Comments on: Chase’s new 5% minimum payment: An increase so onerous, it would make a loan shark’s mother proud http://www.changeinterms.com/2009/03/15/chases-new-5-minimum-payment-an-increase-so-onerous-it-would-make-a-loan-sharks-mother-proud/ Now We're Coming After You Thu, 18 Feb 2010 01:41:49 +0000 http://wordpress.org/?v=2.8.5 hourly 1 By: Cynthia Runyan http://www.changeinterms.com/2009/03/15/chases-new-5-minimum-payment-an-increase-so-onerous-it-would-make-a-loan-sharks-mother-proud/comment-page-1/#comment-1912 Cynthia Runyan Mon, 01 Feb 2010 05:54:07 +0000 http://www.changeinterms.com/?p=1097#comment-1912 Let me start with saying that I have never posted anything on any site in my life. Honestly, I am HURT! I have always "done the right thing" My credit may not be perfect but it has remained at 650 plus. Which is not to bad concidering that I do not make much money. I have a child that has had three brain surgeries, has C.P. and learning disabilities. My credit has always been a priority!!!! I managed to by a small condo and provide for my family. I have had my chase account for 23 yrs. and honestly I am proud of the fact that I have not had any late payments. I was out of work for 6 months and still no late payments. I recieved a letter from chase that they were going to lower my credit availability from 10800. to 5400. WHAT????? I owe 5100. Sayig that it was because of recent credit activity. I pulled my credit. No activity???? Before I had a chance to call and find out what was going on I received another letter that my account has been closed. I am to continue to pay until the card is paid in full and all rules will still apply. WHY! Because total available credit is to low!! ARE THESE FOOL SERIOUS!! I have been in tears for days. If I were to have a true emergency.... I would probably loose the few things we have. Maybe doing the right thing isnt the right thing anymore. Can anyone suggest who to contact and how? I am humbling myself in that I truley do not know where to start. Let me start with saying that I have never posted anything on any site in my life. Honestly, I am HURT! I have always “done the right thing” My credit may not be perfect but it has remained at 650 plus. Which is not to bad concidering that I do not make much money. I have a child that has had three brain surgeries, has C.P. and learning disabilities. My credit has always been a priority!!!! I managed to by a small condo and provide for my family. I have had my chase account for 23 yrs. and honestly I am proud of the fact that I have not had any late payments. I was out of work for 6 months and still no late payments. I recieved a letter from chase that they were going to lower my credit availability from 10800. to 5400. WHAT????? I owe 5100. Sayig that it was because of recent credit activity. I pulled my credit. No activity???? Before I had a chance to call and find out what was going on I received another letter that my account has been closed. I am to continue to pay until the card is paid in full and all rules will still apply. WHY! Because total available credit is to low!! ARE THESE FOOL SERIOUS!! I have been in tears for days. If I were to have a true emergency…. I would probably loose the few things we have. Maybe doing the right thing isnt the right thing anymore. Can anyone suggest who to contact and how? I am humbling myself in that I truley do not know where to start.

]]> By: David Schmidt http://www.changeinterms.com/2009/03/15/chases-new-5-minimum-payment-an-increase-so-onerous-it-would-make-a-loan-sharks-mother-proud/comment-page-1/#comment-1879 David Schmidt Mon, 04 Jan 2010 18:16:38 +0000 http://www.changeinterms.com/?p=1097#comment-1879 I never understood how they can double the minimum payments on people who are barely treading water as it is. The concept makes sense for people who really want to pay down their cards. But for the consumers who have very little to no means now it doesnt help at all. I never understood how they can double the minimum payments on people who are barely treading water as it is. The concept makes sense for people who really want to pay down their cards. But for the consumers who have very little to no means now it doesnt help at all.

]]> By: j caffey http://www.changeinterms.com/2009/03/15/chases-new-5-minimum-payment-an-increase-so-onerous-it-would-make-a-loan-sharks-mother-proud/comment-page-1/#comment-1860 j caffey Wed, 16 Dec 2009 02:42:43 +0000 http://www.changeinterms.com/?p=1097#comment-1860 it's not only Chase. I just got the same letter from BofA. I will have to now spend hours digging out the boxes of old paperwork to prove the deal -- which at 7.99% fixed doesn't sound as good as it did some years ago, but a deal is a deal. it’s not only Chase. I just got the same letter from BofA.

