I do have a question… once the debt is sold, does Chase have any say in the settlement matter at all? I wouldn’t think so….
I do know that one thing working against me in this particular case is the fact that I still have a joint biz card, a 10 year old acct in good standing, it was not in the consolidation since Jerry & I both had the cards although we each had our own acct number. Also in an attempt to reestablish my credit (I’m self emplyed and must make internet purchases), I am maintaining a new Capital One card with a $500 limit …one of the reps who spoke with my husband said that since they could see I was using that card, that they felt they should be getting the money I was paying to Capital One. I admit there is logic in that.
I suppose it is wise to not try to reestablish one’s credit until the ‘old debts’ are completely settled.
I’ve read that once the accoutn is sold to a third party junkd debt buyer, then no, Chase has no say it what or how it is collected. Even if it is with a collection agency, then it means that the account has been charged off and CHase can no longer consider that account as an assest, so it is up to the collection agency to collect it. Usually, though they are given a time limit, and if it is not met then it gets assigned to another collection agency.
If you are trying to settle for less than the full amount then you do need to settle all the accounts in the same manner whether or not those accounts are open and current. As you found out, they will not settle if you are paying another creditor monthly payments. Very few would settle like this.
So…if you are wanting to settle then you must go at it full bore.
BTW, do you own a house and have equity in the home? There maybe another way for you to get out of debt without ever having to resort to credit damaging programs.
I don’t plan to ever get in such a position again…we have cash at this time to pay the original amount, just not enough cash to pay the doubled amount (after interest and late fee charges…)
I heard that if you have enough cash to handle the original amount, and if the creditors have not charged off, then work it out with the creditors that they accept this, and have them remove the bad items from you credit report.
If they have charged off, then settle with the collection agency. This a very good month to do a settlement, especially this time of this month. So offer 25 cents on the dollar and work up from there. DO NOT go above 50 cents on the dollar.
Make sure that you get in writing a letter stating that the will settle and it is over with, then send them a money order or cashiers check by FedEx, DHL or UPS — NOT THE POST OFFICE. You need to be able to track the package all the way, plus proof that they received it.
Once you have verified that they have gotten the money, get it in writing that you no longer any other funds at all, forever and ever.
You always call the collection company and keep the call short (5 min max). Never speak to them when they call you. This keeps you in control.
Let me know how it goes.