Each of us lives only now, in this brief instant. The rest has been lived already. So make the most thoughtful choices you can today that will lead to a better future.
Steve's Thought of the Day
Stop drifting and hoping a magic solution will appear. Instead, you can participate in rescuing yourself. Find peace by pursuing facts through trusted advisers and research rather than the blind trust of salespeople trying to sell you something by almost any means necessary.
Steve's Thought of the Day
Make decisions to deal with your debt with logic and facts, not assumptions, and worry about what other people will think. People who judge you will soon be forgotten. Nobody thinks about anyone that much.
Steve's Thought of the Day
The world is nothing but constant change. Your life is only a perception. Choose a way out of debt based on facts, not assumptions. Do what is best for your future because those that judge you will not feed you.
Steve's Thought of the Day
Do you have a greater responsibility to repair your financial past or your financial present and future? Make good choices that allow you to tackle your debt and immediately start building your emergency fund and saving for retirement. Tomorrow will be here before you know it. Lost time is a sin.
Steve's Thought of the Day
There is no sense in wasting a perfectly good financial mistake. Instead, learn from it and do better moving forward. The past is gone. Turn and face the future now.
Steve's Thought of the Day
Those who judge you for past financial mistakes are not your friends. So don't make choices about your future out of fear of what they may think. Instead, make choices based on truth, fact, and what is best for you moving forward from today.
Steve's Thought of the Day
Don't believe everything you think. Challenge your assumptions about getting out of debt. Do what is best for you, not others.
Steve's Thought of the Day
Is it less moral to file bankruptcy or to not take action that leaves you old, broke, hungry, and dependent on others?
Steve's Thought of the Day
If bankruptcy is so bad, why did our Founding Fathers specifically include it in the U.S. Constitution as protection for financial difficulties?
Steve's Thought of the Day
Maybe it is time to read what the Bible really says about bankruptcy instead of listening to the assumptions of others. Throw out your misperceptions and you'll be fine. (And who is stopping you from throwing them out?) - Marcus Aurelius
Stop listening to people that say bankruptcy is a last resort. It is neither first nor last. It is a tool like credit counseling, debt settlement, and others. For the best result, you need to use the right tool for the job.
Steve's Thought of the Day
People that tell you to avoid bankruptcy want to sell you something else are repeating something they heard or do not know what they are talking about. Get the facts and then make your own decision. Don't let an unskilled script-reading commissioned salesperson make life decisions for you.
Steve's Thought of the Day
Debt problems are like fingerprints. No two are alike. A one-size-fits-all solution will give you a one-size-fits-all result. You deserve better.
Steve's Thought of the Day
You are not your debt. Your value, self-esteem, and existence should not be defined by the money troubles you may be facing right now. Debt problems are solved with proper action, not guilt, self-hatred, and disgust.
Steve's Thought of the Day
Debt is nothing more than math wrapped in emotion. The math is easy, the emotional part leads us to do impulsive things. Not the right thing.
Steve's Thought of the Day
What type of money personality do you have? It is important to know. Take my online test now and discover how you unconsciously deal with money, credit, and debt.
Steve's Thought of the Day
How much retirement savings are you willing to throw away by dealing with your old debt instead of preparing for your financial future? Find how much you will lose by making the wrong choice. Use my online debt repayment calculator now.
Steve's Thought of the Day
Does it make more sense to ask for life-altering debt advice from an unskilled and untrained commissioned salesperson in a call center or an experienced debt coach like Damon Day that provides a customized solution for money troubles?
Steve's Thought of the Day
Throw out your misperceptions and you'll be fine. (And who is stopping you from throwing them out?) - Marcus Aurelius
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.
Sincerely,
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
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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.
I have heard, although I am not 100% sure, that Chase is modifying their policy to not working with ANY company that modifies a creditors debt? Is this true? and Honestly I do not understand why, if your company, or the company you have hired to be your appointed PoA, has a solid BBB rating (which Chase tells clients to “go look them up”) and shows they do pay and do infact help clients, why still the shut out on these companies.
I did “collections” and I can tell you something is better then nothing. Is not creditor cards the same thing? Just wondering. Ty
It is now fact that Chase & the legal arm J.P Morgan Chase will no longer deal with any debt settlement company BUT once the account has charged off it is possible.
