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Has anyone dealt with Chase?

Submitted by johnita on Sun, 07/13/2008 - 11:40
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I'm dealing with circuit city visa which is through chase and they're totally unreasonable with working out payment arrangements. I was just wondering what steps they generally take. Do they take action and generally sue or do they generally charge off the account and sell it to a collection agency?


Thanks,
Johnita


First off how late are you? What is your balance & minimum payment? Sit down at home & figure out what you can afford & call them asking for either retention or recovery department.You will probably have to bounce around until you find someone who has the authority to place you in a hardship repayment plan.


Submitted by cajunbulldog on Sun, 07/13/2008 - 12:34

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Between my husband and I, we have three Chase accounts. When we explained our hardship to them, they offered us hardship programs on all three accounts. I don't remember the exact terms, but I think it was under 10% interest rate for a temporary period (six or twelve months?). The minimum monthly payment amount would have been 1% of the outstanding balance, and they would have reversed the late fees. We couldn't afford the program, even on those terms. At about 60 days past due, they sent my husband's account to their pre-litigation department, and at about 90 days past due, they sent it to their litigation department for review.

The other two accounts with Chase are still in their regular collections department. Go figure!


Submitted by alias1958 on Sun, 07/13/2008 - 12:52

alias1958

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I had two chase accounts and they were very quick to send me to court. But when they sent me a summons, I called them up and the people I talked to not rude or nasty. Even though they are tough on settlements - I was not able to settle just one because they had combined the accounts and could not settle on the amount of both cards, they worked out a repayment plan that I could afford. Keep trying to set something up you can afford - maybe it was just the person you spoke to. If you get another person, they may be willing to work with you.(don't know if it will work but worth a try)

Good luck and let us know how things are going.


Submitted by spatterson_40 on Tue, 07/15/2008 - 05:10

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Smo, I just sent hardship letters on all three accounts to their regular mailing address. I explained to them that we were experiencing financial difficulties due to a loss of income. I gave them approximate numbers of what our income and expenses totaled to. On one account, they called and offered a hardship program once they received the letter. (I believe they have at least a couple of different hardship programs, depending on whether your situation is short or long term.) On the other accounts, once the collectors started calling, I asked them if they had received the letter, and they pulled up a copy. I still had to explain the whole situation to them again, but then they offered the programs.

Good luck!


Submitted by alias1958 on Tue, 07/15/2008 - 08:45

alias1958

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Johnita, I would definitely call back again. If there is one thing that I've found in dealing with numerous different creditors, it's that it really does depend a lot on the person you talk to. Overall, I've found the Chase collectors to be professional, helpful, and willing to try to work something out with you. Even once our account reached pre-litigation, everyone I spoke with was professional and willing to try to work something out. I just didn't have any funds to be able to work anything out!


Submitted by alias1958 on Tue, 07/15/2008 - 08:50

alias1958

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The plan they have offered is $140.00 a month and while I would love to be able to enter into this I just can't possibly afford that much but they won't budge on amounts. So I'm very worried they will rush off and sue. The amount of the bill before they started tacking on all their fees was just under 6k. Their fees is one of the things that got me into this situation. We had this account completely current then all the sudden they add over 500.00 in accumulated interest which sent the card overlimit and of course then they start adding on over the limit fees and with the min payment at that point jumping to almost 600.00 of course I couldn't pay it so then the next month you get over the limit fees plus late fees and more accumlated interest and from there it has just snowballed and went completely out of control.

The last statement I believe has the balance sitting at almost 7500.00 maybe a little more I'm honestly not sure but I know it's a lot more then what it started out at a very short time ago. I would really like to repay them but I can't possibly with the amount they are requesting. I continue to make very small payments on the account but I'm guessing that won't stop them from taking legal action since it's not the amount they want.


Thanks guys for all the advice, I'm really hoping to avoid bankruptcy but I'm not sure I'm going to be able to I hate waiting until things get really out of control before considering that.


