Chase raises minimum payments on credit cards

re: Chase raises minimum payments on credit cards

Jen313 — Tue, 29 Sep 2009 23:53:17 GMT

Linda--Several other people have already filed lawsuits (I'm assuming they have to pay their lawyers), but since so many people complained, they've become class action lawsuits and the rest of us dont have to pay the lawyers. From what I understand, you don't have to do anything to join the class action suits...you should already be included as a Chase customer who used the low, fixed rate checks. However, I've subscribed to be notified by email of any updates. Here are the websites: www.girardgibbs.com/chase.asp and www.gslawny.com/lawyer-attorney-1383679.html. All of the class action suits have been combined into one and it will be going before a judge in CA soon. I got an email about it but can't remember exactly what it said. Subscribe to the updates and you'll be notified by email, too.

I had a lot of sleepless nights, too, and the only thing that made sense for us was to do the BLP. Although I still don't trust Chase, everything is going as they said it would. I'm still planning on calling to fight for a lower APR, especially now that my husband's income has decreased and our medical bills have increased. I'll keep everyone posted.

And, good luck, Linda, in whatever you decide to do.

re: Chase raises minimum payments on credit cards

29.99% for the life of the loan — Sun, 27 Sep 2009 15:19:50 GMT

sad, our predatory banks have changed to predatory terms. lets gouge the responsible borrowers, and equifax you'll cooperate with the thieves wont you. lawyers need to go back to the school of common sense. where is the backbone in this country?? does anybody have any balls or are they resting on somebodies chin.

re: Chase raises minimum payments on credit cards

Linda — Thu, 24 Sep 2009 06:27:54 GMT

Thanks for the update.As for me I am running out of time very quickly. I guess I would feel a lot more comfortable if something showed up on your credit report about the account being closed. There should be a notation about it and as long as there isn't yet we don't know exactly what it is going to say when it does appear. It might take a while.

Also, more bad news. I called Discover card and asked them if they were planning to raise their minimum payment. They confirmed that they are going to raise it in January but couldn't say exactly what percentage at this point.Their reason: "It will help us pay down our debt quicker". Sound familiar? I have 2 accounts with them and the promotional offer ends in January on top of the increased minimum payment.

I met with a bankruptcy attorney yesterday. I was considering maybe putting the BK off for another month by using a balance transfer offer from another company to pay the Chase bill this month. Well, I can't do that. It would be seen as an "illegal preference". Also I don't dare get any cash advances or transfer any other balances for 60 or 90 days before filing or it will mess it up! I only have a few days left before the Chase bill is due.I wish now that I had not even attempted to make that payment last month because it solved nothing - I have the same problem again only I don't have enough money to meet their demand this time.

re: Chase raises minimum payments on credit cards

debt killer — Thu, 24 Sep 2009 00:14:24 GMT

The best deal from my perspective is the hardship office at Chase. The balance liquidation program (BLP) offered me a lower rate (2%) and lower fixed payment for the 5 year period. At the end of 5 years my balance is 0 and I close the account. Mission accomplished. So far no change on the credit report. The first payment was deducted from my checking account electronically and recorded "Chase" as the payee. I don't think I could have paid the 5% minimum each month and so far the BLP is working out for me. If Chase damages my credit report and/or the class action lawsuits are successful I will revisit. Otherwise this was the best available option in my opinion.

re: Chase raises minimum payments on credit cards

Linda S. — Tue, 22 Sep 2009 09:27:06 GMT

Jen: (Do you know if it costs anything to join the class action suits?) What kind of responses are you getting from the agencies? Its great that you heard from them because now you know they are willing to hear your side of the story. Be sure and let them know that they called it a hardship program but they charged you more interest than you were paying before (that is bizarre). I would definitely focus on that because that really makes them sound like crooks. (Also mention the 7.99 offer which proves that they aren't trying to help anyone "pay their debt down faster" like they claim.) (That credit counseling service told me 6% too even though I already had a lower rate than that. I still wonder if that first payment deducted from people's checking accounts is really their fee and not a payment - same for the debt liquidation company.)

