Comments on: Chase Improves Credit Counseling Benefits

By: Linda

Linda — Sun, 27 Jun 2010 09:38:02 +0000

I’d like to know the answer to that too. Why are they allowed to call it a bad debt after only 6 months and charge it off, yet still have the right to continue collections and add 30% interest? That gives them NO incentive to work with you during the 6 month period. They refused a lower payment amount but now that my credit is destroyed and it is charged off,suddenly they can reduce my payments? Why is this legal? I feel like calling the IRS and letting them know the “circumstances” of my default and that the reason was them raising the minimum payment so drastically and telling me it was not negotiable (even though I never missed or was late on a payment to anyone).

By: Gerry

Gerry — Wed, 16 Jun 2010 15:01:59 +0000

Just a Question for Mr. Long,

I have heard that accounts that are charged off by the banks are insured. Can you tell me how that works? Insured by who? It sounds like the banks do not lose much when an account is written of.

Thanks

By: Linda

Linda — Fri, 30 Apr 2010 04:25:38 +0000

Sorry, but this made me laugh. If you were 7 months late they would have been calling you constantly. They would not have waited for you to finally decide to call them about their BLP. I’m 7 months late as of right now and the problem was that they raised their minimum payment from $350 to $950 and during all these months have refused to lower it back to what it was before. Their excuse is that I don’t make enough money to qualify for their hardship program.(If I qualified for their hardship plan I would not be in a hardship situation anyway.)However, they still insist on my paying at least the new minimum payment of over $900 per month. Apparently I “qualify” for that amount with my low income but I don’t qualify to make the same payments I did for the past decade before they raised it so drastically. What kind of asinine logic is that? My account will charge off tomorrow. So they have accomplished their purpose. They will be able to get their tax break on my defaulted account, qualify for even more bailout money and still be able to continue collections plus add high interest,late fees and attorney fees. Like you, all I can say is thanks Chase..

By: John

John — Mon, 12 Apr 2010 05:09:01 +0000

I can’t say enough good things about Chase. I was 7 months late on several accounts with them and I finally decided to call them about their Balance Liquidation Program or BLP.

To my surprise they lowered my interest rates to zero percent. Yes,0.00%. Waived my late and over the limit fees, and took off thousands in past due interest from each account.

This lowered all of payments. In some cases by more than half. I just received a letter from Chase that I now qualified for their re-age program and my account would be brought current.

All I can say is thanks Chase.

By: Linda

Linda — Sun, 03 Jan 2010 20:11:04 +0000

I just wanted to let people know that if you are truly in a “hardship” situation and have little to no income temporarily there is NO help for you from Chase or ANY of the other credit card companies. This means that if you get into a car accident, are going through chemo, have just had surgery and need time to recover, or simply lose your job – all that is going to happen is that your credit will be ruined and other credit cards you have from other companies (that you may not even be using) will get closed or your credit limit cut to nothing (thanks to universal default still being in effect because of the idiots who voted against the credit card laws going into effect in December instead of February.)

I went into “default” (and stopped borrowing from Peter to pay Paul) when Chase raised my payments from $358 to $950 per month (higher than my monthly income) and Searscard raised my interest rate so high (for no reason) that not only were the payments higher but it was “all interest” meaning that they have made it impossible to ever pay off. GE moneybank has closed my store accounts that I wasn’t even using and was never late,etc. on and lowered my paypal limit to $100. They did not ask any questions as to what was going on they just took punitive action regardless of the fact you are not in default with any of their accounts. I realize this is about Chase card but this is the fallout from them increasing their minimum payments. You only qualify for the hardship program if you have a good income. If not, NONE of the credit card companies will accept a smaller payment or consider freezing your payments temporarily while you have no income. They will just tattle on you to the credit bureau and make it completely impossible to survive because all your other accounts have been cut off and you have no way to survive a temporary situation.

By: Wiese

Wiese — Mon, 19 Oct 2009 05:41:02 +0000

I closed both Chase cards and got on BLP – both are 6% – Payments stayed the same. I’m unemployed a year now. Maxed them paying for car repairs, a high deductible health insurance with no RX coverage, and food and gas – just basic minimum. Now, I’m starting my 2nd ext of unemployment and will get about $100. a mo less – I’ve nothing else to cut – all I can do is use my checking account overdraft protection that I thankfully still have since 1984. At least I got 100. from Chase by opening a new checking account (with only $100. overdraft), so I got the $100. then closed the account. As Americans who got fleeced, we need to start getting on the local news and getting our voices heard bigtime – carry a sign on your car, hold one up on a main intersection – get others to join you. It’s time to be vocal and visible!!!

