Author Topic: I Owe Chase $25k from CC  (Read 19573 times)

Offline sky121

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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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Offline sky121

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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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Offline EMCC

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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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Offline 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 can’t do this, right?
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Offline BP16

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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.   

Offline Redbull3

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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.

Offline EMCC

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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 can’t get approved, too much debt. I tried huca
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Offline EMCC

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Re: I Owe Chase $25k from CC
« Reply #27 on: February 01, 2018, 01:06:46 PM »
What if I don’t negotiate my debt, but instead negotiate the interest and the time to pay back, will that also effect my score?
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Offline sruly

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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.

Offline Mountain Man

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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.
Quote from: JTZ link=topic=10531.msg1695873
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Offline EMCC

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Re: I Owe Chase $25k from CC
« Reply #30 on: February 01, 2018, 01:30:40 PM »
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.
I’m taking it to the extreme, I’m not buying anything aside for food, toiletries, low rent, and low cost transportation.the rest goes to the debt. Still, it will take a long time to pay back.
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Offline AJK

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Re: I Owe Chase $25k from CC
« Reply #31 on: February 01, 2018, 01:37:41 PM »
That's life, my friend. People take 10, 20, or even 30 years to pay off mortgages, student loans, and credit card debt.

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Offline Mountain Man

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Re: I Owe Chase $25k from CC
« Reply #32 on: February 01, 2018, 01:38:32 PM »
I’m taking it to the extreme, I’m not buying anything aside for food, toiletries, low rent, and low cost transportation.the rest goes to the debt. Still, it will take a long time to pay back.
I've been there in 2009-2011. I owed around $40k with nothing to my name. I think many of us here have. You're in a good economy with a lot of options. You're on DDF. Many people here make far more than what you owe per year from side hustles. I don't know your situation but I don't think it's as bleak as you're making it. Find a side a hustle. The cost of defaulting on $25k is not worth it IMHO.

I have a friend who owes well over $100k in unsecured debt with a wife and kids and can't hold a job. That's bleak. From what it sounds like you still have options.
Quote from: JTZ link=topic=10531.msg1695873
If you never had to eat crow then you lived one boring life.

Offline ChaimMoskowitz

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Re: I Owe Chase $25k from CC
« Reply #33 on: February 01, 2018, 01:54:20 PM »
I would head over to creditboards.com and get some excellent NON-JUDGEMENTAL advice.
I just found a new supply of forks!

Offline avromie7

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Re: I Owe Chase $25k from CC
« Reply #34 on: February 01, 2018, 01:56:48 PM »
Can you downgrade to a lower rate card?

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.
Over $800 a month is quite a lot.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline Mountain Man

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Re: I Owe Chase $25k from CC
« Reply #35 on: February 01, 2018, 02:05:00 PM »
Can you downgrade to a lower rate card?
 Over $800 a month is quite a lot.
Of course it is. But you have to get real about life. Hypothetically, someone (Not necessarily @EMCC )with $25k debt likely has no long term savings. No 401k or IRA or HSA. Nothing to fall back on. They are on the precipice of disaster. So it wouldn't matter if the $25k was forgiven, something else would come up and they'd be back in the same hole. If you get creative and can generate the extra $10k a year suddenly the debt isn't so ominous and then you have a path to squirrel away some money in case you ever need it in the future.

I'm not saying this will be easy. I am saying that this will become a recurring issue.
Quote from: JTZ link=topic=10531.msg1695873
If you never had to eat crow then you lived one boring life.

Offline avromie7

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Re: I Owe Chase $25k from CC
« Reply #36 on: February 01, 2018, 02:12:55 PM »
Of course it is. But you have to get real about life. Hypothetically, someone (Not necessarily @EMCC )with $25k debt likely has no long term savings. No 401k or IRA or HSA. Nothing to fall back on. They are on the precipice of disaster. So it wouldn't matter if the $25k was forgiven, something else would come up and they'd be back in the same hole. If you get creative and can generate the extra $10k a year suddenly the debt isn't so ominous and then you have a path to squirrel away some money in case you ever need it in the future.

I'm not saying this will be easy. I am saying that this will become a recurring issue.
I think your math is off too, he would need an interest rate of ~11% for that to add up.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline Dr Moose

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Re: I Owe Chase $25k from CC
« Reply #37 on: February 01, 2018, 02:14:15 PM »
You can get a personal loan from a bank like discover. Yes, you'll be paying high interest. But your credit will shoot back up after a month being that your credit utilization has gone down.
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Offline saw50st8

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Re: I Owe Chase $25k from CC
« Reply #38 on: February 01, 2018, 02:15:14 PM »
Can you take on some extra work to pay the debt down faster?

Offline EMCC

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Re: I Owe Chase $25k from CC
« Reply #39 on: February 01, 2018, 02:15:21 PM »
You can get a personal loan from a bank like discover. Yes, you'll be paying high interest. But your credit will shoot back up after a month being that your credit utilization has gone down.
My utilization is well under 25%
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