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If You Owe Chase Bank, Forget About Debt Settlement.

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.





About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

14 Comments

  • Back in May Chase told me that they are not dealing with any settlement programs but then they turned around last week & settled one of my accounts with the debt settlement program that I’m on. Chase is very aggressive & thats exactly what they do “chase” you for their money. So maybe eventually after the account becomes gravely deliquent & is sold to a collections agency, chase will accept something rather than bankruptcy.

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