Author Topic: I Owe Chase $25k from CC  (Read 3321 times)

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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.
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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.
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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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Re: I Owe Chase $25k from CC
« Reply #20 on: February 01, 2018, 12:55:18 PM »
Lost my job and was jobless for a while.
Do you know any financial advisors you trust?



My thought if you have a good credit score and now have a job is maybe taking a small loan out. I assume interest is very high?

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Re: I Owe Chase $25k from CC
« Reply #21 on: February 01, 2018, 12:57:09 PM »
Do you know any financial advisors you trust?



My thought if you have a good credit score and now have a job is maybe taking a small loan out. I assume interest is very high?
Or get approved for a CC with no interest for a year or so ? Those would be my first ideas.

Though I know little of your situation. Nor do I know you. Sometimes depending on the person's situation and personality even different choices are preferable.
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Re: I Owe Chase $25k from CC
« Reply #22 on: February 01, 2018, 12:57:14 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.
I do agree, it is my fault, I should be accountable, but some things are beyond human control, and a situation arose where I need to be debt free asap
« Last Edit: February 01, 2018, 01:03:30 PM by EMCC »
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Re: I Owe Chase $25k from CC
« Reply #23 on: February 01, 2018, 12:59:43 PM »
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.
For 7 Years!? So if I want to buy a house within the next seven years, I canít do this, right?
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Re: I Owe Chase $25k from CC
« Reply #24 on: February 01, 2018, 01:01:05 PM »
I do agree, it is my fault, I should Be accountable, but some things are beyond human control, and a situation arose where I need to be debt free asap
25k is not 250k you should be able to get cards with 0 APR for 18 months like @AJK mentioned so you wont have to pay any interest for at least 18 months.   

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Re: I Owe Chase $25k from CC
« Reply #25 on: February 01, 2018, 01:01:20 PM »
Sorry about your situation... best of luck.
I think while your credit is still good, going for 0% card(s) to buy yourself time is a good idea.

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Re: I Owe Chase $25k from CC
« Reply #26 on: February 01, 2018, 01:02:15 PM »
25k is not 250k you should be able to get cards with 0 APR for 18 months like @AJK mentioned so you wont have to pay any interest for at least 18 months.
I canít get approved, too much debt. I tried huca
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Re: I Owe Chase $25k from CC
« Reply #27 on: February 01, 2018, 01:06:46 PM »
What if I donít negotiate my debt, but instead negotiate the interest and the time to pay back, will that also effect my score?
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Re: I Owe Chase $25k from CC
« Reply #28 on: February 01, 2018, 01:17:42 PM »
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.
a settled account is not as bad as a charge-off.
And yes you can talk your way back into Chase after 2 years.

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Re: I Owe Chase $25k from CC
« Reply #29 on: February 01, 2018, 01:23:12 PM »
Lost my job and was jobless for a while.
I'm sorry to hear that. That happens, I hope your spending was on necessities.

Personally, I wouldn't default on only $25k. It's a lot but I know you've been around these forums long enough to know that your credit is worth far more than that over a few years.

Honestly you should read this:
https://www.mrmoneymustache.com/2012/04/18/news-flash-your-debt-is-an-emergency/

Sure there are many ways to get the debt annulled but it won't solve the underlying issue. Paying off debt (I had far more than this in student debt without a job) is like exercising. It builds strong habits for the rest of your life. $25k isn't that bad. It's $200 a week over 3 years including interest.
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