New Offer from Chase

[frogger]

The new Chase Balance Resolution Program from Chase is alive and well.

I have a Chase CC with a 25K balance on it. Haven't paid on it in 3 months. Haven't spoken with a collector.

Here's the new deal from Chase:

$206.00 per month for 60 months.
0% interest rate.
No fees.

After 60 months, balance will be considered to be settled in full. Fine print also states that I will get a 1099C


$25,000.00 balance. Already offering to settle for $12,360.00. Times must be getting rough.

I will be settling in a couple of months for $0.00

[Faust]

Wow is that a good deal! Why don't they freakin off that in the first place when you call for a lower rate?! Grrrr!!! Why must games be played?

[walkthaplank]

Last year I asked Chase to make payment arrangements. The person said he would submit my application to modify my account, essentially close the account, pay off the balance over 60 months at a reduced interest rate. They sent me a letter saying I didn't "qualify" and referred me to a credit counseling agency. Ultimately they helped refer me to a bankruptcy attorney and now will be getting 17% at 0% interest for the next 60 months. Good plan on their part if you ask me

[catleg]

Wow, if you just lower the payments another 80% and take away the 1099 that starts to look like a chapter 13 plan!

[lookieloo]

The new Chase Balance Resolution Program from Chase is alive and well.

I have a Chase CC with a 25K balance on it. Haven't paid on it in 3 months. Haven't spoken with a collector.

Here's the new deal from Chase:

$206.00 per month for 60 months.
0% interest rate.
No fees.

After 60 months, balance will be considered to be settled in full. Fine print also states that I will get a 1099C


$25,000.00 balance. Already offering to settle for $12,360.00. Times must be getting rough.

I will be settling in a couple of months for $0.00

It said you will get a 1099C for paying off your account in full for 60 months ? Not true

[lookieloo]

Wow is that a good deal! Why don't they freakin off that in the first place when you call for a lower rate?! Grrrr!!! Why must games be played?

If you ask for it you might get it. It's called a hardship plan no one usually offers those.

[Ablazed]

It said you will get a 1099C for paying off your account in full for 60 months ? Not true

Actually it is true. It would likely show up on a credit report as "Settled in Full." Chase would be required by law to issue a 1099-C when they forgive a debt of $600 or more.

Regards,
8^)

[lookieloo]

Actually it is true. It would likely show up on a credit report as "Settled in Full." Chase would be required by law to issue a 1099-C when they forgive a debt of $600 or more.

Regards,
8^)

Actually I ignore that program altogether because I don't see the purpose of paying a debt if it is going to show on my credit report as charged off anyway. My eyes read Balance Liquidation Program which is also 60 months and can in some cases be 0% in that situation you not get a 1099C because nothing is being forgiven. Unless you get the "BLP" that forgives most of your fees which would not get you a 1099C. ;)

[frogger]

It said you will get a 1099C for paying off your account in full for 60 months ? Not true

Yes, it is true. It clearly states in the fine print that you will get a 1099C. I read the paperwork......

[frogger]

It said you will get a 1099C for paying off your account in full for 60 months ? Not true

Yes, it is true. It clearly states in the fine print that you will get a 1099C. I never said that the account would be paid in full. The account would be settled in full.

I read the paperwork........

[OHBOY]

Ok, here is a question for this scenario:

What IF somebody goes along with a BLP and after whatever time, ( i.e. 2yrs.) the debtor dies... (or, maybe the spouse dies, effecting the debtors ability for any sort of repayment)...so, then the debtor would be back to 'square one', not being able to complete a BLP...but, I am also wondering if a 1099 would then be issued anyhow for a portion of the BLP to the estate ?

I know BK of course would eliminate my question altogether, but...seriously, anybody out there an accountant who could give an answer to my 'what IF' question ?
... because let's face it, this would be something to take into consideration if one was to consider any kind of BLP....

[HHM]

If you stop paying, (short of filing BK), then you have defaulted the BLP and will be back to square one. It will come down to the terms of the BLP program, but my guess is the debt is merely re-aged, interest added back from the date you started the BLP, and becomes a live, defaulted, debt.

[lookieloo]

Yes, it is true. It clearly states in the fine print that you will get a 1099C. I never said that the account would be paid in full. The account would be settled in full.

I read the paperwork........

Dude, As I said to Ablazed I read it as BLP which is different than what you have. So in your case you are correct there will be a 1099-C

[anykey]

Why is your credit score even important?

The entire banking system in insolvent. Their score is not good. It is bankrupt.

Particularly sooner the 5 years.

In 2 years you will not recognize this country.

Google Lindsey Williams.

[lookieloo]

Ok, here is a question for this scenario:

What IF somebody goes along with a BLP and after whatever time, ( i.e. 2yrs.) the debtor dies... (or, maybe the spouse dies, effecting the debtors ability for any sort of repayment)...so, then the debtor would be back to 'square one', not being able to complete a BLP...but, I am also wondering if a 1099 would then be issued anyhow for a portion of the BLP to the estate ?

I know BK of course would eliminate my question altogether, but...seriously, anybody out there an accountant who could give an answer to my 'what IF' question ?
... because let's face it, this would be something to take into consideration if one was to consider any kind of BLP....

If you are set up on a BLP there is NO 1099 C, that is a balance liquidation program and there is no principal being forgiven you are paying off the balance in full. What Frogger is referring to is a BRP=Balance Resolution Program and it would incur the 1099 C. I personally would not recommend the BRP because it causes your account to be immediately reported as charged off and if you changed your mind tomorrow and said never mind I don't want it your account will remain charged off. That's neither here nor there.

There are some creditors that if the debtor dies they will write off the debt in most cases there are situations where the spouse or someone else may become accountable like whether or not there is a co app on the account and/or whether or not debtor and spouse reside in a community property state. I am not an accountant so I won't give 1099C advice in a public forum.

But I do know that if anything happens that alters your ability to pay the agreed BLP amount and your BLP does not already have a 0% APR you will be able to have the account "adjusted" for a lower amount for the remainder of the blp duration.