Johnita


Submitted by johnita on Tue, 07/15/2008 - 15:02

johnita

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Johnita, I understand where you are coming from. I also wanted to avoid BK, but we just signed our papers yesterday to file Chapter 7. I had to do a lot of soul searching. I finally decided that if we did not file Chapter 7, we would almost certainly lose our house. Chase was threatening legal action, and I figured it was only a matter of time before someone decided to sue us. Since we owe more money on our house than it's worth, that would add two more (a first and a second mortgage) creditors to the list that we would be unable to pay--and it still wouldn't help to pay any of the ones that we already couldn't pay. Since we do currently make enough money to pay our mortgages, we decided that it wouldn't serve anyone's interest to let it go that far.

I can tell you that, based on my experience with Chase, you will have lots of warning before they decide to file suit. They called us the week that our account was sent to pre-litigation, and followed up with a letter the next week, and more phone calls after that. They told us that the account would stay in pre-litigation for 35 days unless we could come to a payment agreement, then it would move to litigation, which still didn't mean that it would automatically end in a lawsuit.

However, the options they gave me once it reached pre-litigation were even more limited than while it was in the collections department. If I remember correctly, the options were: 1. Bring the account current, then it would be sent back to the collections department for possible reduced payment arrangements, 2. make four monthly payments that would bring the account current, including new billings during that time, 3. pay the account in full, 4. Settle the account for less than the full balance (but their initial settlement offer was somewhere in the neighborhood of 80 to 90%).

Our other two Chase accounts are still in their regular collections department, and have never been moved to litigation. So those are my experiences with Chase, for whatever it's worth. YMMV


Submitted by alias1958 on Tue, 07/15/2008 - 15:20

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this was the letter that I sent to chase on Tuesday (edited for some personal content):

Gerald A. Smith CEO ???????? Chase Credit Card Services
[email]gordon.smith@chase.com[/email]
7/15/08

Dear Mr. Smith,

My name is xxx, my account number is xxx, my social security number is xxx. I have held a Chase Credit Card for 15 years, the number has changed several times due to lost/stolen cards but you should be able to see that I have been a very long standing customer along with my late father xxx social security number was xxx. I am also a recent used car buyer, and I was pleased to find out that Chase would be financing my vehicle. That account number is xxx.

Four year ago my father passed away from Cancer and I was thrown into a deep depression, as he and I were very close. When he passed away I was struggling to maintain my job and home life and frankly my sanity. I was 1-3 days late paying Chase for several months in a row, I ceased making the payments in full, and my balance ran quite high. I had a $30,000 credit line and did not think it mattered how high the balance was as long as I was making my payments. I have since found out how wrong I was. Chase raised my interest rate from 10% all the way up to 30%.

Last year I refinanced my home and paid off $30,000.00 that was due to Chase. At no time was I past due but I did have a high balance. Chase then immediately reduced my credit limit from $30,000 down to $3,000, again with no notification. I called and begged Chase to revise that amount, it was revised to $7,500 which is what it remains to this day.

I have been told by a friend that the above actions by Chase violate my rights related to something called the Equal Credit Opportunity Act. I never received notification of the actions taken by Chase. I, along with a large number of Americans, are struggling with higher costs and lower incomes and I know that this is a concern to the Credit Card companies. I have been unable to sell our home in xx for the past 2 years, and every dollar matters to us. I have been unable to refinance either property due to my lower income and high credit card usage.

My husband has been unemployed since we moved 2 years ago and he is due to start his new dream job so our immediate financial issues will not be as severe. But it will take some time to get back on our feet.

I am writing this letter to you to ask for one, some, or all of these 5 things to be done in order to positively affect me as a customer and a person, and allow us to be able to qualify for the refinance loan that we so desperately need. Our home has an ARM which will likely be going up within 6 months.

1.) Please adjust my interest rate to something more reasonable. I called and asked for a revision and was told I did not ???????qualify??????? for one. I feel that the 16% interest that I am paying on my ???????small limit??????? cards is much more in line with what I deserve.

2.) Please increase my credit limit so that my revolving credit line is not so adversely affected. It does not need to be much, several thousand dollars would make a large impact on my credit score. I have learned my lesson about credit and what I need to do to maintain a strong credit rating and will never again let it get out of hand.

