Author Topic: I Owe Chase $25k from CC  (Read 3325 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 Iím in trouble. My credit score is still good, and Iíve never missed a payment. I just canít 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?

Online 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.
PUTPAC = PITA

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 Iím in trouble. My credit score is still good, and Iíve never missed a payment. I just canít 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?

Sell some points?

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. Iím willing to give up that chunk, I got myself into this mess, now I need to pay up, but itís 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. Iím willing to give up that chunk, I got myself into this mess, now I need to pay up, but itís 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 canít 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 Iím in trouble. My credit score is still good, and Iíve never missed a payment. I just canít 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?
Show Some Respect for Me, I am The Chief Rabbi of New York :)

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"
I'll tell you later

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.

Online 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 Iím in trouble. My credit score is still good, and Iíve never missed a payment. I just canít 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.