Chase debt settlement programs.
In addition to debt settlement programs, Chase offers its cardholders other assistance plans and ways to get out of debt. For example, JP Morgan Chase has lowered interest rates, extended repayment terms, and reduced monthly minimum payments. Find examples below of how real life customers are getting offered debt settlement programs and the terms they were provided. Also find information on other types of assistance programs offered to help with paying their bills and debts from Chase.
How people are getting help from Chase debt settlement programs.
- A customer recently had Chase offer them a 35% reduction or settlement of their debt on a total of $19,000 in unpaid bills that they had outstanding. So they in effect offered to settle for $6,900.
- Sometimes they will offer payment plans along with the settlement offer. Someone was offered a payment plan that spaced out their repayment terms over 4 payments. They settled at 35% of the card holders debt and each payment was about 9% of the total settlement amount.
- Another customer also settled at 35%. That was the principal balance, and not including all the fees and charges that were added to it when they stopped paying. So if you factored in the fees, the deal was even better as the fees were waived.
- Chase offered a struggling cardholder a deal at 60%. This person did not accept, and continued to try to negotiate with them. They called customer service, asked for supervisors, inquired about hardship programs, and even wrote a letter. Eventually the terms of the offer improved to about 45%, and the offer was accepted. So this shows that going the extra distance may sometimes pay off.
- Someone had over 17K in unpaid credit card bills and debt. Chase at first offered to lower the interest rate and give them a lower minimum payment, but that was not enough to help. The customer then stopped paying, and after about 90 days and calls and letters from Chase, the bank did call back and offered a 30% settlement deal. They took the deal.
- A struggling consumer had multiple accounts and tried to settle all 5 very large, outstanding accounts with the lender. Here is what happened after they stopped paying their cards, and after stressful calls and letters from the banks. BOA offered 20% of 50,000 in bills, and asked for one payment. JP Morgan Chase settled at 30% of 15,000 in bills, but allowed 4 payments. Citi offered a debt settlement program at 55% of about 9,000 in unpaid credit card debt, and allowed the payment to be made over 12 months.
- Chase offers other assistance programs as well to customers who are faced with a hardship. The relief comes in many forms. Click here to learn more on credit card hardship programs from Chase.
You can either decide to work with a debt settlement company or contact Chase directly. If you decide to contact them, the best number to use is the tool free number on your card. Do not hesitate to ask for a supervisor if you are not getting anywhere with the representative.
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