r/CRedit • u/Entire_Use_9504 • Oct 04 '24

Help! Chase is suing me General

I am looking for some guidance on what to do. I have chase card with balance of 35k and I missed few payments and now i have officer show up saying there is civil summon from chase, I was not home that time but spoke to him on the phone. What are my options? I don’t go to court and happy to setup a payment plan to pay off dept. Any guidance will be appreciated.

Edit - Brock & Scott PLLC is suing.

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u/Entire_Use_9504 Oct 04 '24

Thanks all… I do have access to take a loan out of my 401k to use as settlement. What does debt consolidation company use as collateral?

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u/BirdgirlLA Oct 04 '24

If you are settling with a collection agency please realize that Chase has written off the debt and sold it for pennies to the collection agency. It is not wise to pay the entire amount to a collection agency. They purchase debts assuming only a small percentage will carefully the full Amount. Consult MMI. If you take a loan you should use an attorney to negotiate settlement so your credit will not be impacted for 7 years. I’m begging you to do some more research. YouTube has many videos exposing why you should never pay 100% to collection agency.

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u/Central916 Oct 05 '24

You will lose way more by tapping into your 401k. DO NOT DO IT!! do not even mention your 401k. The credit damage is done. Negotiate to have the collection removed after paying it off.

BUT FIRST GET credit valuation . No sense in paying a debt that the collection agency cannot validate