Must be tough in the debt collection business

[jacko]

Well, I just received two settlement letters from Chase's debt collector.

One is to settle a $18,000 balance(after being inflated with fees) for $4000 and the second, a $2300 balance for $1100.

There was no threaten to sue language in either letter if I did not pay up.

[ryan]

Agreed. Its tough and the banks actions make little sense.

As an example I owe considerably less to chase and am being sued. Only one settlement offer by them prior to this and never in writing... and not nearly as good as yours.

[AngelinaCatHub]

Perhaps, just perhaps, these places are getting the idea that our Country is starting to fold and they best get what they can now. Haven't you all seen the increase in newbies but the day? 'Hub

[jacko]

Actually, I made a mistake with the $18,000 balance, it's $23,000. So the settlement is 20% off $23,000(orig. $18,500 plus the added default fees and interest).

Well, I just received two settlement letters from Chase's debt collector.

One is to settle a $18,000 balance(after being inflated with fees) for $4000 and the second, a $2300 balance for $1100.

There was no threaten to sue language in either letter if I did not pay up.

[Brazzy]

Agreed. Its tough and the banks actions make little sense.

As an example I owe considerably less to chase and am being sued. Only one settlement offer by them prior to this and never in writing... and not nearly as good as yours.

Most of it makes perfect sense if you knew what they knew.

[BobMango]

Most of it makes perfect sense if you knew what they knew.

You know Brazzy, I can't quite figure you out. Some of your posts are quite helpful and informative, and others, well, a bit more cryptic. Kind of like "I know something you don't know, neener, neener, neener."

If what you are trying to say here is that they do their research and calculate that you have the means (income, assets, borrowing from someone else, etc) to pay somehow but just aren't, why not say that?

In my case, credit cards were not the reason I needed to file, but Chase filing a suit against me pretty much convinced me that it wasn't worth trying to fight filing. I had reached accommodations with a few other creditors and I'm guessing that Chase saw I was paying them and not Chase and decided to file. Great strategy, instead of getting something out of me, the got nothing. It was only about $3K but still...Chase ended up screwing the other creditors more than me.

[ryan]

You know Brazzy, I can't quite figure you out. Some of your posts are quite helpful and informative, and others, well, a bit more cryptic. Kind of like "I know something you don't know, neener, neener, neener."

I agree with Bob here.

I've gone back and read just about all Brazzy posts.
Seems like alot of good authoritative responses. Really makes you think he's on the 'inside', so to speak. Like he knows a bunch of creditor secrets, but he's not telling. Of course its of zero value if he doesn't share it.

Anyway, what Chase could know about me must not be very good info.
Well over $50K in CC debt, house well into FC, second loan very deliquent, no job, 12 year old car, very deliquent on EVERY CC card for 6+ months.
.....presently on food stamps, and a very late middle-aged guy.

Only thing I can figure is they have lawyer staff nearby, otherwise its just dart throwing.

[Brazzy]

Sorry it seems that way. Im sure its no secret that they analyze things like this to death. So when someone says "this makes no sense" they have endless spreadsheets, graphs and powerpoint presentations that will beat you over the head until you just admit they are right.

In all honesty. I just try to give things a different look. On top of that I'm trying to give you the honest look at how I look at this. Bk filings are through the roof for any creditor. I try to give an honest portrayal how this is treated on a daily basis. You end up on my desk and you are an account number and a case number. Thats it. However, generally I find that in dealing with creditors generally people are misinformed and do not know what to expect. When it comes to certain situations I want to let you guys know what we see, how we see it, and how we treat it. Creditors have no intent of tricking or scamming people. All they are looking to do is cut their losses.

Where I work the phone staff takes hundreds of calls per day and get hammered with questions that their attorneys should be answering. These people are scared and often intimidated to speak to their creditor. Sometimes they are outright angry. It all stems from them being left in the dark and not knowing what to expect. I like this website because the people here have the intellectual curiosity to fully understand what is a major event in their life. Unfortunately most do not.

I do know the SOP for a few creditors and know what action they will take and when. The info I give is nothing different than what would be said if you called them and asked them directly. If I do not know the SOP of a creditor I can speak in terms of generality. Regardless I just try to keep it simple, and contrite. In working for a creditor I can tell you up front that we do not want your house or car. However, when left with limited options the creditor will do what they have to. If a debtor were to know what to expect they will know what situations to avoid and/or how to solve certain issues. With that said letting people know up front will help everyone. Thats the reason I am here.

O yeah and buy some of my *** (profanity removed by moderator).... just kidding. (for some reason people thought I was here to sell something, not sure what).