chase hardship program - why they deny?

there is no risk for the creditors yet...after 90 days then the temporary hardship errors will come if not before...good luck

Thank you for your reply. I think you meant hardship "offers"... and that makes total sense. I'll just wait on them now. Thank you again!

I don't know why they don't just work with us, ya know? It seems like it would be in their best interest if they thought we were trying to stay current with them. Oh well, now they get nothing.

yes...offers...sorry!
same thing happened to me...I had to make a decision....hardship offers or settlement. Citi offered 0% for 60 months after 90 days...I took it....BOA settled 35% at 1 day before charge-off, same with Discover....Advanta offered 40% at 120 days....

best of luck to you...
if you already have a nice home and good car....what's the worse thing that could happen....sued....sued for what...most people have lost all equity in their home.

Congratulations on your settlements! It gives me hope. We have a long road ahead yet.

I hear you about the home equity. We just found out that the value of our home decreased by $8k from last year to now.

Still...I worry about getting taken to court, esp by the big Chase card we owe. I guess we'll just cross that bridge when we get to it.

i just had the same prob w/chase. they offered me 6% first and then i got cut off. when i called back, they started taking all of my info down of what i pay and what i owe etc and said my income to expense ratio was too high and they couldn't help me anymore and that i had to go to a consolidation firm. i just told them they weren't getting another penny out of me, and they didn't seem to care

That is exactly what happened to us just today!?? As soon as they found out how much (or should I say how "little") we are making now, they wouldn't even discuss a hardship program.?? We have stopped paying on this card (30 days late) since my original post.
They tried to set us up with a consolidation program, but we're not going that route.?? I guess they will either deal with us eventually on a hardship program, settlement, or court.?? Either way, we'll be ready.

Some creditors may offer a hardship program at usually 120+ late. Only thing that sucks is your credit??score is going down the drain in between time. I would call and speak with a account??manager untill they change their mind.??Best of luck to you butterfly!

Good luck to those working with Chase!?? I have a 22% interest rate.?? I have no options to lower my interest rate.?? I can enter into the hardship program (maybe) and they will lower my monthly min.?? payments.?? Guess what that does for me??? The interest rate stays the same, my account freezes, and in the long run...?? I WILL END UP OWING MORE THAN I DO NOW!?? Thanks Chase.?? I ordered a Citi card with 0% balance transfer for 6 months.?? I will cancel my Chase card as soon as I get it all switched over!?? hmph.?? I showed them, right??? lol
We are finding the same is happening with people trying to modify their mortgage loans through the bank.?? If you need help with this, feel free to contact me!

Hi Butterfly;
You definitely need to wait a bit longer for hardship offers. When you get to some of your other creditors (unfortunately now Chase has all of your info documented so they will be tricky) keep in mind that they CANNOT verify your income. They can see all of your debt, but not income on your credit report. Ultimately the best hardship and settlement offers are given to people whose expenses exceeds their income. It may not be the most "ethical" way to go about it, but I would seriously consider "downplaying" your income. At this point in time creditors have not and are not asking for proof of income. I suppose they could in the future but it would create a lot of extra paperwork for them so it is doubtful. They need to see that your cost of living exceeds your income to want to really offer the best hardship. Some things that they can't see on your credit report which should be mentioned when discussing your cost of living...transportation costs to get to work, daycare, medical expenses, and anything that is a necessity that they would not see on your credit report but you want them to consider as a necessity.

Hi sameboat,?? what do you mean by "downplay" our income exactly??? Do you mean we should make it seem lower than it is or that we shouldn't even talk about it???? I'm trying to learn here!

We did divulge our 2008 income to Chase (it was very looooow) but at the same time gave them "hope" that it was likely to pick up due to both our jobs being seasonal.?? I don't want them to think we are so destitute that we'll never be able to work with them (settlement), but at the same time I want them to know that we are truly struggling and cutting corners as best we can and that we really don't have the money to pay them right now...because that literally is the truth.

Well I don't want to tell you to outright lie, but really the best offers...whether we are talking about hardship offers or settlement offers, go to the people who are in the negative so to speak.????So if that means stretching the truth, I say stretch it. ?? I'm not suggesting you tell them you are penniless but you need to paint the picture that you are barely able to make ends meet...which is why you can't pay your bill.???? If your creditor thinks that your situation will turn around come spring/summer, why would they let thousands of dollars go, by offering you a low settlement or 0% interest????? They MUST believe that you are desperate.?? If you want to give them hope that you are trying to turn things around, tell them you are looking for a second job to supplement your income.?? (Not a bad idea anyway.)???? "Reduced income" is the best reason for a creditor to offer a settlement.?? One of the worst things you can do is to tell your creditor that you are saving for settlement.?? You are just asking to be sued if you tell them that.?? When it comes time for you to settle your best bet is to act like you have to borrow the money from someone or somewhere, because you CERTAINLY don't have it.?? Basically you want to fly "under the radar" for as long as possible.?? Blend in with everyone else that is having financial problems.?? (Of course that really is the case or you wouldn't be in this mess, right?)?? They must believe that you are a threat of walking away from the debt - that their best bet of getting any money from you is to offer a deal you can't refuse.??
Hope that helps.?? I'm sure there are people out there that think??my advice is totally unethical, but until debt settlement becomes a regular option for settling debt instead of a game that you have to play, this is what I know works.

