Author Topic: I Owe Chase $25k from CC  (Read 19584 times)

Offline EMCC

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I Owe Chase $25k from CC
« on: February 01, 2018, 12:05:30 PM »
Ok guys, I messed up, and now I’m in trouble. My credit score is still good, and I’ve never missed a payment. I just can’t be paying back my bank forever, I need to live my life. I need to negotiate my debt. Does this hurt my credit score? Can I do it in person in a Chase bank? Any tips?
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Offline ckmk47

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Re: I Owe Chase $25k from CC
« Reply #1 on: February 01, 2018, 12:18:52 PM »
Negotiating a debt with a cc card I think is done on the phone with the cc company, rather than in the bank.
The amount written off by the cc counts against you in your credit rating.


If you only had the principle to pay, would you be able to make reasonable payments over a reasonable amount of time?  If so, do you have any family member or good friend who would front the money for you now and you can pay them back?
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Offline Geshmak25

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Re: I Owe Chase $25k from CC
« Reply #2 on: February 01, 2018, 12:27:05 PM »
If so, do you have any family member or good friend who would front the money for you now and you can pay them back?
That's a good way to soon have a bad friend.
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Offline BarryLincoln

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Re: I Owe Chase $25k from CC
« Reply #3 on: February 01, 2018, 12:30:05 PM »
Ok guys, I messed up, and now I’m in trouble. My credit score is still good, and I’ve never missed a payment. I just can’t be paying back my bank forever, I need to live my life. I need to negotiate my debt. Does this hurt my credit score? Can I do it in person in a Chase bank? Any tips?

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Offline EMCC

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Re: I Owe Chase $25k from CC
« Reply #4 on: February 01, 2018, 12:30:37 PM »
Negotiating a debt with a cc card I think is done on the phone with the cc company, rather than in the bank.
The amount written off by the cc counts against you in your credit rating.


If you only had the principle to pay, would you be able to make reasonable payments over a reasonable amount of time?  If so, do you have any family member or good friend who would front the money for you now and you can pay them back?
What do you mean it will be held against me? To what extent?

I have no money, so paying back would take me a while, and a huge chunk out of my paycheck. I’m willing to give up that chunk, I got myself into this mess, now I need to pay up, but it’s just so much! I could move on with life if I could pay back $10k or so.
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Offline shapsam

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Re: I Owe Chase $25k from CC
« Reply #5 on: February 01, 2018, 12:34:09 PM »
What do you mean it will be help against me? To what extent?

I have no money, so paying back would take me a while, and a huge chunk out of my paycheck. I’m willing to give up that chunk, I got myself into this mess, now I need to pay up, but it’s just so much! I could move on with life if I could pay back $10k or so.
You can get it down to much less than $10k but I don't know what effect it will have on your credit score.

Offline AJK

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Re: I Owe Chase $25k from CC
« Reply #6 on: February 01, 2018, 12:36:38 PM »
I just can’t be paying back my bank forever, I need to live my life. I need to negotiate my debt.

I'm sorry this has happened to you, but this is in fact your mistake. "Can't be paying back a debt you incurred because you need to live your life?"

Why should the bank pay for your mistake?

Generally, negotiating a reduced debt takes a large toll on your credit. You don't get to skip out on $15K of your $25K debt and expect your credit to remain sterling.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline shapsam

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Re: I Owe Chase $25k from CC
« Reply #7 on: February 01, 2018, 12:40:40 PM »
Generally, negotiating a reduced debt takes a large toll on your credit. You don't get to skip out on $15K of your $25K debt and expect your credit to remain sterling.
Isn't it worth to have not such good credit for a year or two and be able to cut $20k off your debt?

