First, let me add my thanks to the contributors to this board. Knowledge truly is power! I am in the process of negotiating with the OC on several of my consumer credit cards. Have successfully negotiated a 5-year balance reduction program with two BOA accounts and one other for reduced monthly payment, 0 percent interest. However, Chase has just rejected my proposal for such a plan with them (allegedly "had to be submitted for exception to management" which then sent a letter rejecting it.) Any advice on how to sweeten this with Chase to bring them back to negotiating? Balance is roughly $11,000 and it is now at about 160 days. The rep told me it will "leave them" (i.e., didn't use the words charge off) at 7 months past due. I told the rep (by phone) that a reduced payment plan was my only option for managing this account, that a lump settlement was impossible at this time, that I wanted to see them get their money out of this account and not have it charge off, etc. etc. I am appearing to hold firm, openly telling them I will "be forced" to let this charge off if they don't give me a plan. (In the interest of full disclosure, I tried this same approach with CITI and they summoned me 30 days after the date they told me it would charge off...boom, no 3rd party collections, no demand, just the sheriff at my door.) I am wondering if the income/expense numbers I gave the rep in applying for the Chase hardship plan perhaps made me look like I'd never be able to service the debt? Their rejection letter advised me to seek non-profit consumer credit counseling, which I assumed was just standard language for that type letter. But now I'm wondering if I should have cooked the numbers a little better to make me look better able to pay the negotiated payment. Is there a magic ratio of debt to income they look for? Any answers to those questions as well as any additional is greatly appreciated.
