Comments on: What happened at Chase’s credit-card collections arm? http://blogs.reuters.com/felix-salmon/2012/01/11/what-happened-at-chases-credit-card-collections-arm/ A slice of lime in the soda Thu, 23 May 2013 15:36:00 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: atxgrl http://blogs.reuters.com/felix-salmon/2012/01/11/what-happened-at-chases-credit-card-collections-arm/comment-page-1/#comment-35319 atxgrl Wed, 25 Jan 2012 16:07:03 +0000 http://blogs.reuters.com/felix-salmon/?p=11818#comment-35319 The reason Chase lost on collections is because of it's failure to work with the American people that lost income and jobs because of mortgage schemes. To add to that they burdened the people with double and triple payments. Then, they refuse to take any less or provide any payoff assistance! I have heard so many people say that the only company that would not allow them to make a lesser payment until they found work was Chase. So they could not pay off their owed debt. So I have no sympathy with a company like that! The reason Chase lost on collections is because of it’s failure to work with the American people that lost income and jobs because of mortgage schemes. To add to that they burdened the people with double and triple payments. Then, they refuse to take any less or provide any payoff assistance! I have heard so many people say that the only company that would not allow them to make a lesser payment until they found work was Chase. So they could not pay off their owed debt. So I have no sympathy with a company like that!

]]> By: seancredit http://blogs.reuters.com/felix-salmon/2012/01/11/what-happened-at-chases-credit-card-collections-arm/comment-page-1/#comment-35007 seancredit Sat, 14 Jan 2012 16:38:57 +0000 http://blogs.reuters.com/felix-salmon/?p=11818#comment-35007 hopefully the banks learn to keep proper records and get things moving again. its a big mess hopefully the banks learn to keep proper records and get things moving again. its a big mess

]]> By: y2kurtus http://blogs.reuters.com/felix-salmon/2012/01/11/what-happened-at-chases-credit-card-collections-arm/comment-page-1/#comment-34926 y2kurtus Thu, 12 Jan 2012 03:29:22 +0000 http://blogs.reuters.com/felix-salmon/?p=11818#comment-34926 having worked my first bank job at MBNA in college I can say with expierience that credit card collections is a filthy dirty nasty business where the more you bend the truth the more money you get back from your ex-customers. Banks keep bad debts on the books generally as long as they are allowed to charge late penalties and max interest. After unsecured loans go non-accrual banks are looking to make one quick judgement on if the customer is willing and able to pay something back directly, if that looks unlikely they want to sell the bad debt to the highest bidder at dimes on the dollar and write off the difference. having worked my first bank job at MBNA in college I can say with expierience that credit card collections is a filthy dirty nasty business where the more you bend the truth the more money you get back from your ex-customers.

Banks keep bad debts on the books generally as long as they are allowed to charge late penalties and max interest. After unsecured loans go non-accrual banks are looking to make one quick judgement on if the customer is willing and able to pay something back directly, if that looks unlikely they want to sell the bad debt to the highest bidder at dimes on the dollar and write off the difference.

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