Report: #484987

Complaint Review: Chase - Credit Card

Submitted: Tuesday, August 25, 2009
Last Posting: Tuesday, August 25, 2009
Reported By: Mfs — La Quinta California USA

Chase - Credit Card

www.chase..com/creditcards Internet United States of America

Phone:
Web:
Category: Credit & Debt Services

Chase - Credit Card RIP OFF ON MIN PAYMENT ON FIXED 2.99% LOAN La Quinta, California

1Author 0Consumer 0Employee/Owner

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Incredible. Just received my statement raising my min payment due from 2% to 5% on a $75,000 balance.

Called customer service who stated that they had the right to do that based on the contract. I told them that when they extended the credit it was funny that they made a big point of telling me that they were recording the terms of the agreement and what the default rate was should i miss a payment.

I wonder why they "forgot" to mention they could raise the min payment?

They also stated that they sent out two letters advising of the increase. Strange that I didnt receive either letter.

I am 70 yrs old and on a fixed income. I've budgeted for this payment not a 3% increase.

What extortion! There is no way I can make the new payment which will put me in default, ruin my credit rating and INCREASE my debt by placing me in the default category.

This is absolutely horrible and Im helpless to do anything about it.

This report was posted on Ripoff Report on 8/25/2009 12:42:44 AM and is a permanent record located here: http://www.ripoffreport.com/credit-debt-services/chase-credit-card/chase-credit-card-rip-off-o-63e79.htm. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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AUTHOR: John - Louisville (U.S.A.)

SUBMITTED: Tuesday, August 25, 2009

Contact your local Red Cross for a referral to the local Consumer Credit Counseling Services (CCCS). They can negotiate reduced interest and payments. They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to "enrolled in debt management." This does not damage your credit, but it may make it difficult to obtain new credit while you are enrolled in their program....so don't use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would might be denied while you're enrolled in the CCCS debt management program...

They might be able to get your minimum payment back down to 2%....

If this does not work, then there is Chapter 7 or 13 bankruptcy.