CHASE Settlement Offer After 3 Months - Opinion?

[ryan]

I received an unsolicited settlement offer from Chase for 60% of CC debt.

(about $5800 on $9900 debt) later in conversation it was suggested if that wouldn't work, it might drop to $4800 settlement but he would have to talk to his supervisor. Is this becoming more common for the bank to initiate the offer rather than the borrower/debtor?

I am contemplating BK anyways, but wasn't expecting this offer.

[dscurlock]

I could do quite a bit with $5800 - buy a car - go on a cruize, several times...

is this your only debt?

I get offers all the time - sometimes I even
get offers to make monthly payments on
offers...you could always call them and
work out a payment plan on the $5800
always get it in writing...

[ryan]

No, this is not my only debt....I have 3 other big CC debts averaging 10K to 16K each.

This was just the first one to so quickly suggest a settlement...
the others like BofA and Discover have only suggested reduced monthly payment plans like you mentioned, but no big settlement.

Chase did offer to do it in 3 payments as well.
They also said they would 1099 me the amount saved as "income" and I would have to pay tax on it.