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chase balance liquidation program

Date: Wed, 02/11/2009 - 14:58
Submitted by sideattack2000 on Wed, 02/11/2009 - 14:58
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After a week of talking with Chase bank, they contacted me today and said that I was approved for the Balance Liquidation Program. The terms were 60 months at 2% interest ($374). They said I need to make the current payment of $1061 before the paperwork could be generated for the 60 month payment. I asked for this in writing and they said it would not happen in writing until I make the account current. Does this sound right? Anybody else experience this?


i actually was able to get 0% on all my chase accounts. my accounts were all current though. maybe that has something to do with it.


Submitted by on Mon, 04/13/2009 - 14:20

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I got the info through the mail and had it all set up to schedule my payment and at the last moment the guy in INDIA said it was pending. Pending what? I ask he he was unable to give me a exceptable answer. and for the 2% DEAL SOUNDS GREAT,and the be current thing they ashed but I was unable to give them a real time for the next payment.


Submitted by on Tue, 04/28/2009 - 15:39

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I WANTED TO COMMENT ON THE BLP PROGRAM THAT'S OFFER'D @ CHASE. THIS PROGRAM I HAVE TO SAY IS HAS YES/NO ELIGIBILITY AND WHILE THE "YES" ELIGIBILITY COMES W/THE CRITERIA ON HOW ONTIME U PAID YOUR ACCOUNTS, IF YOU CHARGED UP YOUR ACCOUNTS BEFORE ASKING FOR THE PROGRAM, CASH ADVANCES MAY NOT QUALIFY YOU FOR A LOW INTEREST RATES, IF CASH ADVANCES WERE TAKEN OFF WITHIN THE LAST YEAR. THE WAY TO ASK FOR A BLP, WHICH IS SYNOMOUS TO A HARDSHIP PROGRAM, IS TO DO THE FOLLOWING; NEGOTIATE THE DOWNPAYMENT! THERE IS NOT REQUIREMENT FOR U TO HAVE TO BRING ACCOUNT CURRENT, CHASE WILL ACCEPT THE BOTTOM BUCKET AS YOUR DOWNPAYMENT FOR THIS PROGRAM. NEXT, OUTLINE YOUR BUDGET. FINANCIAL INFORMATION INCLUDES THE FOLLOWING; RENT/MORTGAGE, 2ND MORTGAGE, INSTALLMENT LOANS, REVOLVING DEBT. YOU MUST SHOW WILLINGNESS AND ABILITY TO BE ON A REPAYMENT PLAN. TO QUALIFY FOR A LOW INTEREST RATE, SIMPLY MAKE YOUR EXPENSES VS WHAT YOU MAKE ABOUT ONE TIME YOUR SALARY (+) CASH FLOW. STRONG NEGONIATIONS SKILLS AND PERSISTANCE WILL GET YOU WHERE YOU WANT TO BE. THIS HOLDS TRUE FOR THE ASSIST PROGRAM ASWELL. I HOPE THIS HELPS EVERYONE.

THANK YOU.


Submitted by on Sat, 05/23/2009 - 15:32

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no


Submitted by on Mon, 06/22/2009 - 17:41

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will this affect my credit rating whatsoever? they said my chase account would be "closed by customer". But who will the new balance note be held by?


Submitted by on Tue, 07/07/2009 - 13:38

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It would be better to call and simply tell them that you are unable to keep up with your monthly payments, or in case your accounts still current to tell them that you are afraid that you will not be able to keep up with the upcoming payments. If you said this, that would show them that you are acting as a responsible customer and they would have to refer you to the program. Otherwise, it would be on the records that you have shared this upcoming hardship condition that was expected by you the customer and nonetheless they continued to ignore it, a sicutation that they would not like to be at and therefore they will be forthcoming towards you. Chase though is not well known for its customer service, they do tend to hide information from customers. It would be wise to be careful with them and with what you say over the phone with the customer service. Goo luck.


Submitted by on Sat, 07/11/2009 - 19:50

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Are you a Chase employee? how do know all of this? I'm glad I read this blog before moving forward. Here's the information I received.

