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Canada Forgives Credit Card Debts As Part Of The Reset.


Luigi1
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Luigi found this article of Dinarian interests...

Has the Reset already started in Canada? The Rat thinks so.

Medicine Hat, here I come.

Treat as a rumor. Not varafied. Your opine.

 

 

9 Aug 2019   TNT Tony & The Rat:
GJHHonor:  did anyone hear about the if it is true?? 'It's crazy': Chase Bank forgiving ALL debts owed by its Canadian credit card customers https://www.cbc.ca/news/business/chase-bank-amazon-visa-marriott-credit-card-debt-1.5239411
Luvwulfs:  GJH I have not seen that, wow.
Angelwing:  Chase discontinued a couple of their cards in Canada a few years ago. They are tired of keeping the records/line of credit open for the defunct cards. They just decided to clear it all off their books and have a clean slate again. If you still owed anything, they forgave it.  But only those those discontinued cards.
ComeonRV:  My understanding from Tony is that the reset is to cancel all our debt.

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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 Bank, part of the New York-based JPMorgan Chase & Co., closed all credit card accounts in the country in March 2018, the company said.

Originally, customers were told to continue paying their debt, Reuters reported, but the company confirmed Friday to USA TODAY the debt was now cancelled

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U.S. LEGAL NEWS

AUGUST 8, 2019 / 5:06 PM / 2 DAYS AGO

JP Morgan unit 'forgives' credit card debt of Canadian customers

Moira Warburton

 

 

TORONTO (Reuters) - A unit of J.P. Morgan Chase & Co has agreed to “forgive” the outstanding credit card debt of its Canadian cardholders as part of the U.S. bank’s move to exit the Canadian credit card market, the company said on Thursday.

Chase Bank, which is operated by JP Morgan Chase, announced in January 2018 that it would close all credit card accounts in Canada on March 15 of that year. At the time, customers were required to continue making payments on their accounts.

The bank declined to say when it made the decision to write off the remaining debt. The Canadian Broadcasting Corporation quoted some customers as saying they received letters from the bank this week informing them of the decision.

Chase declined to disclose how many clients would be affected or how much debt was outstanding.

An alternative would have been to sell the debt to a third party, but the company felt that simply cancelling the debt entirely “was a better decision for all parties, including and most importantly our customers,” Maria Martinez, vice-president of communications for Chase Card Services, told Reuters.

“It’s crazy,” Douglas Turner, a 55-year-old long-haul trucker, told CBC. “This stuff doesn’t happen with credit cards. Credit cards are horror stories.”

Turner told CBC that his debt was more than C$6,000 ($4,536.52).

It is a unique situation that is “unlikely to be repeated,” said Scott Hannah, president of the Credit Counseling Society. “It’s a first, on this scale.”

https://www.reuters.com/article/us-jp-morgan-canada/jp-morgan-unit-forgives-credit-card-debt-of-canadian-customers-idUSKCN1UY2QA

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

https://www.usatoday.com/videos/news/world/2019/08/09/chase-bank-forgives-all-credit-card-debt-customers-canada/1966849001/

 

Ryan W. Miller, USA TODAYPublished 9:05 a.m. ET Aug. 9, 2019 | Updated 1:13 p.m. ET Aug. 9, 2019

CLOSE

Chase Bank customers in Canada are celebrating after the company announced it would forgive all outstanding debt. Veuer’s Nick Cardona has that story. Buzz60

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 Bank, part of the New York based JPMorgan Chase & Co., closed all credit card accounts in the country in March 2018, the company said.

Originally, customers were told to continue paying their debt, Reuters reported, but the company confirmed Friday to USA TODAY the debt was now cancelled.

"Chase made the decision to exit the Canadian credit card market. As part of that exit, all credit card accounts were closed on or before March 2018. A further business decision has been made to forgive all outstanding balances in order to complete the exit," Maria Martinez, vice president of communications for Chase Card Services, said in a statement.

Chase declined to say how much debt was forgiven or how many customers were affected. It wasn't immediately clear when the decision was made, but CBC spoke with some Canadians who said they received a letter from Chase this week.

"I was sort of over the moon all last night, with a smile on my face," Douglas Turner of Coe Hill, Ontario, told the Canadian broadcaster. Turner said he still owed more than $4,500 on his card. "I couldn't believe it."

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The bank had offered two rewards cards – with Amazon and Marriott – in Canada, CBC reported.

"It's crazy," Turner added. "This stuff doesn't happen with credit cards. Credit cards are horror stories." The 55-year-old trucker also told CBC that his most recent payment on the account would also be reimbursed. 

While the company could have sold the debt to a third party, Martinez said, "Ultimately, we felt it was a better decision for all parties, particularly our customer, to forgive the debt."

Paul Adamson, of Dundalk, Ontario, told CBC he called his bank when he saw the account was closed last week because he didn't want to miss a payment.

"I'm honestly still so ... flabbergasted about it," he said. "It's surprise fees, extra complications – things like that, definitely, but not loan forgiveness."

Christine Langlois, of Montreal, told CBC she stopped making payments on her card five years ago.

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

https://www.usatoday.com/story/money/2019/08/09/chase-bank-canada-forgives-all-credit-card-debt-customers/1964419001/

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