BLP from Chase

[ABC]

I was barely hanging on but never late on anything. Missed a Chase CC payment by 4 days and they raised the rate to 29.99% even though I had been a customer for 15 years.
I called and asked if they could lower the rate and they said absolutely not.

Now that I missed one payment 30 days they sent me a BLP offer in the mail. Why don't they just offer that up front when you're ACTUALLY ON THE PHONE WITH THEM ? No, I haven't taken any of their calls the past 2 weeks. I actually added them to address book on cell and assigned a MUTE ringtone.

( Plus, don't they realize I have a Chase 2nd mortgage for $125,000 that is completely underwater and unsecuritized. The Chase CC was the straw that broke the camels back )

[Faust]

It's cause they like to play a game with you. It's called "Let's Keep our CC & Loan Servicing Monster Alive". That sector has taken on a life of it's own and it's not going to go quietly into that good night.

[mummy]

Chase is the evil empire that drove us to BK. I was on bedrest, pregnant and was late on 1 payment. Interest show from 5.9 to over 30% and then BOA pulled a credit report, saw that and jumped on the bandwagon. From that point on we could not afford the monthly mins so we stopped paying. They screwed themselves out of any more $ from us.

[PacificBlue]

Yeah, same with us, only we made the payments (stupid us) for 5 months like the drones we were. But, they wont be getting another dime from us. None of them.

[ABC]

Chase is the evil empire that drove us to BK. I was on bedrest, pregnant and was late on 1 payment. Interest show from 5.9 to over 30% and then BOA pulled a credit report, saw that and jumped on the bandwagon. From that point on we could not afford the monthly mins so we stopped paying. They screwed themselves out of any more $ from us.

Yes, but it's so stupid , this snowball effect. Chase has my huge 2nd mortgage so it would be scratched off or lien strip.

[JustFileSuit]

Arbitration agreements

These CC outfits (your friendly national banker gorging at the taxpayer trough for $40 billion) can do this (jack the rates and so forth) until the new legislation kicks in because you signed an "arbitration agreement" clause in the Agreement that vacates your right to go to court and sue them for unfair trade practices, lender liability, and anything else. Now you know why I personally have refused all cc offers for the past 15 years. I would never vacate my right to go to Court.

It is my view that the arb clause is an "adhesion clause" and should be set aside as contrary to public policy, but that concept has not gained any traction in the Courts that I know of. Anybody who has been able to get an arb clause vacated, please do post the case-law details!!!

[OutofTime]

I just received a final notice from Chase that if I don't make arrangements now, then they have no other choice but to fwd it to their attorneys and have a sheriff serve me papers. I also got fed up with Chase and one of the main reasons why I'll be filing in 2-3 months.

[JustFileSuit]

I just received a final notice from Chase that if I don't make arrangements now, then they have no other choice but to fwd it to their attorneys and have a sheriff serve me papers. I also got fed up with Chase and one of the main reasons why I'll be filing in 2-3 months.

Keep us posted! If it is the only substantial debt, then when the attys for Chase get on the horn, you tell them bluntly that either they agree to take 18 cents on the dollar (pick your number) or you are filing for Ch 7 liquidation - take it or leave it. THEN, when they take it, you start with the new payment plan - and no interest!

Remember., the ultimate bushido maneuver is to let them rush at you - until they figure out it is going down the toilet in a great big flush. Then you are in control!

[dscurlock]

Keep us posted! If it is the only substantial debt, then when the attys for Chase get on the horn, you tell them bluntly that either they agree to take 18 cents on the dollar (pick your number) or you are filing for Ch 7 liquidation - take it or leave it. THEN, when they take it, you start with the new payment plan - and no interest!

Remember., the ultimate bushido maneuver is to let them rush at you - until they figure out it is going down the toilet in a great big flush. Then you are in control!

thats really bad advice, and banks do not work that way...if it were so easy to settle for pennies on the dollar, I would have had my debt paid up and paid off years ago...If banks/creditors worked that way, then everyone would not pay their debts, and wait to the penny offer to come..I have been waiting for 3 years, and I have never rec'd anything less then 30-40%
offers....

america is already going down the toliet..we are just
in a long flush spin for the moment...

