Chase executive team screwed me over!! 37pt drop

[Anonymous]

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@Anonymous wrote:
I called the chase executive team to try to help my with my charge off. The reason I called was because my account has been sent to a collections agency last year and I made arrangements to pay in may 2016 after I had gotten a $20,000 windfall. Anyway, within says that the transfer was to happen out of my bank account chase pulled the account back.

I called chase to see what I could do and they told me I could pay 50% or $2700 which as much as I would pay ASAP, I just don't have that cash right now. So I called the exec team to see if I could pay the original settlement amount. A very nice woman called who said she would be doing an investigation into what happened with my account and then I never heard back from her.

This morning I woke up and my score dropped 37 points!!! It seems chase is now reporting the entire amount against me. I'm so frustratwd I want to cry so much work went into getting "fair" credit and now I'm back down to poor credit.

I just don't know why this happened. Why they said they were helping only to do this. I don't know what to do next.

I found out my acct was supposed to be uncollectible due to the law suit but like I said I was in collections and working with the collections agency as of 5/2016. Can u complain to the BBB and cfpb about that? How does chase respond to BBB and CFPB?

I just want to settle this for an amount I can afford and move on with my life. Has anyone had any luck with chase or the chase executive team or the BBB or CFPB??

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I hope I don't offend, but are you saying that you had made prior arrangements to pay but didn't? 

[RobertEG]

Vague references are made to asserted limitations placed on Chase by their Consent Agreement with the CFPB back in 2015.

The consent agreement between Chase and the CFPB is designated as

Consumer Financial Protection Bureau

File No 2015-CFPB-0013

Consent Agreement in the matter of:

Chase USA NA and Chase Bankcard Services, Inc.

Filed 7/28/2015

The Consent Agreement relates only to accounts that were either in litigation or for which there was an awarded judgment for the period from 2009 to 2015, and/or to accounts that were sold to debt buyers during the period.

It contained damages for both lititagation practices, including robo-signing of court documents, and for not providing adequate information to debt buyers, leading to improper collection practices after the sale.

Nothing in the Consent Agreement, other than agreement not to sell certain charged-off accounts without providing specific information to the debt buyer and to the consumer, affects accounts that are charged-off but not subject to litigation or a judgment, or to accounts that are charged-off but have not been sold to a debt buyer.

Nothing in the Consent Agreement mandated deletion of reported charge-offs.

In the posted scenario, the account is described as having been charged-off

It does not involve a debt that was in litigation during the period, or for which a judgment was obtained.

It apparently also does not involve a debt that was sold to a third party debt buyer during the period set forth in the Consent Agreement.

The post does not specificy whether the debt was merely referred to a debt collector, or was sold to them.

If only referred, it is not subject to the Consent Agreement.

If sold, the Consent Agreement places certain restrictions and notifications on Chase for sales after the date of the Consent Agreement.

Thus, they were not blanketly prohbitited from sales to debt buyers.  Chase apparently implemented a voluntary policy to limit sales of charged-off debts after the date of the Consent Ageement, but the agreement itself does not contain any such blanket prohibition.

It is thus questionable as to whether the posted scenario comprises events covered by the Consent Agreement with the CFPB.

[Anonymous]

No I'm saying I made the arrangements to pay and authorized the settlement amount to come out of my bank account. Then chase pulled the account back from the collections agency so they never took the money out and it never settled.

[Anonymous]

Ok...

From what I can see from your posts (I've read over 3x now) try to look at it from Chase' point of view...

1st you failed to pay as agreed on original CC

2nd you failed to pay and to follow thru an attempt of payment when it was transferred back to Chase when a settlement offer had been agreed (with no attempts to pay Chase in last 16 mos)

3rd you have rejected an offer to settle, because it's higher then you want and you don't have the cash flow to do so...

and you think Chase is unfair because after their internal investigation found you at fault and it dropped your scores?

I'm not trying to bust your chops, but for Chase to work with you...you have to earn back their trust...call them Monday and make payment arrangements that you can afford (even if it's 50 bucks a month) and have Chase deduct from your account auto so it will never be late (whatever you do..have the $$ in there to cover) , thank the "nice Chase lady" for looking into this for you and explain that you know you hadn't shown it in the past you are now dedicated to fixing your credit issues and don't ask her to remove your baddie...she may or may not do it but let her make that decision ...

when things happen, you have to accept the consequences good or bad , but please know that this can be overcome and try not to let this define you or make you angry, credit is the one thing in our life that can be fixed when we make a bad decision...it just may take a little time

I really am rooting for you to succeed...just have a little patience

[Anonymous]

Actually I had $20,000.00 in my bank account and authorized the money to be paid. Instead of taking the money, chase pulled the account back from the collections agency.

[Anonymous]

I think you read my posts very wrong.

[Anonymous]

The woman from chase said she would investigate why chase didn't accept my settlement with the collections agency. Nothing new has been reported on my account that wasn't already there since 2013.

[Anonymous]

I didn't ask for it to be removed I asked to pay it for the amount we had settled on in may 2016.

[Anonymous]

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@Anonymous wrote:
Actually I had $20,000.00 in my bank account and authorized the money to be paid. Instead of taking the money, chase pulled the account back from the collections agency.

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I keep re-reading so I'm not trying to be obtuse but my point is that when Chase pulled the account back and didn't take the money, why didn't you call them back when you found out it hadn't be paid and pay it? All of the calls are recorded when they attempt to collect on a debt (even if you call them), so more then likely Chase would have honored the agreement from collection agency

like I said before Chase seems to want to work with you, you just have to follow thru and earn their trust

Good Luck

[Anonymous]

Righttttttt.. so calling chase and asking to set up a settlement with them isn't working with them