3.) The credit bureaus are showing my high balance with Chase as $31,280, credit limit as $7,500. This needs to be adjusted to properly show my current high balance rather than what it was last year.

4.) Please help me understand why I do not qualify for a card with some sort of point/mileage reward system? I have called several times about this and was never given any satisfactory answers. I was simply told I do not ???????qualify??????? for one. Have I not paid Chase enough in interest and other fees over the past 15 years?


I would sincerely appreciate anything that you could do to assist me with this matter. As you can see I have been a long-standing and loyal Chase customer. Please help me change my families???????? financial life.

Thank you in advance,


Submitted by smo65d11 on Fri, 07/18/2008 - 13:18

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you could blow me over with a feather ....

I got a call Friday evening from Mr. Smith's assistant ... she spoke to me for about 15 minutes, asking questions and getting some clarification on some things I had written in the letter. She corrected me about a few things as well, such as the ECOA's intent to determine credit eligibility based on color, creed, religion etc, and that it did not properly apply in my case. She also explained that I had been late 6 times in 7 months, but that yes most of the lates were 1-3 days. She explained that the decision to increase my credit and raise my interest amounts were based on my payment history and amounts paid, which I knew.

I assumed she was explaining these things to prepare me for a "too bad, so sad" speech. Lo and behold she apologized that they could not approve a higher credit balance, but that they would reduce my interest amount down to 9.99%. I assumed she meant for a few months or maybe a year, but when I asked for how long, she said for the life of the card as long as I make my payments on time, and she encouraged me to pay down the card as soon as I was able to.

I was so happy, you have no idea how relieved and thankful I was. I intend to still pay the same amount that I was before, but I'll be doing so with the knowledge that it will be paying down MY debt and not feeding CHASE's coffers.

So here is a case of when complaining actually WORKED, and THANK YOU to cajunbulldog who dug up the email address for me to use. You're a STAR!


Submitted by smo65d11 on Mon, 07/21/2008 - 13:35

smo65d11

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Oh and she also said to call her back in 6 months and she would see what she could do about getting me into a reward program of some sort. She indicated that if I paid the card down a good bit she would be much more likely to be able to do something.

Oh and the 9.99 interest was actually only good for the current balance on the card, NOT for new purchases, so this card FOR SURE will be taped inside my CHASE bill folder rather than being used! I think that was a perfect solution, as I won't be tempted to use it knowing that my new purchases will be with a 30% interest tag!


Submitted by smo65d11 on Mon, 07/21/2008 - 13:39

smo65d11

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Congrats to those who managed to get a hardship arrangement with Chase. After 14 years of ontime payments I lost my job and asked for them for some temporary relief. I was told they WILL NOT provide ANY relief if I'm Un-employed or Under-Employed.
In other words, while I'm experiencing a Hardship, I don't qualify for any hardship assistance....Their policies are absurd.


Submitted by on Thu, 07/23/2009 - 15:55

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Quote:

Originally Posted by alias1958
Johnita, I understand where you are coming from. I also wanted to avoid BK, but we just signed our papers yesterday to file Chapter 7. I had to do a lot of soul searching. I finally decided that if we did not file Chapter 7, we would almost certainly lose our house. Chase was threatening legal action, and I figured it was only a matter of time before someone decided to sue us. Since we owe more money on our house than it's worth, that would add two more (a first and a second mortgage) creditors to the list that we would be unable to pay--and it still wouldn't help to pay any of the ones that we already couldn't pay. Since we do currently make enough money to pay our mortgages, we decided that it wouldn't serve anyone's interest to let it go that far.

I can tell you that, based on my experience with Chase, you will have lots of warning before they decide to file suit. They called us the week that our account was sent to pre-litigation, and followed up with a letter the next week, and more phone calls after that. They told us that the account would stay in pre-litigation for 35 days unless we could come to a payment agreement, then it would move to litigation, which still didn't mean that it would automatically end in a lawsuit.