I will have to now spend hours digging out the boxes of old paperwork to prove the deal — which at 7.99% fixed doesn’t sound as good as it did some years ago, but a deal is a deal.

]]> By: Good luck with your marketing campaign, Chase: If the customer experience is anything like what we’ve been witnessing in astonishment and disgust lately, the “Ink” card will stink. – ChangeinTerms.com http://www.changeinterms.com/2009/03/15/chases-new-5-minimum-payment-an-increase-so-onerous-it-would-make-a-loan-sharks-mother-proud/comment-page-1/#comment-1786 Good luck with your marketing campaign, Chase: If the customer experience is anything like what we’ve been witnessing in astonishment and disgust lately, the “Ink” card will stink. – ChangeinTerms.com Mon, 02 Nov 2009 03:45:10 +0000 http://www.changeinterms.com/?p=1097#comment-1786 [...] the dreams of approximately one million customers by mercilessly squeezing them through its onerous “2% minimum payment is now 5%” change in terms, I say [...] [...] the dreams of approximately one million customers by mercilessly squeezing them through its onerous “2% minimum payment is now 5%” change in terms, I say [...]

]]> By: Jinny in IL http://www.changeinterms.com/2009/03/15/chases-new-5-minimum-payment-an-increase-so-onerous-it-would-make-a-loan-sharks-mother-proud/comment-page-1/#comment-1601 Jinny in IL Thu, 17 Sep 2009 20:47:07 +0000 http://www.changeinterms.com/?p=1097#comment-1601 How does it go...Caveat Emptor (buyer beware)? As consumers we all have choices. If the nice folks at Chase believe they might secure more bailout money after the vast majority of affected cardholders elect bankruptcy, Chase may come out smelling like a rose. I personally also received the 2 to 5% increase, thank goodness I only have a few thousand with them, but I will not give them one more red cent. There is an option in the industry called "settlement" and if they get NO payment, after a few months, toss them a bone and see if the wish to settle. It works like a haggle game, and you can get it down to penny's on the dollar. Prior to doing this you need to ensure you have another creditor that can accommodate a new loan for you, preferably with fixed rate and length of repayment. IT WILL negatively impact your credit score, but you will not have to file Chapter 7 or 13 Bankruptcy which has an even more negative impact on ones credit score. Bottom line, Chase has acted like the oil companies and jumped on the run away freight train of greed in our wonderful country and unfortunately the consumers who have no other credit worthiness will be left without. Of course the settlement is also an option providing folks can wait them out. Historically when folks default and don't make the payments, that is generally a red flag to the creditor (Chase) that they believe their consumer is either deceased or will soon be filing on them...hence the settlement option (because a bone is better than nothing). I think each and every impacted consumer should not only sign up for a class action lawsuit, but also shut them off and not pay them back anything (or settle). I wonder? Do you suppose they might just completely fail - - like so many other mismanaged financial institutions nation wide? If enough people avoid giving them any business, it will happen! How does it go…Caveat Emptor (buyer beware)? As consumers we all have choices. If the nice folks at Chase believe they might secure more bailout money after the vast majority of affected cardholders elect bankruptcy, Chase may come out smelling like a rose. I personally also received the 2 to 5% increase, thank goodness I only have a few thousand with them, but I will not give them one more red cent. There is an option in the industry called “settlement” and if they get NO payment, after a few months, toss them a bone and see if the wish to settle. It works like a haggle game, and you can get it down to penny’s on the dollar. Prior to doing this you need to ensure you have another creditor that can accommodate a new loan for you, preferably with fixed rate and length of repayment. IT WILL negatively impact your credit score, but you will not have to file Chapter 7 or 13 Bankruptcy which has an even more negative impact on ones credit score. Bottom line, Chase has acted like the oil companies and jumped on the run away freight train of greed in our wonderful country and unfortunately the consumers who have no other credit worthiness will be left without. Of course the settlement is also an option providing folks can wait them out. Historically when folks default and don’t make the payments, that is generally a red flag to the creditor (Chase) that they believe their consumer is either deceased or will soon be filing on them…hence the settlement option (because a bone is better than nothing). I think each and every impacted consumer should not only sign up for a class action lawsuit, but also shut them off and not pay them back anything (or settle). I wonder? Do you suppose they might just completely fail – - like so many other mismanaged financial institutions nation wide? If enough people avoid giving them any business, it will happen!