1) The Rep. from Chase told me if approved, they would require I make monthly payments via auto deduction from my bank for at least 12 months.
2) The rep. from Chase told me I would need to be current on my payments (only one as of today) and this at the increased rate. My rate went 3.99% to 29.99% and my payment from $287. to $547. all, for a one time late.
3) The rep. said if I gave him all my financial info., he could have me approved in one day.
4) The rep. also stated my rate would be reduced down to 12%- 16% interest.

I need to know if this is a CON !!!!! who can I CONFIRM THIS INFORMATION WITH. Thanks


Submitted by on Mon, 09/14/2009 - 12:12

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I was on a hardship program with Chase before I couldn't pay the cards anymore. I had a 4 yr agreement at 2 % payments of $298 a month. When I called today to try to get back on the plan I was told that there were no plans at this available for me other than a settlement and the card has 25 days left till a charge off suprised me that they wanted to settle already. Stinks that i don't have 6k on hand.
He told me If I pay the $1800 balance due I might be able to apply later for the program.
Im not giving them $1,800 and then find out I'm paying the full amount at 12% over the next who knows many years....

What gets me is they will offer a settlement of 6k loose 10k but not let me pay the full amount over a 4 yr period. makes me scratch my head like... HUH.....


Submitted by Nikki_123 on Mon, 09/14/2009 - 12:41

Nikki_123

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Camp A,

Get it in writing. That sounds all good to me, as long as it is in writing.

Karen,

That is normal. A hardship plan is usually only offered once and even if you are late 1 day they will yank you off of it. At this point it you are lucky they offered you a settlement, even though you are unlucky that you can't pay it. In about a month and a half or so, you will be contacted by a debt collector. Cross your fingers and hope they are not one of the terrible ones that so many people report about! Some of them will work with you and some of them will give you a hard time and take you to court...


Submitted by Chrys Henderson on Tue, 09/15/2009 - 00:13

Chrys Henderson

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We just signed on and were approved for the BLP. It is a 5 yr plan for us and it really lowered our interest rates. We truly had excellent credit. We lived off of our cards for 10yrs so I could be a stay at home mom. Wouldn't have traded it. Now it's time to pay up. I have gone to work full time and will gradauate in May and be earning an additional 200.00/month for it. They report this as account closed by customer and as long as you pay on time, they will show 1's on your credit report. We were never late, only had high bills. Be forewarned, if you have any other accounts with Chase they can lower your limit, thus causing an over limit fee, close other Chase accounts even though they are in good standing. While it didn't lower the amount owed, it just made it more manageable and we can see light at the end of the tunnel.


Submitted by on Fri, 11/27/2009 - 06:34

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This isn't a good plan because it is on auto pay only. You shouldn't have a creditor on auto pay EVER. Your necessities need to get paid first. Credit card bills should NOT get paid before mortgage/rent (you have to live somewhere), before gas/power (you can't live without this), before your car/car ins (you have to drive to get to work), before you feed you and your family (you gotta eat). After those things get paid, then you can decide if you have enough for your 'other bills'. BUT... the reason you are in the situation you are in may be because you are unemployed or have an unstable income, or you really need to cut back expenses, in any case, credit cards should never be on auto pay... more financial info at daveramsey.com. He has taught me and my family A LOT! Hope this helps someone.


Submitted by on Wed, 07/07/2010 - 09:11

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Quote:

Originally Posted by Anonymous
This isn't a good plan because it is on auto pay only.

