This letter confirms a 40 percent settlement that we negotiated with with Chase Card Services. This percentage is about average. You will find some outstanding settlements as low as 12% among these letters.
We are pleased to confirm that we've agreed to settle your credit card account for S3,086. Our settlement brings you these three advantages:
- You will pay $3,086, a significant savings over the full balance that you owe us. Please note that the settlement amount doesn't include any payments you may have already previous to this settlement agreement.
- We will stop all efforts to collect.
- We'll report your account to the national credit bureaus as 'settled.'
While your account is pending settlement, your Annual Percentage Rate will be 14.99%. This will have no impact on your settlement amount payments. If you don't make each payment by its due date listed above, our settlement agreement will terminate, your account will revert to the terms of your Cardmember Agreement and we'll continue our collection efforts and any payments made to that point will be applied to your full balance.
If you have not already done so, please destroy all the cards and convenience checks for your account as we have closed your account as pan he settlement agreement.
Please note you are responsible for monitoring payment dates and amounts, including those made by a third party. We look forward TO receiving your payment."
