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Frequent Contributor
Underh20
Posts: 322
Registered: ‎11-15-2008
0

Re: Chase Minimum payment


usmc58555 wrote:

bredan wrote:
,but again you just need someone to see it for what it is and you did.

You mean

 

-Completely legal

-Completely within their rights

...


yep thats pretty much what it is.

 


No, not exactly.

 

Chase has since backed down on many of the minimum payment increases when individual customers have taken preliminary steps to sue Chase.  Why would Chase cave in?  Because they are nice people and empathize with affected customers?  Yeah, right.  Because they hope to avoid more media scrutiny?  To an extent, yes.

 

Mostly, however, it is because they realize that a contract is much, much more than the card agreement you get when the account was opened and the modification to that agreement they send you from time to time in your statement or find posted on their website.  Courts have continually found that the card agreement you have with, say, Chase is only part of the actual contract.  Other items such as promotional claims, historical views of the bank's business practices, concepts in equity and even -- gasp -- common sense are included in the contract.

 

From personal experience, you will likely be successful at keeping your old minimum repayment amount after Chase receives a letter from your attorney.  Chase will probably ask you to close your account, though.

Valued Contributor
usmc58555
Posts: 1,668
Registered: ‎02-18-2009
0

Re: Chase Minimum payment


Underh20 wrote:

usmc58555 wrote:

bredan wrote:
,but again you just need someone to see it for what it is and you did.

You mean

 

-Completely legal

-Completely within their rights

...


yep thats pretty much what it is.

 


No, not exactly.

 

Chase has since backed down on many of the minimum payment increases when individual customers have taken preliminary steps to sue Chase.  Why would Chase cave in?  Because they are nice people and empathize with affected customers?  Yeah, right.  Because they hope to avoid more media scrutiny?  To an extent, yes.

 

Mostly, however, it is because they realize that a contract is much, much more than the card agreement you get when the account was opened and the modification to that agreement they send you from time to time in your statement or find posted on their website.  Courts have continually found that the card agreement you have with, say, Chase is only part of the actual contract.  Other items such as promotional claims, historical views of the bank's business practices, concepts in equity and even -- gasp -- common sense are included in the contract.

 

From personal experience, you will likely be successful at keeping your old minimum repayment amount after Chase receives a letter from your attorney.  Chase will probably ask you to close your account, though.


 

Well get an attorney involved. i think i did state that.
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Valued Contributor
GregB
Posts: 1,669
Registered: ‎05-24-2007
0

Re: Chase Minimum payment

I think you will find that the agreement says they can change the minimum payment or interest rate. It is easy to assume that the original minimum payment and interest rate would be unchanged. We are in a time when they are changing far more dramatically than most people assumed would ever happen.

 

If you want to battle with them, I think you might be able to get them to keep your old minimum payment if you close the account.

 

I doubt you would do much better with an attorney and you will have to pay the attorney. Since they can close the account, they would be very likely to do that if you hire an attorney.

 

If you do decide to hire an attorney, please let us know how it works out.

Frequent Contributor
Underh20
Posts: 322
Registered: ‎11-15-2008
0

Re: Chase Minimum payment


GregB wrote:

I think you will find that the agreement says they can change the minimum payment or interest rate. It is easy to assume that the original minimum payment and interest rate would be unchanged. We are in a time when they are changing far more dramatically than most people assumed would ever happen.

 

If you want to battle with them, I think you might be able to get them to keep your old minimum payment if you close the account.

 

I doubt you would do much better with an attorney and you will have to pay the attorney. Since they can close the account, they would be very likely to do that if you hire an attorney.

 

If you do decide to hire an attorney, please let us know how it works out.


 

The standard Chase card agreement states clearly in the clause "Minimum Payment" that the minimum payment is 2%. 

 

That said, the clause "Changes To This Agreement" states they may change the terms of the agreement at any time, but the wording is -- likely intentionally -- vague.  They also state that you may be able to close the account and retain the earlier terms. 

