Chase Does Not Work with Debt Settlement Companies |
By Kenneth Long on August 16, 2010
.jpg.aspx?width=75&height=75) It is no secret that credit card companies generally do not work with debt settlement companies, despite the claims of members of that rogue industry. While Chase may consider a settlement directly with you if it is the only option, they will not accept any offer with debt settlement organizations.
Chase made a business decision in November 2009 to cease contact with debt settlement companies. These companies steal the last remaining dollars of desperate clients who may have otherwise been able to pay some of their debt directly to Chase or any other creditor.
If you are in debt, it is never advisable to contract with a debt settlement company due to their incredibly high fee structure and their pathetically low success rates. Now you know that you are especially wasting your time and your money by joining a debt settlement plan in hopes of negotiating an offer with Chase.
Chase does however provide exceptional benefits for clients who get help with their payments through a debt management program. Such programs are offered by organizations that provide direct counseling, budgeting assistance and financial education to the public. Dramatically lower interest rates and lower payments are common benefits enjoyed by Chase clients who qualify for assistance through credit counseling.
Chase has really done consumers a favor by ending all contact with debt settlement companies. Even clients who are duped into a debt settlement plan can quickly find out that Chase will not work with that firm. This allows clients to drop out prior to paying hundreds of dollars over the next few months in fees to debt settlement companies. Instead, they can work with Chase directly to resolve the situation. If they owe several creditors, then they can go through a credit counseling organization to receive benefits.
Again, if you owe substantial debt to Chase and you are deciding between debt settlement and debt management, understand that Chase will not accept offers from a debt settlement company. You should understand that contacting Chase directly may be your best option. Also know that owing multiple creditors in addition to Chase may necessitate that you contact a credit counseling organization to see what options you might have to resolve your financial situation.
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