Settling Credit Card Debt and Loans with Chase Bank

[MUSIC] Hi there, Michael Bovee with
Consumer Recovery Network. And I’m back to talk about Chase
and how to settle your credit card debt, for example,
with Chase Bank, or with a debt collector
working for Chase Bank. So, there’s a post up on my
website, and I’ve probably hit on it somewhere in
some of our videos before. Or in the comments here
on our YouTube channel, that I have always found, and still today find Chase to be
one of the easiest banks. One of the best banks, if you
will, for you to engage in some kind of negotiation dialogue
in order to settle debt for less than what you owe. The reason why I
choose Chase is, because their predictability
over the years. When I was working directly with
Chase to settle debt on behalf of my customers. And coaching people through
the process very actively. In other words,
I was doing that every day. Chase was delivering really
good settlement percentages predictable at 40% or lower,
typically between 25 and 40%. And even today,
we still see that, although, maybe not necessarily
directly with Chase. Sometimes, you have to now
get those lower settlement offers with an agency
that Chase will send your account out to for
collection. When that happens is kind of,
right now it’s in flux. Traditionally big banks like
Chase wait until you have not paid them for
180 days, or six months. When they have to charge off or take an accounting loss for
your debt. That’s when they
would send it out for collection to an agency or
sell it off to a debt buyer. Well, they’re not selling debt. They haven’t been selling
debt for a couple years now, and for the last few years
have still sent out debt to collectors at 180 days. But recently, I’ve seen them and we recorded this video
in January of 2016. They’re starting to send out
to collectors at 120 days of nonpayment. So, when you’re dealing with
a debt collector for Chase or whether you’re dealing
directly with Chase. And their collection or recovery department, your goal
of negotiating a settlement. Is going to be highlighted by
how unaffordable your life is, first and foremost. You will typically when dealing
directly with Chase you’ll be asked some budget
type of questions. Like okay, this is my income,
these are my expenses and a little bit about what’s
going on in your life. That created the hardship that
you are no longer able to keep up on bills like particularly
their credit card debt. You’ll answer those questions
and you need to be prepared for them, because if you look
like somebody that can afford all of your bills. And you’ve left over
including paying them with a couple hundred
dollars every month. They’re not gonna settle for
the best percentages but when you look like somebody
who had an instance come up. Whether it was medical,
job loss, reduction in hours, or getting overtime all
the time now no overtime. Something like that happens and
your expense exercise, your income and
expense exercise. Yields the fact that hey, you
can’t afford to pay these and you’re offering, say, 30,
35%, 40% of the balance owed. As a one time pay off,
one time settlement and you’re borrowing that money from
a family member or a friend. Something like that. It’s not even your money. Then it’s a much easier
conversation to have but they do go through
that exercise. That’s not always
something that is, the incoming expense exercise
is not something you experience everywhere with all creditors. And it’s not necessary
something you’ll experience on a Chase account with
a debt collector. But, be prepared for it and
have those details ready and in front of you. If you are dealing with a debt
collector for Chase and they start in on these
budget questions. It’s going to follow
pretty much the same outline that I
just gave you but, there are instances where
it’s not even necessary. In fact, the older your debt is,
the more it’s travelled down that whole life cycle of debt or
that collection pipeline. The less likely you are going
to run into those kind of questions. I do fully expect Chase to
start selling debt again. Maybe even later this year,
by the end of this year. Or next, I do expect them to
start placing accounts for legal collection again. They had a huge
problem with that. You might be watching this video
and your debt has been unpaid for so long that you’re part of
this subset of Chase account holders that they’re not trying
to collect on it anymore. Maybe they’ve got
a judgment against you. I’m dealing with people right
now, clients that call in, or customers that call in that
have judgments from Chase in the courts that Chase isn’t even
going to try to collect on them. Because of an agreement or
a consent that they, a consent order that they signed on to
with state attorney generals and a CFPB at a federal level. If you have problems like that, if you’re dealing with Chase
debt that’s really old, say from 2008 to 2014,
2015 some. Post about it in
the comments below and I can help direct you to some
resources that you might want to look into about your
situation and how to resolve it. If you are simply just trying
to settle debt with a debt-buyer that’s bought your debt from
Chase years ago when they were still selling them, everything
I’ve talked about applies. If you have any questions about
dealing with negotiations and settling with Chase or a Chase debt collector at all,
post them in the comments below. I offer my feedback for free on
the channel and you can also reach me through the hotline
you see on the screen. I’m option 2. See you on the next video. [MUSIC]

33 thoughts on “Settling Credit Card Debt and Loans with Chase Bank

  • Hi Mike, I asked Chase several times if they could lower the interest rate, they replied "NO". The rate is an astounding 29% The balance is around $4500. Needless to say I've been late several times. Since 2007 I have had numerous reductions in my income do to Hurricane Sandy, and moving the business twice in the past two years. They have closed the account, not me. I would like to find a way to settle this for less than what is owed. Most of it is due to an astronomical interest rate. Any advice would be helpful. Thanks.

