Debt settlement

Debt Settlement

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.