[JustFileSuit]

Once the debtor files for Ch 7, and the debtor has no effective assets other than those needed to satisfy the secured creditors, and has insufficient income to be obliged to go into a Ch 13, then the cc lenders (in this case, a bank) gets exactly nothing. Now the cc lender will only be able to sell off the debt in a bundle to a bottom buyer, and the redemption rate in the wholesale market is just about nothing. SO: there is no leverage greater than the leverage of saying to a creditor that they either settle for XX cents on the dollar today, or get zippo in two weeks when you file.

Maybe they call your bluff and say, OK go File, but then again, maybe not...
And if you can settle, then you avoid the headache of having to file in the first place... You are the only one who can evaluate your appetite for this gamble and decide if you want to play it out. Most folks just go ahead and file, figuring that the other side is not prepared to do any serious negotiating. What it comes down to is if the bankers think they can sell your loan for more than you are now offering. If your cc debt is stale, it is worth about 6 pennies/$ on the wholesale market today.

[JustFileSuit]

If banks/creditors worked that way, then everyone would not pay their debts, and wait to the penny offer to come..I have been waiting for 3 years, and I have never rec'd anything less then 30-40% offers....

Your bankers are under the impression that you have other assets that could be taken to provide for recovery in a Ch 7 filing. Or they are under the impression, gleaned from your credit report, that your income will be enough to push you into a mandatory 13. They are punting; 30% means 18%.

america is already going down the toilet..we are just
in a long flush spin for the moment...

And that is why unsecured debt is steadily becoming valueless. Look at the wholesale debt market, what the bottom-feeder collectors are paying for bundled debt. Almost nothing. the retail debtor has no money (in the aggregate, of course).

[anime-chicka]

I'm not surprised with Chase really. They thought they were raking my hubby over the coals. Then he got a very nice offer from his union for a credit card and took it, along with the nice BT offer (5.99% for the life of the balance until it's paid off). Since then, Chase has been calling and sending him letters begging him to come back.

He got a call one day and told them that if they'd give him a card with the same interest rate as the BT and guaranteed that they'd not raise the interest rate, he'd come back. Of course they wouldn't, but that hasn't stopped them from calling. And asking them to stop calling doesn't work either. So every time they call from a new number, it goes on the blocked number list.

[LostNFound]

I have had a similar problem with Chase. We actually were scammed on our BOA card. Without getting into the details, BOA said they would help, but then pushed us over our limit with someone else's charges and raised our interest rate. When I called to complain, they were ruthless. By the time our next monthly statements came in, Chase was on board with it and raised our interest rate to almost 30%. We had to make a quick decision because we couldn't have afforded that jump in payments.

So, as of Feb 2009, we stopped all our credit card payments. Not wise, but the only thing we felt we could do when backed into a corner and no help from the ccard companies themselves. They complain that it is our fault for using the cards...sorry folks, I didn't plan on 30 percent interest on ANYTHING. So, I quit.

I suppose the time will come when they will get me in a courtroom. I'm not sure what we will do then...I suppose deal with it. But we haven't gotten any pennies on the dollar offers from them. They wanted to get us into a payment plan, but I don't even trust them enough at this point to consider another shady agreement. That could change anytime too.

So we are sitting ducks...waiting for the day to arrive when they try to take us to court. And i will fight like crazy to get a deal (hopefully) before we go. They say the best deals are made on the courtroom steps...I hate to say it, but we may have to find out if that's true or not!

[DebtHater]

Now that I missed one payment 30 days they sent me a BLP offer in the mail.

Did you attempt to take them up on the offer? I too received the BLP "offer".

First you have to give them income and expense information to see if you qualify. Then if you do, there is no written guarantee before you make a payment. The terms of the program are only sent to you after you make the first payment.

When I was trying to work my way through my debt I attempted set up BLP with Chase. An agreement was made that the first payment would be made the next Friday and I was going to personally bring it to the local branch. The morning I was to make the payment I received a collection call from Chase and advised them of the BLP and I was leaving shortly to make the payment. They told me there was no record of me being approved for a BLP and after further discussion I was not eligible for one. I also found out if I made that payment it would been applied toward the account balance.

I attempted again to get on board with a BLP a month or so latter and was again "approved". I said I will send money when and only when I get the terms in writing prior to payment. Each and every time they refused to do so saying "its not the way we do things". I told them when they want their money bad enough they would send me the terms. Needless to say, they are getting nothing now.