  • I have private student loan of $7000 since August 2011 and it was delinquent since April 2012. I start paying the minimum since May 2012 . Now it at $5200 but they offer me a settlement payment of $3100. I check credit report and show the student loan is closed and will be remove from my report in August 2018. Should i take the settlement or just pay it off before 2018? And do it hard my credit score if I go with settlement?

  • I have a $23,400 debt with Chase spread equally over two cards. I have not paid on these cards since January 2016. I have decided, as explained below, to attempt to settle for a one-time payment. I am currently in communication on this issue with United Collection Bureau. This must mean that Chase has assigned or sold the debt which will presumably affect the settlement I can expect.

    My hardship case is valid, I cannot pay this debt. However, my family has agreed to help with a one-time payment settlement. They have not known about the situation and are not happy about being called in. What kind of settlement with United Collection Bureau is currently realistic? If I can't get below 50% my family will be reluctant to participate. Could I realistically expect to do better than this and by how much?

  • I have an 8 yr old car loan debt, with Chase at $4000. They transfer my debt to collection (Nationwide Credit Inc). I did call Chase, & they connect me with NCI. I talk to NCI rep,and they were willing to negotiate the debt for $2100. There's a slight problem, NCI couldn't or wouldn't make a agreement on clearing the title of the car to me. I still have the vehicle, & Its listed as negative on my report. I'm not sure about the statues on a 8 yr loan. Please guide me in the direction I should be going into,to keep my vehicle. Thanks

  • I believe it was 2/2013…Last payment. I had a talk with the credit bureau, and they said Chase account was closed. Its in collections. NCI

  • Your information is priceless Michael. Thank you for taking the time to inform people who are going through this stressful process. It means a lot. I just stopped paying on some credit cards, and I am starting the journey of settlement. I am trying to settle with BoA, Chase, and Citi. I am still a little sketchy on whether to try and settle before or after charge-off, because my main concern is of course to avoid a lawsuit/judgement. However, I also want the best deal, and I know that usually comes after charge-off.

  • Michael: I thought Chase closed its legal collections department & stopped selling charged-off debt to outside collectors in 2013, yet there are comments here that state otherwise. Can you clarify this? Also, are Chase collections practices different for a business card (Chase Ink), then they would be for a consumer card (Chase Slate)? Thanks!

  • Is there a Statute of Limitations on how long someone can be sued for a chase ink business credit card? My understanding is that FDCPA do not apply to business credit cards either.

  • I have an old chase account of $18k that was charged off in 2007. I want to settle and be done with it.

  • HI Michael… What would you say would be the benefit of doing the hardship plan v/s settling with Chase? I have another credit card account that is in collections. Is my credit already screwed because of this one account in collections or would it be better for my credit if I do the hardship plan with chase? I would prefer to settle… but if it's better for my credit I can do the plan. OH… one more question. Is there a chance of getting a plan that is less than 60 months do you think? Thanks for your help.

  • Hi Michael. My Chase account (about 5k) was finally charged off and sent to MRS Associates. I plan on eventually settling with them (hopefully). Is this company typically aggressive? And are they a litigious CA? The reason I ask if they are litigious, is so that I can have some kind of timeline of how long I have to negotiate with them. Are we talking years? Thanks again!

  • Michael I have a question. OK so I owe Chase bank, Synchrony (3 different accounts with them for Ashley furniture, Rooms 2 Go, Stevensons Applicances), Best Buy, Citicards, Capital One, Sears a lot in credit card debt. I have always been on time, not one late payment. In October of 2016 I was laid off from work in which I received unemployment compensation for few mths (payments ended in April of this year). Also I am now 6 months pregnant which has made it difficult to get employment I am now going on 8 months unemployed. I am very worried about not paying my bills but honestly I just cant pay anymore I am left with $0, my husband is the one who pays for my bills since he is working but we are left with nothing once we pay off our bills because he also has credit card debt and we have a mortgage payment (we just have one vehicle that we paid off a year ago already). Im worried about it affecting me in the future job wise and also I dont want for my items to get repossessed. Since Ive always paid my bills I want to understand better what my options are. As of today 6/24/17 I am up to date on my payments and this is only because I have busted my butt doing yard sales, selling clothes we no longer use, selling plates of food on social media you name it. Any advice greatly appreciated. Thank you!