However, the options they gave me once it reached pre-litigation were even more limited than while it was in the collections department. If I remember correctly, the options were: 1. Bring the account current, then it would be sent back to the collections department for possible reduced payment arrangements, 2. make four monthly payments that would bring the account current, including new billings during that time, 3. pay the account in full, 4. Settle the account for less than the full balance (but their initial settlement offer was somewhere in the neighborhood of 80 to 90%).

Our other two Chase accounts are still in their regular collections department, and have never been moved to litigation. So those are my experiences with Chase, for whatever it's worth. YMMV

Hi Alias,
I am in a similar situation with Chase, having an account in prelitigation. How did the situation work out for you. Did they end up sueing or did you make payment arangements? I have 2 days left in prelitigation.


Submitted by cerasella87 on Thu, 09/10/2009 - 21:51

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I've tried to settle with Chase for a month and they keep turning me down flat - now they threaten litigation - what did you do? What happens after the prelitigation department?


Quote:

Originally Posted by cerasella87
Hi Alias,
I am in a similar situation with Chase, having an account in prelitigation. How did the situation work out for you. Did they end up sueing or did you make payment arangements? I have 2 days left in prelitigation.


Submitted by on Sun, 10/04/2009 - 14:10

( Posts: 202330 | Credits: )


My account went to Pre-Litigation too. I just spoke to them today and offered a settlement of 33%. They said they will call me back after speaking with a manager. I'm waiting anxiously to hear from them.


Submitted by on Wed, 10/07/2009 - 11:54

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Just settled with chase pre-litigation for 30c on the dollar on a 37k debt, payable over 90.. Pre-lit seems to be the place to settle. Prior to that I was speaking with people from india, who were offering 70c -- one offered 50c.. Then pre-lit I offered 20c, they countered at 30c. My understanding is once it goes from prelitigation to litigation the offers go to 50c-65c.


Submitted by on Sat, 04/17/2010 - 13:00

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Chase has been notoriously terrible over the past few years. Prior to my divorce three years ago, Chase held our mortage for 14 year with not so much as 1 late or partial payment. They held cards for my husband and I that were paid in full before the due date for every bill. Now I am divorced with an ex who pays child support based on his income which he lied about and which he pays sporadically. Still, I missed one month's payments on my cards when I thought I had pre-scheduled the payments in advance. Chase tried to call, but they don't leave messages, and so accused me of hiding from them. They hounded my place of employment every afternoon, but I only work mornings. My boss told them that, but never tried to reach me during my work hours.
Since then, Chase has reduced my credit limit twice to less than my outstanding balance - and then charged me the over limit fee!!!! The are very quick to point out that they backed out the first charge, but never did so for the second. I have not purchased anything on these cards in over a year - I did not push myself over the limit. Why do I have to continue to pay over limit fees every time they lower the fee to less than I owe?
Now, 7 months after my one set of late payments (since all three cards have the same due date), all of a sudden my interest rate increased to almost 28%. When I called to inquire, the woman said it was because of the late payment in October. I asked why the rate was not increased in November. She said her records showed the increase was in January. I said, "Not according to your statements. My May statements show a rate of 18%. So does April, March, February and January." Her answer was I don't know whay that is but I can't give you a better rate because you missed a payment. One month's payments in 23 years and they can't do anything for you? They would rather have you file for bankruptcy than work with you after missing one $255.00 payment. Unbelieveable.


Submitted by on Tue, 05/25/2010 - 20:52

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Quote:

Originally Posted by Anonymous
Chase has been notoriously terrible over the past few years.

