pulpfiction0

Chase...any recent lawsuits?

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Anyone know if Chase is still suing? 

 

Obviously they used to be one of the most litigious creditor, but since getting smacked down for their collection practices a few years ago, my understanding was they ceased legal collections.

Tried to search on my state court's websites, but there are literally 10,000+ Chase cases circa 2010-3015 to wade through.  Unfortunately there's no way to sort by the newest dates.

I have a few Chase chargeoffs from over two years ago.  They've sent settlement offers for about ten cents on the dollar...which was unheard of from Chase years ago.

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On 12/2/2020 at 6:04 PM, pulpfiction0 said:

Anyone know if Chase is still suing? 

 

Obviously they used to be one of the most litigious creditor, but since getting smacked down for their collection practices a few years ago, my understanding was they ceased legal collections.

Tried to search on my state court's websites, but there are literally 10,000+ Chase cases circa 2010-3015 to wade through.  Unfortunately there's no way to sort by the newest dates.

I have a few Chase chargeoffs from over two years ago.  They've sent settlement offers for about ten cents on the dollar...which was unheard of from Chase years ago.

This is an exercise in risk assessment. 
 

First, from the Chase POV.  If they sell the debt to a JDB, they will probably get pennies on the dollar.  This is almost a sure thing. They know they can get something, the question is how much.  Or, they can get the sure 10 cents on the dollar by settlement with you.  They come out a few dollars or tens of dollars better with the settlement.  
 

Now, from your POV.  
 

If you settle with Chase, the debt is paid off for 10%.  it will be marked as paid for less than the full amount on your credit reports, which is better than being a live debt.  If you want to borrow money for a house or car anytime in the future, you don’t have that hanging over your head.  
 

If you don’t settle, A mortgage broker would probably make you pay the debt in full before giving you a loan. Maybe a JDB will sue you. Maybe you can make them go away with arbitration, but that may cost $250 plus the time it takes for a court appearance and writing the MTC and filing the case in arbitration. Or maybe you will get a bad judge who will throw out your MTC and make you pay the entire amount plus court costs plus interest, etc.  

 

I gave advice to someone a few months ago which I will give to you:  if you can afford the 10%, pay it and get this out of the way forever.  If you can’t, then hope they don’t sue and hope you can win with arbitration.  
 

My personal situation was with an old WaMu account that converted to Chase when the records were really bad.  So I DV’d them to death when they didn’t have the records. That was over a decade ago.  These days they will have the records.  

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