I think, too, you have to remember....some of these CC companies are 'stuck' just like you ( because of the economy). I've read, in some of the above posts, BEFORE 'these CC company would let us do THIS. NOW...we can't do that,etc.' A friend of mine is having a similiar problem...to get on some kind of Hardship deal, with her CC company. It's really difficult for her to do right now.

Chase Bank is horrible because they have their head so far up the New York Federal Reserve Bank's ASS that they think they can do whatever they want.

JP Morgan Securities handles every trade each time the Federal Government has the Federal Reserve Bank buy and sell US Treasuries.

They think they are invincible and if you Google "Chase Bank Steals Elderly Woman's Life Savings" you will see what they are all about.

The first card I stopped paying was chase bank. Within one month they had those losers at Mann Bracken torture me and my family.

I hired an attorney and beat them at the national arbitration forum. They got nothing an my attorney obtained an award of $3400.

Everyone in this forum needs to stop paying their chase bill.

What a horrible story!!!!!!!!!! They took ALL of this woman's money?! Did she try to do anything about it?! Good for you, HOUSEOFMORGAN, for fighting back.

Morgan - GOOD work! Chase is the first one I stopped paying also. They promised to work out a payment plan with time and said in writing that I could just call if I'd ever be late. When it happened they sent me immediately to a collector who talked to me like dirt and the next step was to send me straight to a CA who was even worse. Chase is a real problem.

Believe you me from all I have seen Debt Settlement/Relief or whatever you want to call it is a joke*******No one has helped us because they want anywhere from $700 to $900 dollar amonth in payments. Well if I could do that I could more than likely pay our to highest CC.

If you are only a few days late on payment, what incentive do they have to offer you a hardship program? I believe the only times they are offered is when it's already been reported to the credit bureaus, and the companies are at risk of not seeing ANY money. Then, they are usually willing to work with you b/c otherwise they are afraid they will get nothing if you file for bankruptcy or something like that.

Sorry, I didn't read the rest of the posts, lol. Wow, Chase sounds awful. I thought I had bad debt, but compared to a lot of other people here, mine is a cake walk. My husband and I together have 30k in student loans, a car loan, 5k credit card debt and some miscellaneous medical expenses. I'm so glad I don't have 100k+ in debt like some people. I hope you work things out OP.

Because Chase has to be run by the most money grubbing, unwilling to help pieces of crap on the planet! I ran in to financial problems and Chase was completely unwilling to work with me! I was in the process of cashing out an annuity which would have paid both my cards in full, it was a 3-4 month process to get it all cashed out. After 2 months I was delivered papers that I was being sued by Chase!! What a bunch of POS's!!!!!!!!

starting debt settlement, I am worried chase will garnish my wages!!!!!!

They shouldn't if you keep in communication with them and let them know what's going on. Are you going through a settlement company or doing it on your own? Also how far are you behind in payments with Chase?

I have opted out on almost all of my credit cards. I have never been late. It is beginning to come to a point where I can know longer keep up. I owe more in credit card debt that I have income each year. My income continue to drop each yearand my expenses to increase. Even though i opted out I
still have low interest rates. I look at bankruptcy just on credit cards. I only owe aroun d $ 4000 on auto and $ 22000
What has hurt my wife and I is due to taking care of my wife's
mother and father. We furnish them a home- no charge- and supply as the fookd they eat. They could not survive without us and we are beginning to no survive with them. All they receive is small pensions. No Fed or State help available to them

CAN YOU FILE BANKRUPTCY ON CREDIT CARDS ONLY.

nEED HELP ON THIS. LOOKING FOR ANSWERS.

CAN YOU FILE BANKRUPTCY ON CREDIT CARDS ONLY.

nEED HELP ON THIS. LOOKING FOR ANSWERS.

You can file bankruptcy on other debts such as personal loans, car loans, etc..

need answers or sub

need answers or sujections

Quote:

So I called Chase this morning 2 times.


