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

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

  • 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....

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Message 1 of 17
16 REPLIES 16
Regular Contributor

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

Think of everyone that paid their balance off yesterday.

Smiley Mad

 

Message 2 of 17
Established Contributor

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

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



“If you don’t know, the thing to do is not to get scared, but to learn.” – Ayn Rand
Message 3 of 17
Community Leader
Super Contributor

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

I'm floored.

 

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







Message 4 of 17
Super Contributor

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

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!



01/2019:
12/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 5 of 17
Established Contributor

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


@Saeren 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!


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.

27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.

Final update at AoYA 1 year. There's still a lot of points on the table: I get a significant boost from being at AZEO (50% of cards with a balance), and I'll be at zero scorable inquiries in a few weeks.

Message 6 of 17
Super Contributor

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

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.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 7 of 17
Super Contributor

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


@CassieCard wrote:

@Saeren 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!


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.


That’s so crazy!!



01/2019:
12/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 8 of 17
Community Leader
Super Contributor

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

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

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 9 of 17
Frequent Contributor

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

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

Message 10 of 17
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