Chase Agreed to settle a Home Equity Line of Credit for 10 percent of the loan balance. I couldn’t believe it. This second loan was a home equity line of credit.
The loan was sent to several different collection companies and finally ended up with AWA collections in Orange County. The borrower received a call one day from AWA offering a settlement. Awa first offered to settle for $15,800 but after some negotiation they agreed to $12,200.
The borrow received a full release of liability and they forgave the remaining balance. By the way, Chase had not received any payments since 2008.