I owe them 32K between 2 cards, I am current and i pay about $800 in min payment. I called the hardship program I was thinking the best way was to look as poor as I really am. This tacktic is not a good idea if you are current on your payment looking for a exception. The first person I spoke too said you qualify for credit counsling blah blah I know how I got into the situation. She said "sir I cant do anything for you because your expenses are higher than your income." So i hung up on her and called back reporting a slightly different story.

My new income was just slightly over the amount I pay in debt, that got me through to the review department. I should get a call back in 24 hours if they will approve a "balance liquidation". They said the best they could do was keep the balance the same and give you a flat rate of 2% for approximatly 5 years. The credit will not be impacted. I will let you all know how it goes tomorrow....

If not the best thing to do is not make a payment to them for 5 months, then ask for a negotiation. FYI they told me that it takes 7 months without payment to have an account turned over to the collections department. Make sure you try to settle before it goes into collections. My father negotiated 25% of 50K for a flat payment of 12K, he was late 3 months.

I have found that Chase is easy and more than willing to work with, they did offer a settlement at 35% but because I did not or could not come up with the settlement over the 3 mthsi had to pass on the settlement. But they did put me on a program at 0% for 48 mths. I did strech the truth a bit about our income but hey it worked. I didn't want the payments based on my husbands salary beings its my debt. I kept calling till I got someone who would work with me.

Capitol One on the other hand sucks they refuse to settle, lower the % or a program... so I did pick up a pt evening job to save so I can kill off these debts faster and ***** Cap One.

Ok so I got the call today and it worked!! I got 2% interest for 5 years at the full balance. I lowered my payment amount by about $200 a month!! Cheers

Yeaaa..Congrats..It goes to show we do not need those credit places to help us...

I have a Chase card that I stopped paying 3 months ago because I was out of work for over 7 months and even though I'm working again it's at a 40% cut. I did the best I could to pay my credit cards while I was out at the expense of my mortgage and cars. I called Chase to try to work something out and they were just horrible, blaming me because i couldn't find work. Do they not know what is going on out there? As much as I don't want to my husband and I are going to look into bankruptcy because we make so much less than we used to and there is no end to any of this in sight. I just wish the credit card companies would work with us instead of jacking up our rates/minimum payments. It's just a sad situation for everyone!

Hi Owe_Money, congratulations on your offer. How did you managed to convince chase to lower your interest rate? I too have $25k cc debts I owe them and I really need them to help me out since my house will be foreclosed soon if I will be be able to work out something with my credit cards. I appreciate any tips you can share.

I have a chase auto payment and in as much as i try to teach people to stop using chase they don't listen until they get screwed by them!
I have been out of work for almost a year and somehow managed to make payments as best as possible,i may be late 1-2 months on it but i do continue to make them where ever i can get money.I have to call them since they have been calling me about ?? so i need to maybe cry about hardship BUT some time ago i asked and they said being unemployed is NOT cause for hardship! Well..what is you greedy morons since the banks ruined the country to begin with!!
My other bills??Shi*...i'm so in default it's not funny,i will see a very good bk attorney when i do get a job and go from there.Credit used to mean one thing long ago,now it's like forced on us all for everything and that has got to stop!
Anyone every try hardship on car payments??
As for my credit rating..i don't even care anymore since most wil NOT work anything out in YOUR best interest like B.O.A.,they knew i was on unemployment making very little yet they wanted me to pay $90.00 a month "in my best interest"),yah..okay and how do i make car payments,etc...they didn't care..all about their money and that i pay it off fast so i had to stop giving them 90 bucks so i could pay on the car.
Our government sucks big time,they bend to special interest groups,lobbyists etc so banks can keep screwing you and me.
Umemployed,NO extension(so they say)and NO $ coming in,good thing my mom/brother(both disabled)can help in some way but not forever!!I get $200.00 a month for food stamp usage...yippie and can't have medical/cash assistance since mom/bro have an income...that's also a messed up system.
I used to be good with credit but not once your laid off and NO $$ coming in and NO help what so ever from our wonderful government.If it wasn't for family i'd be gone and homeless,let's see a bank get $$ then.
Anywho...any advice on chase auto loan help??I could sell the car and then maybe get a non junky older car with any extra cash i'd have from the sale!It's a though but not a good one.
It'd like a huge nightmare with no end...ever feel that way folks?

