What is credit card settlement process?

What is credit card settlement process?

The credit card settlement process looks like this: You stop paying your monthly credit card bills. The money that you would have paid your creditors goes into a savings account, usually managed by a debt settlement agency. If your creditors accept the credit card lump sum settlement, your debt is erased.

Will Chase credit card sue me?

Yes. Although the Attorney General has sued Chase for not following the law in getting judgments against credit card customers, the judgment against you is valid – and you are legally required to pay it – unless you follow the procedures to challenge the judgment.

How much can you settle credit card debt for?

Typically, a creditor will agree to accept 40% to 50% of the debt you owe, although it could be as much as 80%, depending on whether you’re dealing with a debt collector or the original creditor. In either case, your first lump-sum offer should be well below the 40% to 50% range to provide some room for negotiation.

How much should I offer for credit card settlement?

Offer a specific dollar amount that is roughly 30% of your outstanding account balance. The lender will probably counter with a higher percentage or dollar amount. If anything above 50% is suggested, consider trying to settle with a different creditor or simply put the money in savings to help pay future monthly bills.

Do you have the right to settle credit card debt?

Your creditors have no obligation to agree to negotiate a settlement of the amount you owe. Because debt settlement programs often ask — or encourage — you to stop sending payments directly to your creditors, they may have a negative impact on your credit report and other consequences.

What credit cards does chase accept?

Chase Paymentech lets you easily take all major credit cards, including Visa, MasterCard, American Express, and Discover. You can also accept both PIN and signature debit cards. Chase Paymentech has many credit card machines available and can also process cards with tablets.

How do I contact Chase cardmember services?

Cardmember Services. P.O. Box 6294. Carol Stream, IL 60197-6294. If you want to reach Chase credit card customer service by telephone, the phone number to call is: 1-800-432-3117. You can also pay your bill by phone at 1-800-436-7958.

Are all Chase debit cards Visa?

Most Chase cards operate on the Visa network, but the new Chase Freedom Flex℠ operates on the Mastercard network. All Chase bank debit and ATM cards also operate on the Visa network .

What is credit card settlement?

Credit card debt settlement is an agreement between a credit card company and a debtor. Typically, settlement requires you to pay a certain percentage of the debt you owe immediately, in exchange for forgiveness of the remainder of the debt. For example, if you owe a credit card company $10,000,…