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Chase Bank Will Not Honor Our Settlement Arrangement, What Do We Do Now? – Bryce

My wife and I entered into a debt settlement with Chase for 4 payments. On the 4th payment of each account we were notified that we are no longer in this settlement program because they had not credited to our account the payment until it was 2 days late on one account and 3 days late on the other. All the other payments were credited fine and sent in with the same time frame. They have now told me that my account will show paid–waiting for letter in 15 days but not my wife’s account.

It appears to me that this was a pre-planned event on their side. What do you recommend she should do about her account? We entered into this with good faith and made the said payments to uphold our end of the deal, now we are back to square one on hers

Bryce




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Sincerly,
Steve

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  • Hello Bryce,

    This is the big problem with settlement agreements that are made over a few months. If you are late with a payment then all bets are off. Here the issue is whether or not you breached the agreement. They claim you were late with the payment, you claim you weren’t. So this is an issue that a trier of fact (judge, jury) will have to decide.

    If you believe you made the payments in good faith and executed your end of the agreement, then you have two options. Continue to pay them what they are asking for, or take it to court.

    Do you have proof of when the payments were mailed? Do you have a copy of the settlement agreement stating when the payments should be made? Do you have proof of when they received it?

    I wish I had better news for you, but in this country anybody can sue anybody else for just about anything. So hopefully you have documentation for everything you did.

  • Hello Bryce,This is the big problem with settlement agreements that are made over a few months. If you are late with a payment then all bets are off. Here the issue is whether or not you breached the agreement. They claim you were late with the payment, you claim you weren’t. So this is an issue that a trier of fact (judge, jury) will have to decide.If you believe you made the payments in good faith and executed your end of the agreement, then you have two options. Continue to pay them what they are asking for, or take it to court. Do you have proof of when the payments were mailed? Do you have a copy of the settlement agreement stating when the payments should be made? Do you have proof of when they received it?I wish I had better news for you, but in this country anybody can sue anybody else for just about anything. So hopefully you have documentation for everything you did.

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