Comments on: Possible Solution for Chase 5% Minimum Payments

By: jim

jim — Sat, 25 Jun 2011 15:45:55 +0000

the ONLY thing to do is get past this; and then discard chase like an old pair shoes. Today I have no connection to chase / a lousy, UNRELIABLE financial institution .. the last step for me was to cancel the personal checking … try sovereign bank .. much bigger .. and reliable ..

By: Tevis

Tevis — Wed, 23 Feb 2011 15:25:19 +0000

I was lucky enough to have resolved this one myself. When I got the notice, I advise Chase that I was not willing to accept the increase in monthly payment (from 2% 5o 5%). I did this in writing, the downside is that the card is closed. The good thing, they kept me at 2%. They did not like this, and it took a letter to the Florida Attorney General and the Office of the Comptroller of the currency. But, in the end, Chase had to keep me at the 2%.

By: Balance Transfers Helper

Balance Transfers Helper — Fri, 05 Mar 2010 21:43:33 +0000

Kate,

Congratulations! I’m really excited to hear that someone is making progress. I’ve heard from so many people who have been unable to get anywhere with their credit card companies, and I hope more people have the luck you had.

By: Kate

Kate — Fri, 05 Mar 2010 21:34:48 +0000

Yay!
I just called the number (866-351-0182) posted by someone above after having been told by chase credit card services I had to write a letter to negotiate any terms if I was experiencing hardship. It got me right through to what everyone has been saying is the elusive “Proactive Solutions Department” with barely any hold time!!! Thank you to whoever posted that!!!! I was going to go on a DMP with a Credit Service company that offered 10% interest rate on both my 28.4 and 12% interest rate Chase accounts, but it was going to cost me 500 some odd dollars in fees over the three years. The CHase guy got me a 6% rate on the 12% card and a 15.9% rate on the 28.24% card (which has the lowest balance anyways, so I’ll work to pay that off first.) And lowered both my monthly minimum payments. Provided I make more than the minimum payment, I think I’ll be coming out ahead in the end! FINALLY! Some relief. Give the number a try and see what you can negotiate. If not, it was Cambridge Credit Counseling that offered me a 10% interest rate on both cards, which was comparable if I didn’t think I could pay down the balance of this smaller card pretty soon. GOod luck everyone, this stinks but there is light at the end of the tunnel…

By: Balance Transfers Helper

Balance Transfers Helper — Wed, 25 Nov 2009 17:42:56 +0000

Steve,

That is one of the worst outcomes I’ve been informed of. Perhaps reasonable was not the best word.

By: Steve

Steve — Wed, 25 Nov 2009 00:10:43 +0000

Reasonable? You’ve got to be kidding. Chase offered to lower my minimum payment back down to 2% and worked out a payment plan to pay back over 5 years, but at 15% interest! So instead of no being able to afford it now, I can pay less but for twice as long as I originally would have!

By: Balance Transfers Helper

Balance Transfers Helper — Mon, 21 Sep 2009 15:01:00 +0000

Susanne,

Thanks for coming back to post about this. Some visitors had been questioning whether Chase was truly lowering rates on customers who had issues meeting new payments. Clearly they are and this should bring hope for the many people struggling to make reasonable deals.

And, since no one has said anything positive about Chase for a long time, I think it may be time to say that they may be unfair about payment increases, but they are reasonable when dealing with customers who can’t afford their onerous repayment terms. Sometimes.

By: Susanne

Susanne — Sat, 19 Sep 2009 01:06:22 +0000

if you go back to the top of this page you will see my original post. Chase offered me a 5 year fixed rate loan at 6% but I had to close my account. I agreed to these terms over the phone because there was no way I could make a payment over $1,100 a month and then held my breath waiting to see if it was for real. I got paperwork in the mail that said my payment would be $459/month which in 60 payments would take care of my balance. I set up an automatic deduct from my checking account so I would never miss a payment and I am able to look at my account online. My first payment came out as scheduled but oddly enough, it was only for $408. About the same time I got something in the mail from Chase regarding my account and the automatic payment amount. I could hardly believe it but the reason for the lower amount was that my interest rate had been LOWERED from 6% to 2%. The $408 monthly payment X 60 months will bring my balance to zero so it appears there is no catch. My online account reflects the same – 2% for 60 months @ $408. I don’t know why after I agreed to 6% they lowered it to 2%, but I’m not complaining! So.. there is hope!

By: Balance Transfers Helper

Balance Transfers Helper — Fri, 18 Sep 2009 13:59:51 +0000

Scott,

If you contact Chase, ask for a supervisor, and ask to speak with the hardship department, you may be able to work out a deal. Many visitors here have had success in getting their payments lowered-in eschange for a 2% or so rate increase-while others have succeeded in getting a lower APR. Much of it depends on your financial situation, but if you can prove you can’t make the payments, Chase seems to be willing to bargain. Hope this helps.

By: Lew

Lew — Thu, 17 Sep 2009 04:24:14 +0000

There are several options for the almost 1 million customers that Chase has screwed. First, contact Chase just so you can hear the “that’s too bad” speech. Then file a complaint here
http://www.helpwithmybank.gov/complaints/index.html
It will get Chase attention! Also file a complaint with your states Attorney General and Federal Attorney General. Chase is doing this to get rid of customers that carry a low interest balance or a large balance. They can get away with it as long as people are sheep.
This is what you get with a government controlled by corporate money. Like FDR said, a government by organized money is just as dangerous as a government by organized mob.

By: Scott

Scott — Wed, 16 Sep 2009 17:09:17 +0000

A few years ago I put $45k on a 3.99% “fixed for life loan”. It was for the down payment on my home. I have been diligent about paying more than the minimum so I only owe about $25k now. My minimum payment is due to increase to 5% this month and is due in a few days. I called Chase when I first received notice and said that I would like to “Opt Out” and they said that you cannot “Opt Out” of these changes. I could barely afford to pay the 5% minimum, but I would rather not since Chase is totally in the wrong for changing these terms. I do have two other reward credit cards with Chase that I use and enjoy. I really don’t want to get my excellent credit ruined but I was wondering if I should call them and tell them that I cannot pay the 5% minimum. What do you think they will do?
Thank you.