I am not, and have not been in default on this, or any other card. They also raised the minumum amount due (which would be fine at a lower interest rate). THREE DAYS after I get the notice that they are jacking up my interest rate, I start getting phone calls from their Balance Liquidation Plan people. Payment had not even come due in that time. Is the government incenting them enroll people in liquidation plans? I am struggling, like everyone else, but am not in what I would consider a hardship situation. My guess is that they want people like me to enroll in their plan so they can show good numbers for participaton and not actually have to write off balances to do it.

My solution: I paid the full balance from savings, and will give Chase the perpetual “finger” in future.

They more than doubled the minimum monthly payments due, making it a hardship for alot of people to afford during these tough times. Why are they making it harder for people who have been loyal cusomers who pay on time to repay these kind of monthly payments.

I happened to come across a blog from someone else who got slammed with a 5% increase in monthly payments.
While I was on the phone with customer service being switched to 4 different people, I told them I just read about an Alternative program (opposed to the 7.99% APR they wanted to increase my account to in order to give me back the 2% minimum monthly payments). The women I spoke to was very nice, and said she would go over an application process with me regarding my hardship, asked a few questions regarding income, rent/mortg. payments, etc. She said I qualified for what I think it’s called the “Balance Liquidation Program”. Basically your account will be closed, they reduced my APR rate to 2% for 60-months, in addition to giving back the 2% minimum balance due monthly, which actually reduced my monthly payments lower than what I was paying.

You can ask to be transferred to them or you can call them directly. I called that number today and the person I talked to said that they are what Chase refers to as the hardship department. You will be asked by the automative system what your account number is, but, you can wait until someone gets on the phone with you before you give it out. If you feel more comfortable, just keep calling the Chase number on your statement or the number on the back of your card until you get a Chase representative that is aware of Proactive Solutions so that they can transfer you. But, if you are approved, you will have a fixed payment for 5 years and your payment will remain the same (never go down) no matter how low your balance gets. For instance, if they set your payments at $300.00 now, your payment will be 300 dollars every month up until the last month that you pay off your balance (5 years from now)-a lot like a car loan or your house payment. I would not accept an interest rate above 6% however. Some people are qualifying for a 2% interest rate!

I don’t know why the Chase representatives tell you there is no hardship department or Proactive Solutions-I tried to talk to a Chase representative today and I was told that there was no opt out etc. even after I told her that some people are stating on blogs that they were able to be transferred to the hardship department or Proactive Solutions to work out the 5 year pay off deal while keeping their minimum payment at 2% and she told me that wasn’t happening, but I was told by another Chase representative the other day that they are helping people who can not make the 5% minimum payments. So, apparently not all the Chase representatives have all the info or they are trying to push people to just pay off their balances like my husband and I did.

Chase increased the minimum payment on 3 of mine and my husband’s accounts. However, we were lucky enough to pay off 2 of them which was enough to offset the increased minimum on the one we have not payed off. We hated depleting two-thirds of our savings to do this since we were planning on starting a family within the next year and a half (I’m 34-biological clock is ticking) but we felt we had no choice since the extra $600.00 in minimum payments on those 2 cards we payed off would’ve had to come out of our savings anyway.

I think this is a despicable move by Chase. They are forcing people to make tough decisions like we have, and others that don’t have the savings to pay their Chase cards off or switch their balance(s) to another credit card may be forced into bankruptcy because they simply don’t have the money to make the almost triple minimum payment now required by Chase.

There’s still hope for people that absolutely can not make the minimum payment. I have been reading on other blogs/websites where people were able to get Chase to restructure their loans/balance transfers by being transferred to the hardship department. People are getting 5 year payoff plans at the regular 2% minimum payment at 2-6% interest rates depending on what you qualify for. People need to tell Chase that they can not make the 5% minimum payment and will be forced into bankruptcy. Just say to them “Would you rather I file bankruptcy?” after they tell you there is no opt out, and they will transfer you to the hardship department.

Although, I don’t think this is right thing for Chase to force people to do because people are making payments fine at the 2% minimum payment rate. All Chase would need to do is just let people close their accounts at the current 2% minimum payment terms and pay them off. Most people’s balances would be payed off in 5 years anyway since their interest rate is so low (most of the payment is going toward the principle). But, anyway, there’s no need for people to give up-don’t let Chase get to you, they’re not worth it! Just ask to be transferred to the hardship department, and Chase will work out a payoff plan where you’ll be paying the low minimum payment you’re currently paying! It’ll be OK!

Chase is obviously just trying to get these large low interest balances off their books so they can loan the money out to new people at higher rates. They’re only thinking of themselves. As I was told by a Chase representative, “It’s a business decision.”