Our $25,000 debt with Chase Visa is close to ‘charge off’ (approx. 30 days) as we are 6 months behind. So far, Chase have refused to settle – we had offered a $10,000 ‘one time’ (not installments) settlement payment to come from a family member.
But most recently (they called about 2 weeks ago) we offered $8,000 as we have used $2,000 from the family member to pay off other small debt. Chase went through a 30 minute ‘song and dance’ with us on the phone leading us to believe they would accept or at least counter-offer our settlement offer of $8,000 – but in the end thay said ‘no’.
We are holding out to the bitter end with them. We have to believe they will take the $8,000 (or the original $10,000 as my family member will make it up to $10,000 if needed, but not a penny more) rather than turn our account over to collections?
What can we expect to happen over the next 20 to 30 days? Is there any more pro-active action we should take (we have had fairly regular – approx. once per month – contact with them for past 6 months). ? Many thanks!
Remember, all of this is a negotiation and Chase is not obligated to accept anything if the don’t want to. Corporate policy and logic often seem to be mutually exclusive.
The options if you wait are the same you face now, such as lawsuit, etc. But what is most likely to happen at this point if Chase does not come back with an offer you can accept is that Chase will sell your account to a third-party debt buyer who will begin collections efforts again and you can attempt to pickup negotiations with them.
Chase selling off the bad debt is not the end of this so keep the money on hand to settle. Don’t forget, the only real power you have to drive the bus here is to avail yourself of your legal rights under bankruptcy. Other than that, the creditor has the advantage for the most part.
Please post your responses and follow-up messages to me on this in the comments section below.