[MUSIC] Hi there, Michael Bovee with
Consumer Recovery Network. And I’m back to talk about Chase
and how to settle your credit card debt, for example,
with Chase Bank, or with a debt collector
working for Chase Bank. So, there’s a post up on my
website, and I’ve probably hit on it somewhere in
some of our videos before. Or in the comments here
on our YouTube channel, that I have always found, and still today find Chase to be
one of the easiest banks. One of the best banks, if you
will, for you to engage in some kind of negotiation dialogue
in order to settle debt for less than what you owe. The reason why I
choose Chase is, because their predictability
over the years. When I was working directly with
Chase to settle debt on behalf of my customers. And coaching people through
the process very actively. In other words,
I was doing that every day. Chase was delivering really
good settlement percentages predictable at 40% or lower,
typically between 25 and 40%. And even today,
we still see that, although, maybe not necessarily
directly with Chase. Sometimes, you have to now
get those lower settlement offers with an agency
that Chase will send your account out to for
collection. When that happens is kind of,
right now it’s in flux. Traditionally big banks like
Chase wait until you have not paid them for
180 days, or six months. When they have to charge off or take an accounting loss for
your debt. That’s when they
would send it out for collection to an agency or
sell it off to a debt buyer. Well, they’re not selling debt. They haven’t been selling
debt for a couple years now, and for the last few years
have still sent out debt to collectors at 180 days. But recently, I’ve seen them and we recorded this video
in January of 2016. They’re starting to send out
to collectors at 120 days of nonpayment. So, when you’re dealing with
a debt collector for Chase or whether you’re dealing
directly with Chase. And their collection or recovery department, your goal
of negotiating a settlement. Is going to be highlighted by
how unaffordable your life is, first and foremost. You will typically when dealing
directly with Chase you’ll be asked some budget
type of questions. Like okay, this is my income,
these are my expenses and a little bit about what’s
going on in your life. That created the hardship that
you are no longer able to keep up on bills like particularly
their credit card debt. You’ll answer those questions
and you need to be prepared for them, because if you look
like somebody that can afford all of your bills. And you’ve left over
including paying them with a couple hundred
dollars every month. They’re not gonna settle for
the best percentages but when you look like somebody
who had an instance come up. Whether it was medical,
job loss, reduction in hours, or getting overtime all
the time now no overtime. Something like that happens and
your expense exercise, your income and
expense exercise. Yields the fact that hey, you
can’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 from
a family member or a friend. Something like that. It’s not even your money. Then it’s a much easier
conversation to have but they do go through
that exercise. That’s not always
something that is, the incoming expense exercise
is not something you experience everywhere with all creditors. And it’s not necessary
something you’ll experience on a Chase account with
a debt collector. But, be prepared for it and
have those details ready and in front of you. If you are dealing with a debt
collector for Chase and they start in on these
budget questions. It’s going to follow
pretty much the same outline that I
just gave you but, there are instances where
it’s not even necessary. In fact, the older your debt is,
the more it’s travelled down that whole life cycle of debt or
that collection pipeline. The less likely you are going
to run into those kind of questions. I do fully expect Chase to
start selling debt again. Maybe even later this year,
by the end of this year. Or next, I do expect them to
start placing accounts for legal collection again. They had a huge
problem with that. You might be watching this video
and your debt has been unpaid for so long that you’re part of
this subset of Chase account holders that they’re not trying
to collect on it anymore. Maybe they’ve got
a judgment against you. I’m dealing with people right
now, clients that call in, or customers that call in that
have judgments from Chase in the courts that Chase isn’t even
going to try to collect on them. Because of an agreement or
a consent that they, a consent order that they signed on to
with state attorney generals and a CFPB at a federal level. If you have problems like that, if you’re dealing with Chase
debt that’s really old, say from 2008 to 2014,
2015 some. Post about it in
the comments below and I can help direct you to some
resources that you might want to look into about your
situation and how to resolve it. If you are simply just trying
to settle debt with a debt-buyer that’s bought your debt from
Chase years ago when they were still selling them, everything
I’ve talked about applies. If you have any questions about
dealing 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 on
the channel and you can also reach me through the hotline
you see on the screen. I’m option 2. See you on the next video. [MUSIC]