  • Should I try negotiating w/Chase again as the 150 day mark approaches? I had planned to wait for charge-off, but now I think it might be possible to get a decent settlement w/o the greater credit hit.

  • i have a chase charge/off collections. last payment. Dec 31, 2015 Closed: Apr 10, 2016. i had hospital thing so i think its basically just what i owed that month, the annual fee and then all the interest off that while in hospital
    $387. how do i settle for the least, hopefully a pay for delete

  • I was just wondering… do banks ever consider flipping credit card debt to personal loans?? And maybe include closing card??

  • Thank you for the video, and for your time. My 2 former business partners and I took out a $50,000 biz loan from Chase in 2007 under our corporate entity. At this point the business can't afford the $1,200 minimum payments on it, so it's nearly 150 days past due. I get calls all of the time from them, and I finally spoke with someone from their portfolio management center the other day, who basically said I have about 30 more days until Chase can take legal action. I am currently trying to sell the business, but I'm not sure that's going to get done in the next 30 days. Bankruptcy would likely be the last resort option. He said I could offer them a settlement, but anything less that 85% of the balance would need to go through full financial review of me and the business. It's an unsecured loan, but according to Chase, we signed a promissory note, although I don't remember that 10+ years ago.

  • I have been working with Robert Gitmeid for 2 years to clear up my credit card debit. My last one is with Chase. The last 4 offers were basically the same amount. I have not settled on it because the amount I have in my account is all I have left. It is enough to pay Chase off but not the fees charged by Gitmeid. The last offer I was told by a Gitmeid rep that they would reduce their fees so it could be paid off. I agreed to it. Then I check the online portal and it says I owe another $2800 and they will not reduce. So, I am thinking about trying to do it myself instead. Is that wise since Chase has been working with Gitmeid already or should I just let it sit and see if they can work it out. Original debit was $34000. They are willing to settle for $12808 which is good, but Gitmeid won't give up on any of their fee to make it happen. I have $17,269.48 in my account for it. Thanks for the help

  • Hello, I've got a scheduled bank transfer for settlement with 2 Chase account in 2 days (the accounts charge-off in 3 days); I was wondering if I should cancel the settlement and instead target my two charged-off (as of February) CapitalOne accounts. The CapitalOne accounts are under Associated Recovery Services and Northland Group. The CapitalOne accounts come out to ~$6000, and the Chase accounts at ~$6000. I've been in communication with Chase, but only talked with CapitalOne once 2 months ago. My reason for the settlement target switch is that I've been told CapitalOne is apt to sue. Do they sue quickly after charge-off? I can afford to pay the CapitalOne accounts (50% balance target) in 3 months. Should I drop the settlement and target CapitalOne?

  • Hey Michael, Don't know if you're still around but thanks for this video. It really helped a lot. I got a settlement letter (out of the blue) from Chase for a 3 year old credit card debt. They claim to settle for 10% of what is owed; I know, too good to be true. My question is: Do you think they are fishing to re-age the debt? Also, how likely are they to agree to produce a letter that states the "account is closed" or "paid as agreed upon"

  • so should I stop making payments on my credit card and call chase after 120 days ? I'm curretly only paying minimum $$

  • Hi Michael, my account with Chase was charged off two years ago. Chase's third party collections agency (Client Services) has offered me a great settlement. The only problem is neither Client Services nor Chase agrees to do a pay for delete. How can i get this account removed from my report after its settled?

  • Hi Michael — you mentioned in this video that you may have some resources for those people who have debt from Chase from 2014. Thank you for sharing.

  • Hi Michael. I have pending account balances  with Chase and  PNC. And i want to settle them now.  1)Chase :- I availed for the 15000$ balance transfer 7 months back . I did 6 monthly payments for the minimum amount due ,every month.  Could there be any issue in settlement ? and how much settlement % shall i look for ?2)PNC:- Total credit is 12500 $. Took cash advance 7 months back . Paid 6 monthly payments(minimum payment plus interest) till date. Could there be any issue in settlement ? and how much settlement % shall i look for ?