Target and Bank of America are following a similar stance.
But you can always negotiate on a debt without making a call 😉
Statistically, I can make a pretty good argument that banks recover less when consumers file chapter 13 as opposed to accepting settlements.
Banks do however; recover the least when selling non performing portfolios to debt buyers. If a high enough portion of these sold portfolios are identified as containing accounts that are flagged as participating in high upfront fee settlement programs (not hard to do when the bulk of companies send out their POA/cease communication letters), than I can see Chase’s misgivings from a purely cost/loss perspective.
Chase has had, and will likely continue to have, some of the better options available for consumers struggling to meet payments. Chase, and all of the larger issuers will not likely change to tougher and lower concessions until the economy turns around or when their book is cleansed to a more historically normal default ratio of less than 5%.
Your 1st comment- I agree, however, isnt the point NOT How to make Chase, etc More money on their bad loans but how to best help consumers faced with bankruptcy as their only option? My company, like yours, actually focuses on helping the consumer faced with no other option! Not on how to make the banks whole on their bad loans! A good debt settlement company, like ours, that doesnt prey on the consumer, but is actually DESIGNED to help them is a win for the lender & the consumer! Chase’s decision here is likely solely a response to all of the irresponsible settlement companies.
Basically though, you are making my original point. Once the option for assisted settlement is gone, and the consumer is left with choice of eating or bankruptcy, they will opt for bankruptcy. Before that ever happens Chase will have sold that debt so it is always quantifiable- If chase makes more money in settlement than in bankruptcy or charge offs, then why not settle?
Why were Chase & BoA involved for the last 9 months if they don’t stand to gain? With the fail rate of current 15% and lawyer model, I can see the banks upset that those companies are being paid & debts are really only being settled in 10-30% of the cases (assuming GAO had no agenda in their investigation) so I suppose it could be “sour grapes”…. But i doubt it!
Mike- Ive read about your model, and so there is NO confusion, I respect it! The crazy thing is, I don’t think the lawyer models are scared- I dont know why, but we continue to be approached by that model and they have a “no worries” attitude! One, for example is World Law & Orion Processing. But there are others! That’s not not not a good thing for the banks or the consumer! -Sean
And, of course, the truth is that Chase will NOT help their cardholders UNTIL they get notice that they have signed with debt settlement. Then suddenly, they have “many options to help you”… Bank of America tried this before too- It ended abruptly. If this new legislation passes as written, I am certain Chase will no-longer have “many options to help you”. Count on that- A nominal monthly maintenance charge, assistance in an account to deposit monthly funds and a success based fee of 20% of savings would work well for consumers- Anyone under the delusion that the card companies have the consumer’s best interest in mind is insane- They love the new legislation as it WILL force so many people into bankruptcy repayment and they will just make even more money off of THEIR BAD LOANS!!!! The whole outlook makes me ill- Why kill an entire industry when the backend model has a 80% or better success rate? Why? Ask BOA, Chase & Schumer- Back room deals at their worst in American politics, under the heading of “Too big to fail” legislation which is maeningless rhetiric in its’ current form as well. Ugh.
The “backend” or success based model- Ours is near 90%- Our books are open (to you Steve) We called the GAO and offered to allow them an audit of our operation. The bill as it stands will not allow a company like ours to make a profit- so we will no longer exist. Do you disagree?
However what will happen is that Chase will sell the account to a 3rd party collector, and then the settlement will be made with them. I’m not saying it’s right, but that’s what’ll happen.
I agree, when the account become 180 days delinquent and is eventually sold off to a new owner, an agreement can be struck with the new holder. Just don’t have any expectations at this time that Chase is going to play ball before they sell it.
Chase is a f’ing joke!
Chase is a f’ing joke!
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.
I have heard, although I am not 100% sure, that Chase is modifying their policy to not working with ANY company that modifies a creditors debt? Is this true? and Honestly I do not understand why, if your company, or the company you have hired to be your appointed PoA, has a solid BBB rating (which Chase tells clients to “go look them up”) and shows they do pay and do infact help clients, why still the shut out on these companies.
