Got this offer from a friend of mine for a Chase account for a 2 year old charged off account.
Original balance was $39,617.52 and they were willing to settle for $3,961.76 which is basically a 90% discount AND they were willing to give him 4 months to pay it off meaning
4 installments of $990.44
Keep in mind the Statute Of Limitations on debt in the state where he’s from (NY) is only 3 years so that could have A-LOT to do with it.
Remember what i said on my previous post, it’s not just about how much money you get from the banks, it’s about WHO you owe that money too 😉
Do you think Wells Fargo, American Express or TD bank would offer a similar discount? Doubt it.