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NCO Agrees to Settle Chase Bank Account. Chase Backs Out of Deal.

Angelo Anzalone, president of Active Debt Solutions, has asked me to bring to your attention an issue with Chase Bank and NCO that concerns him regarding the backing out of a settlement agreement with Chase Bank USA.

Anzalone states, “We reached a settlement agreement with NCO on a Chase account.

The terms were as followed:
$1,300 on June 30th
$25 July 30
$25 on Aug 30th.

NCO took the first payment of $1,300 but didn’t take the 2nd or 3rd. When we called NCO to find out why they never took the 2nd payment and we were told that Chase pulled the account back and they would not honor the settlement even though we have a settlement letter and they took the first (majority of the settlement) payment.

Chase is now saying that they will not honor the settlement letter and that the payment of $1,300 was applied to the balance.

Next time someone complains about consumers suing collection agencies remind them of tactics like this one. This is not the first time that NCO has done this either. ”

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Here is the backup supplied on this event.

Is This Something You’ve Seen Happen as Well?

Please post your comments below to help Active Debt and this consumer if you have any feedback on this or other similar situations.


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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.
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