[music] hi there, michael bovee withconsumer recovery network. and i'm back to talk about chaseand how to settle your credit card debt, for example,with chase bank, or with a debt collectorworking for chase bank.
Chase Credit Card Application Status, so, there's a post up on mywebsite, and i've probably hit on it somewhere insome of our videos before. or in the comments hereon our youtube channel, that i have always found, and
still today find chase to beone of the easiest banks. one of the best banks, if youwill, for you to engage in some kind of negotiation dialoguein order to settle debt for less than what you owe. the reason why ichoose chase is, because their predictabilityover the years. when i was working directly withchase to settle debt on behalf of my customers. and coaching people throughthe process very actively.
in other words,i was doing that every day. chase was delivering reallygood settlement percentages predictable at 40% or lower,typically between 25 and 40%. and even today,we still see that, although, maybe not necessarilydirectly with chase. sometimes, you have to nowget those lower settlement offers with an agencythat chase will send your account out to forcollection. when that happens is kind of,right now it's in flux.
traditionally big banks likechase wait until you have not paid them for180 days, or six months. when they have to charge off or take an accounting loss foryour debt. that's when theywould send it out for collection to an agency orsell it off to a debt buyer. well, they're not selling debt. they haven't been sellingdebt for a couple years now, and for the last few yearshave still sent out debt to
collectors at 180 days. but recently, i've seen them and we recorded this videoin january of 2016. they're starting to send outto collectors at 120 days of nonpayment. so, when you're dealing witha debt collector for chase or whether you're dealingdirectly with chase. and their collection or recovery department, your goalof negotiating a settlement.
is going to be highlighted byhow unaffordable your life is, first and foremost. you will typically when dealingdirectly with chase you'll be asked some budgettype of questions. like okay, this is my income,these are my expenses and a little bit about what'sgoing on in your life. that created the hardship thatyou are no longer able to keep up on bills like particularlytheir credit card debt. you'll answer those questionsand you need to be prepared for
them, because if you looklike somebody that can afford all of your bills. and you've left overincluding paying them with a couple hundreddollars every month. they're not gonna settle forthe best percentages but when you look like somebodywho had an instance come up. whether it was medical,job loss, reduction in hours, or getting overtime allthe time now no overtime. something like that happens andyour expense exercise,
your income andexpense exercise. yields the fact that hey, youcan'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 froma family member or a friend. something like that. it's not even your money. then it's a much easierconversation to have but they do go throughthat exercise.
that's not alwayssomething that is, the incoming expense exerciseis not something you experience everywhere with all creditors. and it's not necessarysomething you'll experience on a chase account witha debt collector. but, be prepared for it andhave those details ready and in front of you. if you are dealing with a debtcollector for chase and they start in on thesebudget questions.
it's going to followpretty much the same outline that ijust gave you but, there are instances whereit's not even necessary. in fact, the older your debt is,the more it's travelled down that whole life cycle of debt orthat collection pipeline. the less likely you are goingto run into those kind of questions. i do fully expect chase tostart selling debt again. maybe even later this year,by the end of this year.
or next, i do expect them tostart placing accounts for legal collection again. they had a hugeproblem with that. you might be watching this videoand your debt has been unpaid for so long that you're part ofthis subset of chase account holders that they're not tryingto collect on it anymore. maybe they've gota judgment against you. i'm dealing with people rightnow, clients that call in, or customers that call in thathave judgments from chase in
the courts that chase isn't evengoing to try to collect on them. because of an agreement ora consent that they, a consent order that they signed on towith state attorney generals and a cfpb at a federal level. if you have problems like that, if you're dealing with chasedebt that's really old, say from 2008 to 2014,2015 some. post about it inthe comments below and i can help direct you to someresources that you might
want to look into about yoursituation and how to resolve it. if you are simply just tryingto settle debt with a debt-buyer that's bought your debt fromchase years ago when they were still selling them, everythingi've talked about applies. if you have any questions aboutdealing 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 onthe channel and you can also reach me through the hotlineyou see on the screen.
i'm option 2. see you on the next video.
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