A few years back I opened my Chase statement only to find they jacked up my interest rate from 12.50% to 29.99. As a result my minimum monthly payment also doubled. I never missed a payment, always paid more than the minimum (if even only $1.00), and never exceeded my limit. Here's a synopsis of the conversation when I called to inquire about the rate increase. This is probably the most memorable conversation I have ever had:
Chase CSR: "Its because you recently filed bankruptcy. The bank is trying to recoup as much money as possible."
Me: "I didn't file for bankruptcy."
CSR: "You didn't? Are you sure? Our records show you did."
Me: "Had I filed for bankruptcy I would have been in credit counseling by law for the past six months, which would be reflected on my credit report. Not to mention, the bankruptcy would be in the public record, which is not because I didn't file."
CSR: "Oh, okay. Umm, did you experience a financial hardship?"
Me: "If you consider opening my statement, seeing my minimum payment double and my interest rate nearly triple, then yes I have experienced a financial hardship."
CSR: "No that doesn't qualify. ...Well, then you must be thinking about filing for bankruptcy. Otherwise they wouldn't have raised your interest rate."
Me: "Did you say, 'thinking about bankruptcy?' Thinking...not discussing it with anyone, but thinking?"
CSR: "Yes. Thinking. Were you recently thinking about filing for bankruptcy?"
Me: "No. And even if I was, how would anyone at Chase possibly know what I was thinking? Are you guys psychic? Can you read my thoughts?"
CSR: "Well, umm...all I know is that it says here that you're thinking about filing for bankruptcy which is probably why accounting decided to raise your rate."
Me: "Nooooo. You said your records show I filed for bankruptcy. In your line of questioning you said, I must be thinking about bankruptcy. Correct?"
CSR: "Yes, that's correct."
Me: "So we've established that I did not file for bankruptcy, I did not experience a financial hardship, and I have not been planning on bankruptcy. And in looking at my history you see that I have never been late on my payments and I have never exceeded my limit. Correct?"
CSR: "Yes, that's correct."
Me: "So can you give me a legitimate reason as to why my interest rate was jacked up to 29.99%?"
CSR: "No. But you can talk to accounting if you still want to. It probably won't do any good though since our records show you were thinking about filing for bankruptcy and they already made their decision."

And then it went around and around again until finally...
Me: {sigh}"You know what I'm thinking now, don't you?"
CSR: "What's that?"
Me: "You're an idiot. This is has to be the most ridiculous conversation I have ever had."


Submitted by on Thu, 07/08/2010 - 03:49

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I used to have a credit card with Chase, and had to file for Chapter 7.....(my total debts, including a hospital bill were $67,000), so I included their credit card with a bunch of other credit cards and debts together, I decided to keep my car and a loan with GM. If you want to file for Bancruptcy, there are good alternatives around for example Chapter 13, you can keep your home. Consult an attorney first. And don't worry about the Meeting with the Trustee, the 345 meeting, you won't be alone...there are around 100 or 200 more people in there in the same situation.!!


Submitted by on Sat, 07/10/2010 - 15:02

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i had a $250.00 credit card with them from several years ago. I just got a call from a lawyer and found out that they are planning on garnishing my wages to pay off $4800 (thats including all the intrest and layer fees)....your best paying it off.


Submitted by on Wed, 12/15/2010 - 13:57

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hey i got a settlement from chase because i called them three times complaining about fake check i did not authorize that were taking place in my account ...them i called last night and they oftered a settlement because i told them to freeze my account has this happened to anyone esle?


Submitted by on Sat, 04/23/2011 - 11:05

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I recieved a call from what i was told was the chase litigation office. Spoke to someone about my balance. I was talked to as if i was an ignorant person and didn't understand what they were trying to tell me. I explained to them that i did not appreciate being spoken to them like that and was told " sorry, you have to understand we have heard every story in the book. Sorry if you took that as rude...." I was very angry, for i had not given them any excuses of any sort. I told them ,yes this was my account and yes i do owe the balance, and was still talked to and treated like some type of lowlife loser. I never denied trying to work something out with them. I was trying to and kept on getting interrupted. I insisted on please just get to what i worked out with the previous person, so i can put this experience behind me. I strongly believe that the white female and male i spoke to on the phone were being being prejudie toward me because i am hispanic and have, how should i say? A very hispanic last name....very bad experience for me...I live in an area that is predominantly hispanic and have never been spoken to in that way......It's vey sad that a person can be treated a certain way because of peoples preexisting view of a certain culture......


Submitted by on Tue, 05/10/2011 - 15:39

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