Comments on: Chase: “We’re guilty but we want you to forget about it and move on!” http://www.changeinterms.com/2009/04/07/chase-were-guilty-but-we-want-you-to-forget-about-it-and-move-on/ Now We're Coming After You Tue, 18 May 2010 01:47:41 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Jill http://www.changeinterms.com/2009/04/07/chase-were-guilty-but-we-want-you-to-forget-about-it-and-move-on/comment-page-1/#comment-891 Jill Mon, 13 Apr 2009 19:44:41 +0000 http://www.changeinterms.com/?p=1421#comment-891 I was one of the Chase customers who elected to accept a 7.99 percent interest rate in order to avoid the new monthly service charge and bigger monthly payments. Although they are refunding the $10 service charge to the folks that didn't choose the 7.99% option, they are not offering me the option change back to the 3.99% with a 5% monthly payment from my current 7.99% with a 2% minimum payment. My balance is only a few thousand so it really doesn't make much difference--it's simply the principle. I was one of the Chase customers who elected to accept a 7.99 percent interest rate in order to avoid the new monthly service charge and bigger monthly payments. Although they are refunding the $10 service charge to the folks that didn’t choose the 7.99% option, they are not offering me the option change back to the 3.99% with a 5% monthly payment from my current 7.99% with a 2% minimum payment. My balance is only a few thousand so it really doesn’t make much difference–it’s simply the principle.

]]> By: Nancy http://www.changeinterms.com/2009/04/07/chase-were-guilty-but-we-want-you-to-forget-about-it-and-move-on/comment-page-1/#comment-855 Nancy Sat, 11 Apr 2009 21:12:52 +0000 http://www.changeinterms.com/?p=1421#comment-855 What about the Chase customers who regularly paid, never defaulted, but have now been forced into default because of this action by Chase? Some of us have not been able to weather the tripled monthly minimum payments (5% from 2% payments of balance). Credit good, diligently paying off all debt, then this hits us. We are now getting letters from Chase that state how much Chase values us as loyal customers and values long-term relationships. The letter states that Chase understands how the current financial conditions might make it difficult for us to pay (as in Chase has unilaterally pushed us over the edge!). They want us to call and they'll help us pay off the debt in monthly payments over 60 months. That was not the original terms of the contract. Early on we tried calling them for weeks, and received the runaround. Now they are begging us to call them. Enough is enough! Our credit score is now ruined. Thank you Chase. What about the Chase customers who regularly paid, never defaulted, but have now been forced into default because of this action by Chase? Some of us have not been able to weather the tripled monthly minimum payments (5% from 2% payments of balance). Credit good, diligently paying off all debt, then this hits us. We are now getting letters from Chase that state how much Chase values us as loyal customers and values long-term relationships. The letter states that Chase understands how the current financial conditions might make it difficult for us to pay (as in Chase has unilaterally pushed us over the edge!). They want us to call and they’ll help us pay off the debt in monthly payments over 60 months. That was not the original terms of the contract. Early on we tried calling them for weeks, and received the runaround. Now they are begging us to call them. Enough is enough! Our credit score is now ruined. Thank you Chase.

]]> By: anna http://www.changeinterms.com/2009/04/07/chase-were-guilty-but-we-want-you-to-forget-about-it-and-move-on/comment-page-1/#comment-828 anna Fri, 10 Apr 2009 22:34:41 +0000 http://www.changeinterms.com/?p=1421#comment-828 Greg, Hard to believe. We must fight this evil. Such texts are ... how to put ... inspirational, reminding me that I can knit and sing "Allons enfants .." All I need is a seat in the first row. Greg,
Hard to believe. We must fight this evil. Such texts are … how to put … inspirational, reminding me that I can knit and sing “Allons enfants ..” All I need is a seat in the first row.