Offline Chief Rabbi of New York

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Re: I Owe Chase $25k from CC
« Reply #8 on: February 01, 2018, 12:41:22 PM »
Ok guys, I messed up, and now I’m in trouble. My credit score is still good, and I’ve never missed a payment. I just can’t be paying back my bank forever, I need to live my life. I need to negotiate my debt. Does this hurt my credit score? Can I do it in person in a Chase bank? Any tips?

how did you get into this mess? spending spree?
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Offline davidrotts63

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Re: I Owe Chase $25k from CC
« Reply #9 on: February 01, 2018, 12:41:36 PM »
Isn't it worth to have not such good credit for a year or two and be able to cut $20k off your debt?
It's likely worse then "not such God credit for a year or two"
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline AJK

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Re: I Owe Chase $25k from CC
« Reply #10 on: February 01, 2018, 12:42:40 PM »
Isn't it worth to have not such good credit for a year or two and be able to cut $20k off your debt?

Your question assumes facts not in evidence. Why do you say "a year or two?"
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline sruly

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Re: I Owe Chase $25k from CC
« Reply #11 on: February 01, 2018, 12:42:55 PM »
I'm sorry this has happened to you, but this is in fact your mistake. "Can't be paying back a debt you incurred because you need to live your life?"

Why should the bank pay for your mistake?

Generally, negotiating a reduced debt takes a large toll on your credit. You don't get to skip out on $15K of your $25K debt and expect your credit to remain sterling.
don't think it matters if you negotiate %10 off or %90 off it will still just show up on your report as settlement acceptedepted on this account which is bad but not as a bad a not paying at all.

Offline ExGingi

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Re: I Owe Chase $25k from CC
« Reply #12 on: February 01, 2018, 12:43:43 PM »
Ok guys, I messed up, and now I’m in trouble. My credit score is still good, and I’ve never missed a payment. I just can’t be paying back my bank forever, I need to live my life. I need to negotiate my debt. Does this hurt my credit score? Can I do it in person in a Chase bank? Any tips?
As long as your credit score is good, don't expect a favorable outcome from negotiations.

There are strategies to mitigate and minimize the damage, nothing to be discussed publicly.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline AJK

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Re: I Owe Chase $25k from CC
« Reply #13 on: February 01, 2018, 12:44:04 PM »
don't think it matters if you negotiate %10 off or %90 off it will still just show up on your report as settlement acceptedepted on this account which is bad but not as a bad a not paying at all.

The point is the same.  Negotiating debt will likely have negative repercussions to one's credit.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline sruly

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Re: I Owe Chase $25k from CC
« Reply #14 on: February 01, 2018, 12:45:35 PM »
The point is the same.  Negotiating debt will likely have negative repercussions to one's credit.
yes but 1 settled account on an otherwise good report won't kill his credit altough as just mentioned with good credit he won't get a great settlement.

Offline shapsam

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Re: I Owe Chase $25k from CC
« Reply #15 on: February 01, 2018, 12:47:11 PM »
Your question assumes facts not in evidence. Why do you say "a year or two?"
Because I know someone that settled $50k debt for $5k with chase and they approved him for a credit card a year or two later.

Offline AJK

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Re: I Owe Chase $25k from CC
« Reply #16 on: February 01, 2018, 12:47:16 PM »
OP, why not just continue paying minimums until you can the money to pay off the debt? Sure, you'll pay interest, but your credit will remain good. Another option to consider is to apply now for a balance-transfer 0% interest card and park the debt there for 18 months while you work it out.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline AJK

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Re: I Owe Chase $25k from CC
« Reply #17 on: February 01, 2018, 12:48:16 PM »
Because I know someone that settled $50k debt for $5k with chase and they approved him for a credit card a year or two later.

That surprises me, but doesn't change anything. Whether a particular issuer is keen on giving the same guy who stiffed them a year earlier another CC is up that issuer.  But the charge off remains on his report for all creditors to see for 7 years or so.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline EMCC

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Re: I Owe Chase $25k from CC
« Reply #18 on: February 01, 2018, 12:51:18 PM »
how did you get into this mess? spending spree?
Lost my job and was jobless for a while.
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Offline sky121

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Re: I Owe Chase $25k from CC
« Reply #19 on: February 01, 2018, 12:53:51 PM »
Because I know someone that settled $50k debt for $5k with chase and they approved him for a credit card a year or two later.
That is not the norm AFAIK
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