]]> By: Nancy http://www.changeinterms.com/2009/03/15/chases-new-5-minimum-payment-an-increase-so-onerous-it-would-make-a-loan-sharks-mother-proud/comment-page-1/#comment-1600 Nancy Thu, 17 Sep 2009 20:25:31 +0000 http://www.changeinterms.com/?p=1097#comment-1600 We received the statement with increased rate and I called the person on the phone stated that the changes were due to the new law that congress passed. I was getting ready for all of my cards to increase but now I find that it is just chase. They want defaults, then they will get a bailout. Congress should make it clear that there will be no bailout. We received the statement with increased rate and I called
the person on the phone stated that the changes were due to the new law that congress passed. I was getting ready for all of my cards to increase but now I find that it is just chase. They want defaults, then they will get a bailout. Congress should make it clear that there will be no bailout.

]]> By: MIKE http://www.changeinterms.com/2009/03/15/chases-new-5-minimum-payment-an-increase-so-onerous-it-would-make-a-loan-sharks-mother-proud/comment-page-1/#comment-1580 MIKE Tue, 15 Sep 2009 02:49:15 +0000 http://www.changeinterms.com/?p=1097#comment-1580 I filed a complaint with the OCC a few days ago, and will write my congressmen shortly. But I've noticed some of you have already notified your legislators of this travesty purpetrated by Chase. What feedback did you get from your legislators? If they or someone on their staff would just google "chase minimum payment increase" they would certainly get a clear indication of the public sentiment. So why haven't I heard about anything being done or for that matter if the matter is even being looked into. Let's all keep buggin' 'em!! Mike in Detroit I filed a complaint with the OCC a few days ago, and will write my congressmen shortly. But I’ve noticed some of you have already notified your legislators of this travesty purpetrated by Chase. What feedback did you get from your legislators? If they or someone on their staff would just google “chase minimum payment increase” they would certainly get a clear indication of the public sentiment. So why haven’t I heard about anything being done or for that matter if the matter is even being looked into.
Let’s all keep buggin’ ‘em!!

Mike in Detroit

]]> By: Peter http://www.changeinterms.com/2009/03/15/chases-new-5-minimum-payment-an-increase-so-onerous-it-would-make-a-loan-sharks-mother-proud/comment-page-1/#comment-1499 Peter Sun, 30 Aug 2009 00:18:57 +0000 http://www.changeinterms.com/?p=1097#comment-1499 Is anybody looking into a class-action lawsuit? Also, I am surprised nobody is raising hell with their politicians. First they make laws with huge loopholes. Then they are quiet when banks use those and go around robbing and stealing. Are they on JP Morgan Chase's payroll? @Kim. What they told you is obviously not true - that would be a violation of the Truth in Lending Act. Is anybody looking into a class-action lawsuit? Also, I am surprised nobody is raising hell with their politicians. First they make laws with huge loopholes. Then they are quiet when banks use those and go around robbing and stealing. Are they on JP Morgan Chase’s payroll?

@Kim. What they told you is obviously not true – that would be a violation of the Truth in Lending Act.

]]> By: Kim http://www.changeinterms.com/2009/03/15/chases-new-5-minimum-payment-an-increase-so-onerous-it-would-make-a-loan-sharks-mother-proud/comment-page-1/#comment-1485 Kim Wed, 26 Aug 2009 19:18:27 +0000 http://www.changeinterms.com/?p=1097#comment-1485 I too was sent a letter changing the min. payment from 2% to 5%. I called chase and was told not only would they not change it back to the 2% payment. I was also told that chase has the right to raise the promo int. rate to any rate chase felt like for any reason or even if there was no reason, even if it was a promo rate until paid in full. I too was sent a letter changing the min. payment from 2% to 5%. I called chase and was told not only would they not change it back to the 2% payment. I was also told that chase has the right to raise the promo int. rate to any rate chase felt like for any reason or even if there was no reason, even if it was a promo rate until paid in full.

]]> By: Karen http://www.changeinterms.com/2009/03/15/chases-new-5-minimum-payment-an-increase-so-onerous-it-would-make-a-loan-sharks-mother-proud/comment-page-1/#comment-1483 Karen Wed, 26 Aug 2009 18:42:00 +0000 http://www.changeinterms.com/?p=1097#comment-1483 I received my monthly bill today from Chase Bank with the 150% increase for my minimum payment. The terms I agreed to is what I can manage, what can I do? I received my monthly bill today from Chase Bank with the 150% increase for my minimum payment. The terms I agreed to is what I can manage, what can I do?

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