]]> By: Greg http://www.changeinterms.com/2009/04/07/chase-were-guilty-but-we-want-you-to-forget-about-it-and-move-on/comment-page-1/#comment-823 Greg Fri, 10 Apr 2009 12:05:03 +0000 http://www.changeinterms.com/?p=1421#comment-823 Chase is STILL, to this day, branding us as problem customers even though we all were paying according to THEIR terms. Here's an MSNBC article written on April 8th: http://www.msnbc.msn.com/id/30111663// Taken from the article: Chase will not comment on a pending lawsuit, but the company e-mailed me a statement. “Tens of millions of Chase customers have taken advantage of our promotional low rate financing over the last five years,” writes Stephanie Jackson, first vice president for public affairs. “Most of these loans have been paid back in less than 24 months. However, there have been a small percentage of customers that have made little progress in paying down these loans. Our desire is to have these loans repaid in a reasonable period of time.” Chase is STILL, to this day, branding us as problem customers even though we all were paying according to THEIR terms. Here’s an MSNBC article written on April 8th:

http://www.msnbc.msn.com/id/30111663//

Taken from the article:

Chase will not comment on a pending lawsuit, but the company e-mailed me a statement. “Tens of millions of Chase customers have taken advantage of our promotional low rate financing over the last five years,” writes Stephanie Jackson, first vice president for public affairs.

“Most of these loans have been paid back in less than 24 months. However, there have been a small percentage of customers that have made little progress in paying down these loans. Our desire is to have these loans repaid in a reasonable period of time.”

]]> By: Pdurant http://www.changeinterms.com/2009/04/07/chase-were-guilty-but-we-want-you-to-forget-about-it-and-move-on/comment-page-1/#comment-817 Pdurant Thu, 09 Apr 2009 17:53:15 +0000 http://www.changeinterms.com/?p=1421#comment-817 I doubt that Chase is trying to get out of the credit card business. It has been a "cash cow" for them and they are just trying to make the cow give more milk....faster. I believe the credit card companies have adopted a "scorched earth" policy to suck as much capital out of the customers that still have the means and will to protect their credit scores between now and when they will have to abide by new rules in July 2010. Why congress would give the credit card companies 18 months to stop abusing consumers but allow those same companies to change terms with 15 to 30 days notice is beyond my ability to understand. (Well, actually I do understand it....the CC companies lubricate congress with lots of campaign contributions and pepper the halls of congress with highly paid lobbyists.) Chase has chosen the wrong group of people to mistreat. We have to keep the pressure on Chase (and congress) and let them know that we are not going to stand by silently and accept their egregious actions. I doubt that Chase is trying to get out of the credit card business. It has been a “cash cow” for them and they are just trying to make the cow give more milk….faster. I believe the credit card companies have adopted a “scorched earth” policy to suck as much capital out of the customers that still have the means and will to protect their credit scores between now and when they will have to abide by new rules in July 2010.

Why congress would give the credit card companies 18 months to stop abusing consumers but allow those same companies to change terms with 15 to 30 days notice is beyond my ability to understand. (Well, actually I do understand it….the CC companies lubricate congress with lots of campaign contributions and pepper the halls of congress with highly paid lobbyists.)

Chase has chosen the wrong group of people to mistreat. We have to keep the pressure on Chase (and congress) and let them know that we are not going to stand by silently and accept their egregious actions.

]]> By: steve http://www.changeinterms.com/2009/04/07/chase-were-guilty-but-we-want-you-to-forget-about-it-and-move-on/comment-page-1/#comment-815 steve Thu, 09 Apr 2009 12:35:37 +0000 http://www.changeinterms.com/?p=1421#comment-815 Vito, good comments. You are dead on. I have a mortgage with Chase. Normally, I would do my best not to default on anything. However, if the market does not increase over the next few years, now I would have no hesitation with walking away from my house and letting Chase take the hit. As well, you are right. Their telling people the 2% payment till 2011 means nothing. They could turn around tomorrow and do the same thing..that is, raise it up to 5%. Think about it, with billions from the government, Chase doesnt need the credit card business. It wants to lose customers, and that is their ultimate goal. Force defaults so it can get more Federal dollars, and eventually get out of the credit card business. As long as they get Federal funds, nothing is going to change their plan. Vito, good comments. You are dead on.
I have a mortgage with Chase. Normally, I would do my best not to default on anything. However, if the market does not increase over the next few years, now I would have no hesitation with walking away from my house and letting Chase take the hit.
As well, you are right. Their telling people the 2% payment till 2011 means nothing. They could turn around tomorrow and do the same thing..that is, raise it up to 5%. Think about it, with billions from the government, Chase doesnt need the credit card business. It wants to lose customers, and that is their ultimate goal. Force defaults so it can get more Federal dollars, and eventually get out of the credit card business. As long as they get Federal funds, nothing is going to change their plan.