I'm suppose to meet with a bankruptcy attorney today and I'm getting cold feet. What if something happens (like catastrophic medical bills or a car accident) within the next ten years after having to file bankruptcy because of Chase. I would have to pay every penny of every inflated medical/hospital bill because they would know I couldn't get out of it. And I wonder how many heart attacks, strokes, nervous breakdowns and suicides Chase is going to cause (in addition to bankruptcies). I"m sure I'm not the only one upset and on the computer 24/7 trying to see if anything is new or if they have done anything about Chase yet. I'm not doing anything that needs to be done in real life because I"m obsessing about it all the time and getting little or no sleep.I know exactly what you mean about having to do what you can to get your payment back down because I'm seriously thinking about the 7.99 deal that they never offered me.

Good luck Jen and keep us posted on how things are going for you.

re: Chase raises minimum payments on credit cards

Jen313 — Tue, 22 Sep 2009 05:01:04 GMT

I've already complained to several of the agencies listed (FTC, OCC, federal/national AG, house reps). Received a couple of replies, so I need to respond to those. Couldn't complain to my state's (NV) AG, because that division has been closed for individuals. Didn't think about the BBB, so will also try them. I'm on the email list for a couple of the class actions, but that's gonna take forever, so not holding my breath.

Wasn't aware that the OCC says that it's wrong for them to do what they did, so I think I'll mention that when I call Chase this week to FIGHT for a lower APR.

I've done everything I can to protect my credit score, but it all comes down to what we can pay every month, so just trying to do what's smart for us.

Thanks to everyone for all of the info, especially debt killer and Linda S...you guys are my support system right now AND, more importantly, I'm learning so much, including how to stand up for my rights.

re: Chase raises minimum payments on credit cards

Linda S. — Sat, 19 Sep 2009 07:09:13 GMT

I saw that too. Good for them.. Is there anything on your credit report yet showing that the Chase account was closed ? Apparently this 2% to 5% increase was going on way before it hit us. From what I've read it actuallly started in January. It showed up on one persons credit report "account closed by customer"...but it added "due to hardship". Which was not necessary. It's like they added that to get even. I need to start writing stuff down because I end up forgetting where I saw it. I read on another one that it was the government telling Chase (and the others) that they had to offer a payment plan for those who couldn't afford the new terms. If that is the case then you should be pretty safe. If there is no notation on your credit report yet (about your Chaae account being closed) keep checking and let us know how they "worded" it.Hopefully they won't elaborate after "account closed by customer".

re: Chase raises minimum payments on credit cards

debt killer — Fri, 18 Sep 2009 23:04:16 GMT

Class action lawsuit has been filed

A copy of the master consolidated complaint can be found at www.girardgibbs.com/chase.asp

re: Chase raises minimum payments on credit cards

debt killer — Fri, 18 Sep 2009 22:25:56 GMT

File a Complaint Against Your Credit Card Company

Report the credit card issuer to the Comptroller of the Currency. Phone number is 202-874-4700.

Report the company to your state's attorney general's office. You can find links to your state's AG website at naag.org. Your state might allow you to file a complaint online. This is probably the most effective complaint to make as it is the attorney general's who have filed most of the lawsuits against credit card companies. For example, it was the California AG who sued Providian and forced them to pay the largest judgment against a credit card company ever.

Report the company to banking regulators. Their mailing address is Division of Credit Practices, Bureau of Consumer Protection, Federal Trade Commission, Washington, D.C. 20580 or file a complaint online at www.ftc.gov.

re: Chase raises minimum payments on credit cards

debt killer — Fri, 18 Sep 2009 22:18:04 GMT

File a Complaint Against Your Credit Card Company

Report the credit card issuer to the Comptroller of the Currency. Phone number is 202-874-4700.

Report the company to the Better Business Bureau. Submit your case for dispute resolution online at www.bbb.org.

Report the company to your elected representatives. You can find their email / mailing addresses at www.house.gov and www.senate.gov. Note that the banking industry (which is comprised mostly of credit card companies) has a lot of power in Washington, D.C. in the form of lobbyists and contributions to election campaigns. Despite this fact, your elected officials are more afraid of you because you can vote them out of office. If you think contacting them is a waste of time you're wrong. Someone will read your correspondence -- if enough complaints are received something will be done about it. Learn more.

More information about regulatory agencies can be found by clicking here.