Complaint Review: CHASE - Wilmington Delaware

I've heard the Bankruptcy Act argument before, and the obvious flaw in the logic hasn't improved with age. So, if required to raise min monthly payments to 5% of balance based upon Federal law, how is it Chase can return an account to 2% of balance if paying their higher rate? Yea, right. Folks, watch out for Chase toadies posing as consumers. I would suggest anyone that only posts rebuttals (several) in favor of a single company is suspect (especially if the poster spews the same or similar nonsense you get when you speak with customer service). They are chocked full of misinformation in what appears an obvious attempt to keep you from seeking help when you've become a victim of Chase. If you have a valid concern, report your complaints to the Deleware BBB, every website you can think of, and your State Attorney General's Office (consumer protection division). Document all contacts with Chase (I'd recommend you avoid phone contact as it is my first-hand experience Chase will lie about the nature of the contact including, but not limited to accepting offers). Chase can not lie (effectively), when you leave a good paper trail. Good luck and don't let Chase trick you into not seeking an appropriate rememdy.

Please read the information below. Chase is not the only credit card issuer doing this as they are being required by the the federal government. I have copied information in here regarding this information. The first paragraph is from a different source than the rest of the information. The bottom line is this is a result of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and your credit card minimum payments rise. Some credit card issuers have not been complying with this and are now being forced to comply. Under pressure from government regulators, banks are raising the minimum payments cardholders are required to make each month. The move is intended to reduce the nation's long-term debt; but in the short-term, consumers are feeling the pinch when the credit-card bill arrives. Today, your credit card minimum payment is usually between 2% to 2.5% of the total debt on your credit card. If you were to pay the minimum payment every month today on $10,000.00 of credit card debt at 18% APR, it would take you more than 50 years, 601 payments in total, to pay off your debt, and you would pay an extra $29,000.00 in interest charges to the bank for the privilege of using their money. By the end of March 2006, major card issuers nationwide will be increasing their minimum payments to effectively 4% of the total debt each month, which for the estimated 50 million Americans who are paying the minimum payment each month may mean that their credit card minimum payment will double. Regulators argue that by paying 4% credit card minimum payments versus 2% credit card minimum payments, you the consumer will be able to pay off your debts more quickly, if you can come up with the extra money each month! Taking the above example of $10,000.00 at 18% APR, you would be able to pay off your credit card debt with a 4% minimum payment in as little as 15 years, and you would pay less than $6,000.00 in interest fees to the bank. That's a savings of over $23,000.00 versus a 2% minimum payment. Sounds great right? Higher credit card minimum payments can help you get out of debt faster than lower minimum payments, but there is one catch. You need to pay twice as much every month. So if your minimum payment is currently $400.00, you'll need to find another $400.00 per month just to keep up with the new minimums. Even if your bank does not increase your rates this coming month, it's only a matter of time before they are drawn into compliance with the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and your credit card minimum payments rise.

I too have been victomised by chase Bank. There is a NY law firm investigating a possable suite. On their web site, at the left side, bottom. They have a link for your input. http://www.gslawny.com/lawyer-attorney-1280970.html