I have a Chase account and have paid every bill on time but my balance went up when my husband was in his last few years of school. If you are able to get them to charge off, you will be lucky. I have asked so many times to have my interest lowered but they won’t.
They will gladly increase my interest and my credit though 🙂 They even called once and said I saw that you paid $2,000 some dollars last year in interest alone, would you like insurance if somehow you couldn’t pay the minimum? No, thank you. Good luck though.
What you are doing is called “Settled for less than full amount or full balance”. First, contact them and get them to send IN WRITING the full amount they will accept. After you get it IN WRITING, go to the bank, get a cashier’s check and copy the check and the letter. Mail the payment to them via Priority Mail with Signature required. You want to track that they got it and make someone sign for it.
Documentation is the only thing you will have on your side.
Pay nothing until you get it in writing. Keep copies of everything.
Hi, Has anyone had success in getting Chase to take less than the entire balance owed as a pay-off? I have been sending only $20 a month (far less than the minimum), but now I’m in a position to pay off the balance. I’d like to pay off both my credit cards, but do not have enough money to do both, so I’m hoping to pay 50% or there-about on each card. Is this called a “charge off”? I know it will reflect poorly on my credit, but it’s pretty shot at the moment, so I’m willilng to accept that if I can get out from under this mess. Any advice or tips on how to go about this would be very much appreciated.
Thank you in advance.