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]

Source: Youtube


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AJ

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