Chase Forgives Credit Card Debt Of All Canadian Customers No, Really.

Chase Canada Debt Forgiveness

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I love watching a bunch of people argue over something so stupid as this. Anyone who has internet post “fake outrage” is just jealous that the same didn’t happen to them. I’m on the toilet right now making fun of all of you. That’s what this conversation is worth, crappy toilet water! I hope I have wasted your time reading my post as all of you have wasted mine. Go find something else on the internet to be mad about.

One thing that Chase could have done was to leave the market and sell the debt to a third party. However, the company says that canceling the debt was the best option for all parties. It’s the first case of something like this happening on such a large scale, Reuters notes. But now the stress has disappeared — along with her credit card debt. When Adamson learned he no longer had to make payments toward his outstanding $1,645 debt in Amazon purchases, he found himself in disbelief.

Chase Forgives All Debt Owed By Its Credit Card Customers (in Canada)

The credit card offers that appear on the website are from credit card companies from which receives compensation. This compensation may impact how and where products appear on this site . This site does not include all credit card companies or all available credit card offers. Please view our advertising policy page for more information. Many of the credit card offers that appear on the website are from credit card companies from which receives compensation. “Otherwise they would still write it off, but they may have to spend more time and effort on how to collect all the outstanding debt, and that may not be good for the bottom line,” Jara said. The bank declined to share how much debt was wiped out or how many customers were affected.

So you actually cost the dealer money I’m guessing. If any bank claimed to have Jesus Christ as their CEO then I’d know there was some scam going on. Jesus Christ could be the CEO of one of them and I’d think there is still some scam going on.

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The bank from which you received the $10 acts as an intermediary on your behalf. Whenever you use cash to buy something, you are selling debt. Yeah the corruption of business lobbying contributions (which didn’t start till the 70’s) has been embraced by both parties, although only openly by the Republicans. Its the root of tilting all our non social issue legislation into whatever benefits whatever business is paying instead of what is good for the country or the average citizen.

It’s quite possible the cardholder agreement (and/or applicable law) does not allow selling debt to third party collections if the account is in good standing. So if no other bank wanted to buy it at face value, they had two choices. Write it off or continue to pay to maintain a business infrastructure in Canada. The credit card market in Canada is fairly saturated. I can easily see how a new entrant wouldn’t make money and if they didn’t want to sell the rights to the Canadian version of their brand, I can see why they would just take the hit. I don’t see how their good fortune makes my life any less profitable or enjoyable. Who says the recipients of the debt forgiveness are necessarily irresponsible anyway?

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Ben Schlappig is a travel consultant, blogger, and avid points collector. He travels about 400,000 miles a year, primarily using miles and points to enhance his first class experiences. He chronicles his adventures, along with industry news, here at One Mile at a Time. CBC has interviews with all kinds of people who were understandably in absolute shock when they got this message. Get the latest headlines delivered to your inbox every weekday. “It’s kind of like I’m being rewarded for my irresponsibility,” said the 24-year-old university student who’s being forgiven a $1,300 debt. “I was sort of over the moon all last night, with a smile on my face,” Douglas Turner of Ontario, who owed more than $4,500 on his card, told the CBC.

Like mentioned above, I’m totally amazed that they didn’t could not sell off the debt another bank or debt collecting agency but maybe that amount is still too large or the risk is too high . I bet all those people that paid off their cards feel pretty cheated now. I’m surprised Chase didn’t sell the debt to a another bank. A company deciding it’s not worth the effort of extending credit to people isn’t a good thing for people who need credit. In other words, a windfall for all those with outstanding debt, while those who need to accrue debt continue to pay higher borrowing costs due to the difficulty of collection in Canada. Why would they stop seeking payment of debt, though?

Why Is Chase Forgiving Existing Debt?

Chase just made this dream a reality for Canadian cardholders. Fraudsters will use unusual situations like this to take money from unsuspecting people, he said. Chase has taken the extremely rare move of wiping out consumer debts to hasten its exit of that market. A vastly improved search engine helps you find the latest on companies, business leaders, and news more easily. Paul Adamson, of Dundalk, Ontario, told the CBC that he called his bank when he saw the account was closed last week because he didn’t want to miss a payment. March North Korean official Kim Yo Jong addressed the U.S. administration of President Joe Biden for the first time on Tuesday. It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges.

