Chase debt settlement sounds impossible
Q: I owe close to $18,500 on two Chase credit cards, including unpaid interest and late fees, and is almost 90 days late on both. I have tried to settle for the last 6 months, talking weekly with Chase people. While they were extremely nice on the phone, they refused any settlement talk until I was late 60 days. At this point, I was offered to settle for 85%. I told them, there was no way I could afford it. Since my hours were cut, I only have $9,000 in the bank, including $2,000 borrowed from the family. So I offered to settle for $6,100, which is 33% of what I owe them. Chase representatives won't even counter offer. Instead, they ask me to come back when my financial situation improves.
I really don't foresee any improvement anytime soon. Since Chase debt settlement sounds simply impossible at this point, I am wondering what are my alternatives? Or should I still write them instead of just calling?
A: You can try to sent them a debt settlement offer letter by certified mail with return receipt required. Do it fast, because once you are120 days late, both credit cards will get charged off and either sent to Chase internal collections or sold to a collection agency. This may complicate things further and hurt your credit even further. Which is probably is quite bad anyway at this point.
If Chase continuous refusing a sensible debt settlement, your only alternative will be filing for bankruptcy. Make sure you emphasize this in the letter. Meanwhile, look for a local attorney who specializes in bankruptcies and get a consultation.
Sun Oct 31, 2010 03:10PM | Copyright: www.bad-credit-advisor.com | More in Relieving Debt | Comments (0)
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