portion just shows the full balance.  If I sent it in, I would copy the whole letter for myself, then send the complete copy...


Also, I'm only about 1 year into this, so I'm not near SOL.





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So, not a lawyer, but I definitely wouldn't settle based on a flimsy letter like that. Whenever you settle with a CA, you want a settlement agreement that includes a number of standard things like them agreeing to not take your money and then resell the debt (it happens). The better collection agencies will have a standard agreement that includes this language. 

There's a number of other factors that come into play. How large is this debt? (in the $1k-$10k, I assume because you said 75% is $XXXX). I might consider settling based on something like this it is was like (in the hundreds of dollars), but before you just send away so much money, you need guarantees. How recent? How is it showing on you credit report? 

Would love more details. 



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@Chilly Willy


You to make the sure the account is still within the SOL.  If it is, I'd contact Chase to see if they still own the account and that LTD is authorized to collect.  If Chase has sold the account, ask if it was sold to LTD.


Is LTD reporting on your CR?

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