]]> By: Vito Caputo http://www.changeinterms.com/2009/04/07/chase-were-guilty-but-we-want-you-to-forget-about-it-and-move-on/comment-page-1/#comment-812 Vito Caputo Wed, 08 Apr 2009 20:53:18 +0000 http://www.changeinterms.com/?p=1421#comment-812 The best time to try to beat up a bully is when they stumble. Little people have no choice other than to "kick them while they're down." Thanks to Chase pissing off the Doc... we've got some momentum going on now. To let them off by allowing them to simply credit your account with the exact amount they have now admitted to stealing from you... is an incredible waste of an opportunity to stop these guys from further abusing their power. The best time to try to beat up a bully is when they stumble. Little people have no choice other than to “kick them while they’re down.”

Thanks to Chase pissing off the Doc… we’ve got some momentum going on now. To let them off by allowing them to simply credit your account with the exact amount they have now admitted to stealing from you… is an incredible waste of an opportunity to stop these guys from further abusing their power.

]]> By: Vito Caputo http://www.changeinterms.com/2009/04/07/chase-were-guilty-but-we-want-you-to-forget-about-it-and-move-on/comment-page-1/#comment-811 Vito Caputo Wed, 08 Apr 2009 20:43:21 +0000 http://www.changeinterms.com/?p=1421#comment-811 When a person "takes possession" of money from Chase (e.g. a convenience check)... Chase immediately begins charging interest... compounded daily. Since January 1... Chase captured $30 from 184,000 of their best customers. That's more than $5.5 million. Would you like to use $5.5 million for 3 months INTEREST FREE? Do you think you are entitled to be paid interest on the money that Chase... without your permission... "took possession of"... and was not available for your own use? At what APR should Chase pay us interest? Not only didn't we agree to loan our money to Chase... we had no means to stop them from "taking it". You may think it would be fair to charge Chase interest equal to the Purchase APR they charge you. But this is different... let's call it what it is (and they have admitted to) — They tried to steal this money from us. Consequently... we should be entitled to receive interest calculated at the maximum APR allowed by law - the law that the credit card industry bribed congress to pass. That's 30%... compounded daily. I could be wrong but I calculated the interest due each of us to be $1.52 - a trivial amount but each of us "earned" it. I want payment - not a credit. I want a cash payment. I want to receive a check in the mail. I want to maximize their pain. Since I will report this income on my 2009 Income Tax return... I want Chase to send a 1099 to me in a timely fashion. Making this demand on the phone would be an incredible waste of time. But... if you're familiar with the OCC complaint form... you can spell out the resolution you seek. This is about getting this into the mainstream media - destroying Chase. 10,000 complaints - identical complaints filed with the OCC - each demanding interest of $1.52 being paid with a check... in the mail. And a 1099 mailed in January 2010. Priceless. If we let Chase slide with multiplying the minimum payment (to which both parties agreed to be 2%) by a factor of 2.5 — (to be 5%)...what's to stop them from another increase? From their point of view... this copuld just be a test to see what they can get away with. There is a good chance that the $10/month charge was an "add-on" to what they really wanted to do - a distraction if you will. So far it's worked. But... in the big picture... $10/month is trivial when compared to how this (much) higher minimum payment will affect your life. With Universal Default scheduled to end in a year... Chase's real mission could well be forcing as many people as possible into default. Like the Doc and other posters in this thread... I've been able to handle the increased minimum payment for the past 3 months... but it's getting increasingly difficult... and there is a good chance that I will be forced into default. Don't be naive about this. As evil as it may sound... it would not be outside their normal behavior to do something as evil as purposely forcing people into default. This entire meltdown was (in fact) planned by the financial industry. Watch the William K. Black video from the 4/3/09 Bill Moyers' Journal at http://www.pbs.org/moyers/journal/04032009/watch.html These greedy bastards have destroyed the middle class... with intent. And they're not done yet. When a person “takes possession” of money from Chase (e.g. a convenience check)… Chase immediately begins charging interest… compounded daily.