By: Linda

Linda — Wed, 23 Sep 2009 05:31:34 +0000

LEW: Thanks so much for the link and the helpful info! I’ve been reading the blogs on other websites and I’m hearing a different story about what happens after people are into the BLP program. But everyone seems to be taking Chase at their word (even though they should know by now that their word means nothing) that their credit rating won’t be adversely affected. One lady wrote in that her credit score went from 780 to 657 after closing her account with Chase and enrolling in the program. Another said her credit report revealed she was in a liquidation program because she was unable to pay the minimum payment. I’m hearing a lot of different stories on different websites so it’s hard to know what to believe. I guess time will tell. I also checked some “financial advice” websites including bankrate.com and they say that when an account is closed (and it doesn’t matter who closed it) your credit rating takes a hit of about 50 points just for that alone. Which does sound like what that one lady said happened to her. I also read on one of those other blogs that Discover was going to raise their minimum payment. I called them today to find out if it was true. Sure enough, its going to take effect in January (I have 2 accounts with them with high balances too although not as high as Chase). They said it would “help” us to pay down our debt faster. I said “no it won’t. and we have ALWAYS had the option to pay more than the minimum anyway.” Then she said something about it being due to “federal regulations”. Sure enough, there is something about them either having to offer a 5 year payment plan or else an increase in the minimum payment to “not more than double”.
Between the increases in minimum payments and the interest being jacked up as high as they can get it (which also makes the payments higher) there won’t be any such thing as good credit anymore. It’s only going to get worse so I guess the DLP probably IS the best option after all because the only other option we are going to have thanks to the “regulators” is a doubled minimum payment! I wish all of you the best possible outcome no matter which wonderful option (from Chase) you chose.

By: Sue

Sue — Tue, 22 Sep 2009 03:40:38 +0000

I, too, had my payment raised from $271 to $681 without notice. When I called I talked with a customer service rep with a heavy accent, and after about 15 minutes, where I received the offer for a higher rate (mine was 4.99 for the life of the loan), I told the lady she must be an idiot if she didn’t understand the burden Chase put on me. I asked to speak to her supervisor, and she transfered to me a recording that said, “you have been abusive with a Chase/JP Morgan representative, and you can no longer call Chase/JP Morgan. You must now put all correspondence in writing. Well, I was beside myself. I wrote to the CEO and the head of Credit Card Service, and then wrote to Customer service and told them that I wanted a transcript of the call, my phone privileges reinstated, and I wanted someone to explain to me how they could do this? In response, I spoke to someone in the Card Services Executive Office who offered me the (BLP Balance liquidation Program) 2% fixed APR, all overlimit fees and late fees suppressed; my account will be closed at my request, and my fixed monthly payment is now $228 for five years. I was concerned that my credit rating would be effective, and I was assured that it would not be. While I think that Chase targeted a certain group of portfolios, I don’t think they “saved me,” but if my credit rating is not effected, then I came out ahead because my rate before was 4.99 for the life of the loan, and my payment is now $50 less a month…so it worked out ok, as long as there is no adverse effect to my rating. Of course, it closes out my revolving credit with Chase, which is what I think their goal is — to have fewer revolving accounts on their books. And I think that is the ultimate goal, since the targeted people who had low interest rates to begin with. I haven’t complained to anyone else — and they did reinstate my phone privilege, although I have no need to call them at this point. I appreciate this site and I feel better knowing that most everyone agrees that by doing this BLP program, we are not adversely effected. I would appreciate any other input anyone has.

By: Lew

Lew — Tue, 22 Sep 2009 02:01:29 +0000

There are several options for the almost 1 million customers that Chase has screwed. First, contact Chase just so you can hear the “that’s too bad” speech. Then file a complaint here
http://www.helpwithmybank.gov/…..index.html
It will get Chase attention! Also file a complaint with your states Attorneys General and Federal Attorneys General. Also, more than two dozen federal class action lawsuits were filed against Chase in courts throughout the country, and recently, they were all consolidated and transferred to Judge Chesney of the Northern District of California. We should know by Dec if its going to trial.
Chase is doing this to get rid of customers that carry a low interest balance or a large balance. They can get away with it as long as people are sheep.
This is what you get with a government controlled by corporate money. Like FDR said, a government by organized money is just as dangerous as a government by organized mob.

By: Linda Stewart

Linda Stewart — Thu, 10 Sep 2009 15:44:03 +0000

I was wondering if, since you erased my last post and would not print the previous one because I “already said that” if you would just erase all of my posts on here. It is my fault because somehow I got linked to this site and it is a credit counseling service,not what I thought it was.