In recent communications with Chase Bank they helped me to understand their policy when it comes to working with debt settlement companies, they won’t.
Paul Hartwick, spokesperson for Chase told me, “Chase will not work with debt settlement companies. Customers who notify Chase that they are working with a debt settlement company will be advised of this policy and encouraged to work with Chase directly or to contact a non-profit 501(c) 3 licensed credit counseling agency.”
During the same exchange Hartwick also said “We are committed to working with customers who are experiencing serious financial difficulty. In this challenging economic climate, Chase understands the need for more alternatives and greater concessions to assist financially stressed customers in making credit card payments.”
So while Chase wants to help debtors in trouble, they just don’t want to have a thing to do with debt settlement companies.
Debt settlement insiders suspect they policy might change if the Debt Settlement Consumer Protection Act passes which will provide limits on what fees, business practices and charges are allowable by debt settlement companies.