Since January 1… Chase captured $30 from 184,000 of their best customers. That’s more than $5.5 million.

Would you like to use $5.5 million for 3 months INTEREST FREE?

Do you think you are entitled to be paid interest on the money that Chase… without your permission… “took possession of”… and was not available for your own use?

At what APR should Chase pay us interest? Not only didn’t we agree to loan our money to Chase… we had no means to stop them from “taking it”.

You may think it would be fair to charge Chase interest equal to the Purchase APR they charge you.

But this is different… let’s call it what it is (and they have admitted to) — They tried to steal this money from us.

Consequently… we should be entitled to receive interest calculated at the maximum APR allowed by law – the law that the credit card industry bribed congress to pass. That’s 30%… compounded daily.

I could be wrong but I calculated the interest due each of us to be $1.52 – a trivial amount but each of us “earned” it.

I want payment – not a credit. I want a cash payment. I want to receive a check in the mail. I want to maximize their pain. Since I will report this income on my 2009 Income Tax return… I want Chase to send a 1099 to me in a timely fashion.

Making this demand on the phone would be an incredible waste of time. But… if you’re familiar with the OCC complaint form… you can spell out the resolution you seek.

This is about getting this into the mainstream media – destroying Chase. 10,000 complaints – identical complaints filed with the OCC – each demanding interest of $1.52 being paid with a check… in the mail. And a 1099 mailed in January 2010.

Priceless.

If we let Chase slide with multiplying the minimum payment (to which both parties agreed to be 2%) by a factor of 2.5 — (to be 5%)…what’s to stop them from another increase? From their point of view… this copuld just be a test to see what they can get away with.

There is a good chance that the $10/month charge was an “add-on” to what they really wanted to do – a distraction if you will. So far it’s worked. But… in the big picture… $10/month is trivial when compared to how this (much) higher minimum payment will affect your life.

With Universal Default scheduled to end in a year… Chase’s real mission could well be forcing as many people as possible into default.

Like the Doc and other posters in this thread… I’ve been able to handle the increased minimum payment for the past 3 months… but it’s getting increasingly difficult… and there is a good chance that I will be forced into default.

Don’t be naive about this. As evil as it may sound… it would not be outside their normal behavior to do something as evil as purposely forcing people into default.

This entire meltdown was (in fact) planned by the financial industry. Watch the William K. Black video from the 4/3/09 Bill Moyers’ Journal at http://www.pbs.org/moyers/journal/04032009/watch.html

These greedy bastards have destroyed the middle class… with intent. And they’re not done yet.

]]> By: anna http://www.changeinterms.com/2009/04/07/chase-were-guilty-but-we-want-you-to-forget-about-it-and-move-on/comment-page-1/#comment-804 anna Wed, 08 Apr 2009 05:38:50 +0000 http://www.changeinterms.com/?p=1421#comment-804 Marge11, "Those are not very comforting." Yes, this was my point. Chase must be stopped. Marge11,

“Those are not very comforting.” Yes, this was my point.
Chase must be stopped.

]]> By: Marge11 http://www.changeinterms.com/2009/04/07/chase-were-guilty-but-we-want-you-to-forget-about-it-and-move-on/comment-page-1/#comment-802 Marge11 Wed, 08 Apr 2009 00:25:12 +0000 http://www.changeinterms.com/?p=1421#comment-802 Anna22, Those are not very comforting!! I am assuming everyones default rate will continue to go up until Jan of 2011 and then the balance will be at that rate. I wonder if those who received the we sent you a "change in terms notice in error" are being changed again? Anna22,

Those are not very comforting!! I am assuming everyones default rate will continue to go up until Jan of 2011 and then the balance will be at that rate. I wonder if those who received the we sent you a “change in terms notice in error” are being changed again?

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