 

You probably can get Chase to rollback the minimum payment increase on your own if you close your account.  If they won't, however, you can get a letter written for you.  I doubt an attorney would charge much simply to write a letter.  You could probably get it done for free at a university legal clinic or legal aid society.  If you are military, SJA will do it for free.

Valued Contributor
athensguy
Posts: 1,291
Registered: ‎02-26-2008
0

Re: Chase Minimum payment


GomerPyle wrote:
Clyde Barrow and Bonnie Parker would have been very fond of Chase. People during the Great Depression hated the banks and that is why people took all their money out. I am sensing the same feelings these days. Banks have gotten way to big. There is a long term price to pay for jerking people around. There will be repercussions for these big Mega banks. Time will tell.


Bonnie and Clyde were probably familiar with Chase, as Chase was founded in the next to last year of the 18th century, and Bonnie and Clyde weren't around until the early 20th century. Maybe they even stole Chase money.
Established Contributor
Posts: 742
Registered: ‎12-19-2008
0

Re: Chase Minimum payment


athensguy wrote:

GomerPyle wrote:
Clyde Barrow and Bonnie Parker would have been very fond of Chase. People during the Great Depression hated the banks and that is why people took all their money out. I am sensing the same feelings these days. Banks have gotten way to big. There is a long term price to pay for jerking people around. There will be repercussions for these big Mega banks. Time will tell.


Bonnie and Clyde were probably familiar with Chase, as Chase was founded in the next to last year of the 18th century, and Bonnie and Clyde weren't around until the early 20th century. Maybe they even stole Chase money.

LOLx2:smileyvery-happy::smileyvery-happy:

New Visitor
citywalker
Posts: 1
Registered: ‎09-01-2009
0

Re: Chase Minimum payment

Has anyone been offered to close a credit card by Chase and change loan from revolving to installment, lower interest rate, and min payment?  I'm wondering what the catch is and will be requesting something from Chase in writing.

 

Basically, I called Chase to determine my options when they more than doubled my minimum payment this month.  The balance is from a couple of BT checks and has about a 4.75 % combined rate.  Chase offered 2 options

1. lower min pmnt to 2%, but up rate to 7.99% - didn't like that option

2. close card, change revolving credit to installment loan, rate dropped to 2%, min payment less than I am already paying.  The rep just asked for household income, other credit card payments, rent/mortgage payment, do you expect monthly bills to decrease over next year.

 

What is the catch?  Has anyone done this?  IWhat other questions should I be asking?  'm trying to wrap my head around what this might mean to my FICO score.    Cheers

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Chase Minimum payment


citywalker wrote:

Has anyone been offered to close a credit card by Chase and change loan from revolving to installment, lower interest rate, and min payment?  I'm wondering what the catch is and will be requesting something from Chase in writing.

 

Basically, I called Chase to determine my options when they more than doubled my minimum payment this month.  The balance is from a couple of BT checks and has about a 4.75 % combined rate.  Chase offered 2 options

1. lower min pmnt to 2%, but up rate to 7.99% - didn't like that option

2. close card, change revolving credit to installment loan, rate dropped to 2%, min payment less than I am already paying.  The rep just asked for household income, other credit card payments, rent/mortgage payment, do you expect monthly bills to decrease over next year.

 

What is the catch?  Has anyone done this?  IWhat other questions should I be asking?  'm trying to wrap my head around what this might mean to my FICO score.    Cheers


Welcome to the forums! 

 

I have heard of others being offered the conversion deal, If you don't mind giving up the revolving account it is a very good deal, assuming part of the deal requires closing it. If the original account can remain open all the better! All they want is their money back, preferably a little bit sooner. They also want to change the way the credit is reflected on their books. Just make sure you verify that the new loan will report as installment and is unsecured. FICO-wise moving debt from revolving to installment is very good. You will be happy with the result, particularly if you have high UTIL on the Chase account. (Which I assume you do.)

 

 


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