Figure out how much money you owe on your credit card. You can do this by looking at your Chase credit card statement that you get in the mail each month. You can also go to the Chase website and access your account. If you are a new user, you will need to get a user ID, which is easy and free. Click the user ID link above the login area and then follow the onscreen instructions. (See Resources for link).
Determine if you have enough money to pay the debt in a lump sum. If you do, then you should pay the debt off immediately. This will eliminate any interest fees and late penalties that you will accrue if you pay it off slowly. Of course, many people don't have the money to pay the whole debt at once. In this case, you can try to negotiate with the company for a credit card settlement.
Call a customer service representative at (800) 432-3117, or send an email. The phone services are available 24 hours a day, seven days a week. Once you get someone on the line, politely ask if they are able to reduce your interest rates or if they are willing to negotiate a settlement for a lower balance.
Tell the person that you are having a difficult time financially and that you really need to settle the balance for x amount. Inform the person that if you are not able to settle the account for a lesser amount that you may have to put it into delinquency status, file for bankruptcy and then allow Chase to deal with the long list of creditors in bankruptcy court.
Most times, Chase will offer you a settlement agreement or at the very least better contract terms with a lower interest rate as the company would rather risk receiving some payment than none. If you come to a mutually acceptable agreement, get the terms in writing and then follow through with it. If you can't reach an agreement or Chase refuses to discuss the matter with you, proceed to Step 4.
Find an experienced debt negotiator at a site such as Freedom Debt Relief, a debt management company that specializes in negotiating credit card settlements. See Resources for link. Be aware that these companies charge fees for their service. In many cases, the fees are 20 percent to 25 percent of the savings that they can give you. For example, if you have a debt of $4,000 and the company can negotiate so that you only owe $2,000, you would owe the company a percentage of the savings. If 20 percent is charged, you would owe $400. Ask the representatives of the company the charges.
Obtaining a settlement of 25 percent to 40 percent of what you owe is common. Ask to have the settlement details of your Chase card settlement sent to your house in writing so that you can keep them for your records.