Chase gives some credit card holders a surprise gift: debt forgiveness

[gdale6]

• If you’re an owner of a Chase Canadian credit card, there’s good news: The bank is forgiving your balance.
• The U.S. bank has taken the extremely rare move of wiping out consumer debts to hasten its exit of that market.
• Experts warn you need to double-check that any notice you receive is truly valid.

https://www.cnbc.com/2019/08/08/chase-gives-certain-credit-card-holders-a-big-gift-debt-forgiveness....

[Anonymous]

Think of everyone that paid their balance off yesterday.

[mikesonthemend]

'Flabbergasted': Chase Bank forgives all credit card debt for Canadian customers

[Brian_Earl_Spilner]

I'm floored.

Also: 'A 24-year-old university student, she said: "It's kind of like I'm being rewarded for my irresponsibility."'

[Anonymous]

I wonder if they’re all going to get hit with taxes for that forgiven debt like we do here when we settle for less than we owe? Could screw some people over big if so but if not, that’s a nice gift!

[Anonymous]

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@Anonymous wrote:

I wonder if they’re all going to get hit with taxes for that forgiven debt like we do here when we settle for less than we owe? Could screw some people over big if so but if not, that’s a nice gift!

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From the Canadian Broadcasting Corporation (CBC):  "To note: Following the publication of this story, some readers inquired if the lucky recipients would have to pay income tax on the amount of debt they were forgiven. The short answer is, they shouldn't — as long as they used their cards for personal purchases, said Jamie Golombek, managing director of tax and estate planning with CIBC.

Also, one guy reported that his recent payment is being reimbursed.

[FireMedic1]

I figured this would be posted already. Unreal. C-ya! Were outa here. You dont have to pay us back. Now the US customers will have to pay for it one way or another.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I wonder if they’re all going to get hit with taxes for that forgiven debt like we do here when we settle for less than we owe? Could screw some people over big if so but if not, that’s a nice gift!

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From the Canadian Broadcasting Corporation (CBC):  "To note: Following the publication of this story, some readers inquired if the lucky recipients would have to pay income tax on the amount of debt they were forgiven. The short answer is, they shouldn't — as long as they used their cards for personal purchases, said Jamie Golombek, managing director of tax and estate planning with CIBC.

Also, one guy reported that his recent payment is being reimbursed.

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That’s so crazy!!

[pizza1]

OH WOW!!! Thats nuts!! Thanks for posting this!Thats just crazy to me they did this. How will this look on their credit reports though?? mmmm

[blindambition]

It was probably cheaper to forgive debt. Some accounts wouldn’t be paid off for years.