  • Hello. I have unpaid debt of 14500$ towards chase credit card.   I was getting a promotional offer of 0% APR 14 months back. So after 2 months of opening the credit card account ,i availed for the balance transfer of 14500 $, one year back. I did the 11 payments for the minimum amount thereafter. And right now this account is 14 months old.  And i am 2 & half months behind the payment schedule. Will  there be any issue in doing the settlement since i availed for the balance after 2 months of opening the account ? How much % range ,shall i target for the settlement ?

  • Hi Michael, thanks for your videos, they are very helpful.

    I am a foreigner, lived in FL until 2009 and had 2 cards with chase Card1: $18,900 / Card2: $25,400
    I paid every month until feb 2015. Credit report on both states: Account charged off. Written off. Past due as of Aug 2016.

    I have the following questions that I hope you can clarify. My income at the moment is very limited and not ready to pay anything yet. I don't care about credit score as I'm not in the US any more. But would like to eventually settle that in case I travel to the US in the future. Also I have no assets in US nor abroad.

    Question 1:
    How should I go about this issue. Should I wait or take any action soon to make it less bad?

    Question 2:
    I wonder if Chase issued a 1099c, but as I’m living abroad now and have no address in the US any more (lost my house and my job there on the 2008 crash and had to move abroad as I’m not American citizen and my visa depended on my job). If I call Chase to inquire about the situation of the card or 1099c, could this reset the clock on SOL to sue?

    Question 3:
    The fact that they charged off the cards means they will not sue me or could they or whoever purchases the debt still sue me?

    Question 4:
    If I provide a friends’ home address to chase for correspondence, could this harm my friend’s credit (by being somehow associated with me by the address) or even trigger a tax audit to my friend in case I file late the 1040/1099c?

    Thanks again for all they help you provide us through your many videos.

  • Hello Michael. I owe 15000 $ to Chase and 16000 $  to AMEX due to the balance transfer .  I availed for the balance transfer around 1 year back. And paid 12 monthy payments till date at 0% APR.  At the time of availing the balance transfer , both the card accounts were 2 & half  months old. But at this moment, both the accounts are 14 months old. I have been going through the old  comments. Based on that i have 2 questions :-1)Can there be any issue in settlement since the balance transfer was availed 2 months ,after opening the credit card account?However, right now the account is 14 months old and infact , i did 12 monthly payments till date.2) How much % range , can i target for Chase & AMEX?

  • Heyy Michael. I have a PNC credit card account which is 28 months old as of now. I availed for the balance transfer of 13000$ ,11 months back due to some urgent need. And i did 9 monthly payments for the minimum amount plus interest. Interest rate is too high (24% APR) . Right now, i am 2 months behind and want to settle the debt. How much % range , can i target for ? Do you foresee any issue in settlement of my account? I believe that PNC uses contingency debt collectors and doesn't uses the attorneys to collect the debt.

  • Hey Michael. I owe 14000 $ to CHASE.  This was a new card and after 2 months of opening the account, I took the promotional balance transfer of 13000 $ and spent rest 1000$ . Though I have relationship with them for past 1 & half years.  I paid to them for 9 months.  Currently I am 4 months behind. What settlement percentage shall I target down the line ? Do you see any trouble in settlement with CHASE  based on my details above ?

  • Hey michael I been watching a lot of your videos lately. I am currently behind on everything last payments was made 2016/2017.

    I owe Amex 4500 they are willing to settle at 1500. Amex has the debt still

    I owe chase 4800 they are willing to settle at 1500. Chase has the debt due to it being returned to them from a 3rd party that was attempting to collect it for them

    Bank of America 6000 they are willing to settle at 2500 ncb collection agency trying to collect debt for boa

    And currently being sued by portfolio recovery for an account balance of 7,000 they will settle for 3400 the debt was purchased by them from capital one

    What should I try to negotiate with them about my credit report if I accept all the offers? Any advice from you would be much appreciated thank you

  • Thank you for the video. I recently was lent $5000 by a friend to help me pay off some of my credit card debt. I have two cards maxed out at 5000. One of them is Chase. I want to try to negotiate and Pay Part of this debt. How much do you think I should start with when negotiating? Also do I just call the number on my credit card or is there a specific department I need to call?

  • Hi Michael, your video is such a relief, I’m currently with a debt with Chase Bank of two accounts. If my accounts were “closed”, am I still liable for the debt?

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