I just enrolled in Chase's BLP on 07/07/10. I was not required nor was I pressured into going on auto pay. I was simply asked how I would like to make my payments. I will just continue scheduling my payments online.
July 2010 is the month that ends 18 consecutive years of on-time payments with my creditors. I have two Chase accounts. One was due on 07/07, the other (formerly WAMU and closed) is due 07/22. I called chase on 07/07 to notify them I would not be able to make my payment on-time this month. The initial CSR was difficult. She tried to be intimidating, threatening a late fee and raising my APR if I didn't pay immediately. Even after explaining why I wasn't able to pay on-time and when I might be able to pay she continued to try to push my buttons. I requested to speak to someone about their hardship options. She insisted on asking questions about my hardship(s), basically making me explain my situation again and again (perhaps for consistency) before she would transfer me.
After a long wait on hold, being disconnected by the first hardship rep 45 seconds into the conversation, and having to call back, things went a lot smoother. (Again, I suspect the repeated questioning along with the long hold had something to do with Chase reviewing the consistency of my story.) The woman I spoke to was very pleasant and non-threatening. Her tone was not very sympathetic, but she was very professional. I was given a synopsis of the BLP, which is basically restructuring the outstanding balance into a 60-month loan. An open account must be closed permanently. I had to explain my hardship(s), gross/net monthly income, housing expense, and obligations to other creditors before she would discuss the interest and payments. I initially did not intend to put the second account on hardship, but when she asked it only made sense to say yes. In the end...
Acc't #1 (Had to close it)
Old Terms: Limit = $6000.00, Balance = $5976.83, APR = 27.24%, Payment = $199.00
New Terms: APR = 6.00%, Payment = $116.00 x 60
Acc't #2 (Already closed)
Old Terms: Balance = 4771.81, APR = 16.99, Payment = $118.00
New Terms: APR = 6.00%, Payment = $93.00 x 60
One word of advice! If you are about to fall behind and/or want to enroll in their BLP call at least three days before your payment due date. It takes three days for your account to reflect the BLP. Upon enrollment (at least in my case) you have 3-30 days to make your first payment. I was hit with a late fee for my 07/07 payment because I waited until my payment due date to call.


Submitted by on Thu, 07/08/2010 - 02:25

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Quote:

Originally Posted by anonymous
i got the info through the mail and had it all set up to schedule my payment and at the last moment the guy in india said it was pending. Pending what? I ask he he was unable to give me a exceptable answer. And for the 2% deal sounds great,and the be current thing they ashed but i was unable to give them a real time for the next payment.

pending your payment on the money you spent that wasnt yours>>>


Submitted by on Sat, 09/25/2010 - 22:21

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Quote:

Originally Posted by anonymous
this isn't a good plan because it is on auto pay only. You shouldn't have a creditor on auto pay ever. Your necessities need to get paid first. Credit card bills should not get paid before mortgage/rent (you have to live somewhere), before gas/power (you can't live without this), before your car/car ins (you have to drive to get to work), before you feed you and your family (you gotta eat). After those things get paid, then you can decide if you have enough for your 'other bills'. But... The reason you are in the situation you are in may be because you are unemployed or have an unstable income, or you really need to cut back expenses, in any case, credit cards should never be on auto pay... More financial info at daveramsey.com. He has taught me and my family a lot! Hope this helps someone.

you only go on the program if you can commit to the blp payment amount every month....you are not a smart person


Submitted by on Sat, 09/25/2010 - 22:24

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There are differing levels of BLP, some offer 0.00% apr and also give you a provisional credit. All deciding factors really come down to what means you have available to you, in order to liquidate the balance within a the regulated term of 60 months.


Submitted by on Wed, 03/30/2011 - 06:13

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I had did that as well. It had to be bank drafted for me to get the 0%. It worked out fine, but then my other credit cards would not help. SO, they have all been sent to collections. out of 5 cards (Chase, Chase, Citibank, MBNA, and Discover) the only ones that I have settled with is the two chase cards. One we owed a little over 13k and they took $2022 to settle in full. The other one we owed 3,200 and they too $500 to settle it. I have already recieved my letters to hold on to. Discover CA is Creditors Interchange I think, and they are not wanting to settle for less than 30% which is 3,842....... Citibank is Alliance One, which I have read on here is horrible to deal with. She has been really nice with me, but will not go lower than 35% after 3 months. MBNA I am settling with them and not a CA. They agreed to 2155.52 so we have to come up with that---Total amount was a little over 11k. I was hoping that the others would go as low as the chase folks did, but that is not looking likely.
If the real estate market had not took such a hit, we would not be in this situation. I was selling 20 houses a year and getting over 80k a year. but the last two years...... I didn't even bring home 10k.....So I have a part time job that I do as well that I just was able to get a couple months ago. I am hoping that nothing like this will ever happen again. I will never live WITHIN my means again, I will always live below them.....That way, if something happens like a job loss---I am still within my means.... I hope to find a lot of comfort on this board hearing from others that are going through the same thing. I have felt so alone for so long. Thanks so much!!!


Submitted by davephillyj on Thu, 03/31/2011 - 08:35

davephillyj

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