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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.
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