For those non-Canadians reading this, a good primer on debt forgiveness — which will probably never again involve a bank generously letting you off the hook — can be found here. If you’re a Canadian credit card user of the U.S.-based Chase Bank, your dream just came through.

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In the end, you’re the only one likely to make your debt disappear. It confirmed on Thursday that it was forgiving all outstanding debt owed by customers of its two Canadian credit cards. Canadians who had credit cards with Chase Bank can breathe a sigh of relief as the company says it will “forgive” all outstanding debt. “Chase made the decision to exit the Canadian credit card market,” Chase spokeswoman Maria Martinez said in a statement. “A further business decision was made earlier this year to forgive all outstanding balances in order to complete the exit.” “A further business decision has been made to forgive all outstanding balances in order to complete the exit.” Another option is to call creditors yourself and ask for a lower rate.

Legal fees would be a lot higher then most balances. People who are wise with their finances won’t be paying high interest credit card debts.

Keep Documentation Of Debt Forgiveness

So when they sell you a car with a loan, the first thing they do is sell the debt. Without the selling of debt, you would likely not have been able to buy the house you live in. My credit union sold my loan to a bank before the ink was dry.

Adamson said the Canada Revenue Agency is looking into whether his windfall is taxable, but he believes it isn’t since the card was used for personal purchases rather than business. While it was a welcome surprise for Canadians who still owed Chase money, many debtors in the United States couldn’t help but feel a little envious. Chase has not released information as to how many customers were affected or how much debt was forgiven.

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Chase told CBC News it chose the debt-forgiveness route so that everyone benefited. Langlois got her card when she was 18 to use while travelling in the U.S., as users weren’t charged a fee for foreign currency transactions. “It’s kind of like I’m being rewarded for my irresponsibility,” said the 24-year-old university student who’s being forgiven a $1,300 debt. Turner’s good news is shared with other Canadians also celebrating their sudden reversal of fortune.

Both of you should look at credit unions in your area. Someone at work pointed me at Provident and I got a great interest rate AND the checking account pays better interest too. And if you wish to collect the debt owed to you, you do so in the form of goods and services you purchase by selling your debt instruments . Someone owes you $10 in productive labor or material goods.

Perhaps this is a ploy to encourage more people to carry credit card debt. There is a difference between a monetary system based on fiat currency, and entering into a business relationship with one entity only to have them sell that relationship to another. In the case of the latter, I may avoid entering into contracts company “X” based on their reputation — on of the values of a transparent marketplace. But if my debt contract with company Y can be sold to X without my consent, then it basically negates any value that the free market originally provided.

I don’t know what kind of people you are referring to is a financial idiot. But I’m pretty sure people who over spend and owe credit card debts for over a year are potential candidates for your so called financial idiots. Hence the same group that got out of debt are the group that you say would believe it to happen again. I absolutely do not understand credit card debt at all. Where we come from, in Italy, you must pay your credit card debt in full every month and will only be issued a limited credit which is around 50% of your month salary.

chase canada debt forgiveness

This week, the company announced that it would forgive all outstanding debt owed by customers in Canada, WCNC reported. That said, writing it off is definitely simpler than doing whatever is required to sell the debt. There are certainly complications for selling debt under Canadian banking laws . However, no regulator is likely to complain about “we’re simply going to declare everyone’s outstanding debt paid in full and go away”. It’s super annoying AND I absolutely hate two of the three banks that the debt was sold to . I would’ve never done business with them voluntarily but in this case I didn’t have a choice but to give them my money. Certainly this would make credit harder to get and more expensive.

Chase Bank To Cancel All Credit Card Debt Of Canadian Customers

Martinez said Chase determined it was better for all parties if the company forgave the debt rather than try to sell the debt to a third-party debt collector. student loans cannot be included in bankruptcy or consumer proposals for at least 7 years after finishing school. This option may not be possible for everyone due to a large sum of money needed to carry the settlement forward. The fee for debt settlement is usually a percentage of the amount you owe or the amount that was forgiven. Unfortunately, a successful debt settlement will impact your credit score. debt settlement, a credit counsellor will work on your behalf, to negotiate a lump sum payment to each of your creditors, with the stipulation that the rest will be forgiven. The settlement is usually between 20%-80% of the full amount.

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