I did “collections” and I can tell you something is better then nothing. Is not creditor cards the same thing? Just wondering. Ty
This is simply not true. Chase will work with debt settlement companies. I am living proof
Im not sure what you mean but the last three months Chase has taken a new stance where they WILL NOT WORK WITH SETTLEMENT COMPANIES. That is a fact
It is now fact that Chase & the legal arm J.P Morgan Chase will no longer deal with any debt settlement company BUT once the account has charged off it is possible.
Target and Bank of America are following a similar stance.
But you can always negotiate on a debt without making a call 😉
Sean……need a job? lol
Sean,
Statistically, I can make a pretty good argument that banks recover less when consumers file chapter 13 as opposed to accepting settlements.
Banks do however; recover the least when selling non performing portfolios to debt buyers. If a high enough portion of these sold portfolios are identified as containing accounts that are flagged as participating in high upfront fee settlement programs (not hard to do when the bulk of companies send out their POA/cease communication letters), than I can see Chase’s misgivings from a purely cost/loss perspective.
Chase has had, and will likely continue to have, some of the better options available for consumers struggling to meet payments. Chase, and all of the larger issuers will not likely change to tougher and lower concessions until the economy turns around or when their book is cleansed to a more historically normal default ratio of less than 5%.
Michael
Your 1st comment- I agree, however, isnt the point NOT How to make Chase, etc More money on their bad loans but how to best help consumers faced with bankruptcy as their only option? My company, like yours, actually focuses on helping the consumer faced with no other option! Not on how to make the banks whole on their bad loans! A good debt settlement company, like ours, that doesnt prey on the consumer, but is actually DESIGNED to help them is a win for the lender & the consumer! Chase’s decision here is likely solely a response to all of the irresponsible settlement companies.
Basically though, you are making my original point. Once the option for assisted settlement is gone, and the consumer is left with choice of eating or bankruptcy, they will opt for bankruptcy. Before that ever happens Chase will have sold that debt so it is always quantifiable- If chase makes more money in settlement than in bankruptcy or charge offs, then why not settle?
Why were Chase & BoA involved for the last 9 months if they don’t stand to gain? With the fail rate of current 15% and lawyer model, I can see the banks upset that those companies are being paid & debts are really only being settled in 10-30% of the cases (assuming GAO had no agenda in their investigation) so I suppose it could be “sour grapes”…. But i doubt it!
Mike- Ive read about your model, and so there is NO confusion, I respect it!
The crazy thing is, I don’t think the lawyer models are scared- I dont know why, but we continue to be approached by that model and they have a “no worries” attitude! One, for example is World Law & Orion Processing. But there are others! That’s not not not a good thing for the banks or the consumer!
-Sean
And, of course, the truth is that Chase will NOT help their cardholders UNTIL they get notice that they have signed with debt settlement. Then suddenly, they have “many options to help you”…
Bank of America tried this before too- It ended abruptly. If this new legislation passes as written, I am certain Chase will no-longer have “many options to help you”. Count on that-
A nominal monthly maintenance charge, assistance in an account to deposit monthly funds and a success based fee of 20% of savings would work well for consumers- Anyone under the delusion that the card companies have the consumer’s best interest in mind is insane- They love the new legislation as it WILL force so many people into bankruptcy repayment and they will just make even more money off of THEIR BAD LOANS!!!!
The whole outlook makes me ill- Why kill an entire industry when the backend model has a 80% or better success rate? Why? Ask BOA, Chase & Schumer- Back room deals at their worst in American politics, under the heading of “Too big to fail” legislation which is maeningless rhetiric in its’ current form as well.
Ugh.
Sean,
Which industry has an 80% success rate?
Steve
The “backend” or success based model- Ours is near 90%- Our books are open (to you Steve) We called the GAO and offered to allow them an audit of our operation.
The bill as it stands will not allow a company like ours to make a profit- so we will no longer exist. Do you disagree?
However what will happen is that Chase will sell the account to a 3rd party collector, and then the settlement will be made with them. I’m not saying it’s right, but that’s what’ll happen.
I agree, when the account become 180 days delinquent and is eventually sold off to a new owner, an agreement can be struck with the new holder. Just don’t have any expectations at this time that Chase is going to play ball before they sell it.
Steve