Ok, So far, citi, RBS, sears and home depot are willing to negotiate a lower payment, without needing to "qualify" by giving them your debt vs income. Chase however, asks what all your bills are, and if you owe more than you can pay, you won't qualify. And they claim it's according to federal guidelines. So here's what you need to do. LIE to the bastards, figure out a number that shows you can still pay, and lie to their greedy f-ing a**es. Otherwise they say F***CK you. By the way, Mr. Chase Morgan is the one highly instrumental in creating the Federal Reserve in the first place, so this is an evil company down to it's core. If you haven't already heard do so research on the Fed, it's no more a federal institution than Federal Express. It's a private banking cartel which has a monopoly and the power to create money out of thin air by printing it. This is why we have inflation in the first place. It's corrupt to the core. I wish I didn't give a crap I would file bankruptcy, but instead I plan on calling back again and lying so I can get reduced payments until I can sell my property to get out of debt entirely. Never again! Plastic is going in the garbage can from no on.

And by the way, chase received 25 BILLION from the taxpayers in bailout cash when they needed assistance.

I just got off the phone with the hardship dept. They offered to drop the interest in half, and it will be paid for in 5 years instead of 20.

I have a chase card that i just stoped paying on. I also have a car loan and home equity with chase that are both current. will i be able to get a settlement on the credit card without the other things coming into the mix?

Late last year I did the hardship program. They said I was eligible because I was self employed. So I waited a couple of days - called back and when they asked about employment I just gave them the name of my company. They took it and set it up - but the payments were only like $20 less than the payments I already had. so a few months later I defaulted and ended up settling with them for I think like 40%. If your credit is going to be crap anyway - why not settle it and get it over with.

Everyone is giving great advice here. Debt settlement is like playing chicken with the bank. Whoever can hold out longer wins.

It's also a lot like high school dating. You really have to court the banks. By waiting it out, you will eventually get to the departments that can help you. Do the dance, tell your story, be patient and eventually the bank will come around.

It seems odd the process should be drawn out to 120-150 days. Shouldn't there be a way to make it more efficient by demonstrating hardship in a way other than not paying for 4 months? Hopefully the FTC will implement new regulations later this year.

Hi,I owe Chase 25.000$,talked to them few days ago about my hardship ,so far I never late for payment but mainly I could only pay basic payments. Chase offered me 3% interest for a year ,and I have to apply for that deal again every year. Or lower interest rate with 5yrs payment,then they trasffered me to Novadebt.org. The lady offered me 0% interest payment for 4yrs and 9 months. It sounds too good to be true. Do I need to worry about my credit score if I take this offer? My credit score is pretty high. What should I do? from San JOse Ca

Hi Butterfly,
I would not try to let them know that you have enough income to settle....they could care less if you were eating dog food as long as you said you were going to pay something. you need to emphasize your hardship and i would definitely give them the "worse case scenario" ......you need to make sure that they understand that you have a hardship....for us, my husband's business went "belly-up"......we had not paid "anything" in 120 + days ...mainly because we thought we were filing for BK until we found this board! So, give them the hardship story and stick with it.....I advise being honest and letting them know exactly how bad things are!!! good luck to you.....If you pay on one card....they can see that on your credit report!!! They see all...on your credit report..except income. good luck to you....I did settle with Chase after 120 days for 30% in late June 2010. I did not have a hard time at that point!

Butterfly....what I meant to say was that I would not worry about trying to let them know that you have enough money to settle......

Its too late now that they have your accurate information normally you have to fanagle the #'s a bit to get approved remember its a numbers game, they definitely look at how much money you have left over after expenses are paid based upon approval. I apologize to inform you that now you will have to wait a while and if you'd like call back and say you have had a loss of income that always sells a Hardship ;) Good luck! -Financial Advisor Marlene. (Orl, FL.)

Another thing they pull your credit report and so you can't lie about what you pay...but you can decrease your household income at anytime! :)

i don't know why ANYBODY would feel bad about lying in order to keep a roof over their heads and these thieves hands out of your pockets. don't think for one second they would feel bad about letting YOUR children starve! they get their money at the discount window for less than a percent and then jack our rates up to 30? i never was late on a payment in 30 years until the credit protection act started! what a joke! they jack up the interest rates AND your minimums... i will NEVER pay this debt off during my lifetime, tho i have surely paid back thousands more than i ever borrowed to begin with. i am telling them that i will declare bankruptcy. the first one to file suit against me is my trigger. they can work with me or i will walk away legally. i have nothing left to lose.

^
Amen! Especially about the part about them not giving a RAT'S A## about letting your kids starve!!! Bankruptcy is just about the best protection the Gov't has afforded us, but the "media outlets" has had their pockets lined by the creditors to portray BK as such a bad, unethical, and immoral thing! Nothing is further from the truth!

It's a business decision.

Are YOU going to homeless and hungry, trying to pay the creditors, while they still go about their daily business, making billions, plus bailouts whenever they need them?

or, are you going to make the decision to keep a roof over you and your family's head and food on the table for your family, while they still go about their daily business, making billions, plus bailouts whenever they need them?

Seems like an easy choice to me!