Thanks for the well wishes! The Private Client Mortgage Rate Program offers may not be combined with any other mortgage fee discounted offers such as the employee discount, etc. Ask for a balance liquidation program Since our highest balances were on our Chase business cards, I began there. They said I need to make the current payment of $1061 before the paperwork could be generated for the 60 month payment. I had 3 Chase accounts. I'm curious if there is a certain way to request for the repayment method Chase offered me when talking to these other creditors? Press question mark to learn the rest of the keyboard shortcuts. Sorry, I'm not familiar with the BLP program, but if they demand you to spread your payments over 60 months, that's way too long (and that's how Chase makes money from you). BofA on the other hand did nothing to help, and cancelled the outstanding credit line, thus slamming my credit score. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. My primary goal was to get lower payments so that I could afford them, and make progress in repayment, but I was happy that they brought that down as well. That may be a great idea for a short term financial setback, but with the late fees stacking on top of the minimum amount due, it's not enough to ever make any headway towards paying off the debt. It would just appear as a closed account. The Chase Sapphire Reserve card is the latest premium card offering from Chase. The Chase Balance Liquidation Program (BLP) seems like the latest offer but I hear they are testing a different version of the program that allows you to repay 60% of the balance over 60 months. I am also in the “Balance Liquidation program” from Chase. Both places assured me that there were no other repayment options available to me. They have me at 0% for 5 years but the payment is pretty high and I have been struggling to make it but always have. The other option was to make reduced payments for 90-180 days at a lower interest rate, and then the payments would go back up (but I would still be reported as delinquent until the end of the 90-180 day period. Compare Chase checking accounts and select the one that best fits your needs. I recently changed jobs, which turned out to be a mistake, financially. It was nice to have a large burden off my chest. Whether you choose to work with a financial advisor and develop a financial strategy or invest online, J.P. Morgan offers insights, expertise and tools to help you reach your goals.Check here for latest You Invest℠ offers, promotions, and coupons. Do you carry a Chase credit card in your wallet? I got a letter in the mail from Chase about their BLP program, which I suppose is their way of getting customer to avoid having to go through 3rd party debt recovery programs. I can't believe they won't take my money. So I have been in the Chase balance liquidation program for about a year and a half the original debt started at $18 or $19,000 and it is now down around $10,000. Get a Chase Liquid Prepaid Card at your local Chase branch today and with just a $25 initial minimum load, you'll be able to access over 16,000 Chase ATMs nationwide at no additional fees. They called this a "Balance Liquidation Program". BLP on the first credit card I set up on the program. I'm currently searching for a new job that will pay what I need to be making to live comfortably, but I am having trouble in the meantime making my payments on credit cards. You go through a credit counseling agency and pay them one payment. They send to the creditors. This is what I did. INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL … Credit card issuers, including Chase and Citi, are offering support through flexible bill payments and waived late fees and interest in response to the coronavirus pandemic. Pay off as quickly as you can and then build up your emergency fund again (well done for having an emergency fund before!). The plans require debtors to surrender and void their credit card account. Member FDIC. The creditors will close your account when it's on a DMP. Do any redditors have experience with this program or have advice? Looks like you're using new Reddit on an old browser. Press question mark to learn the rest of the keyboard shortcuts. JPMorgan Chase reserves the right to change account type eligibility at any time. I don't have the full list, if anyone does please give it.) :p, New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. This closed my account and gave me a fixed monthly payment. They called this a "Balance Liquidation Program". Chase's website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. Thanks for the insight! The large one went to zero percent. Continue with credit card hardship programs from Chase. I want to pay them what I owe, but I'm just not in a position to pay enough to make progress yet. Chase denied me for Balance Liquidation Progam - the person who was helping thought I had a good chance, then his Supervisor said no. I can not get over how great Chase has treated me and how they have helped get me back on track. Chase Private Client (CPC) offers products and services including banking perks, lower or no fees, mortgage benefits, and investment strategies and insights.. I chose the former due to my current situation. The two small ones went to 10 percent. Citi : Citibank offers a credit card hardship program as well. Join our community, read the PF Wiki, and get on top of your finances! Important information about the program and this agreement • This document describes how the Ultimate Rewards program works and is an agreement between you and Chase. This was well worth it to me as they saved me so much interest (but I had a lot of debt) it's free to call and talk to them a get a plan. You will need to contact the bank directly and ask if they could accept you in this Chase's liquidation program and offer an affordable payment plan. But it took a while to get funds coming back in, and in the meantime bills fell behind. Please review its terms, privacy and security policies to see how they apply to you. this is working of the original balance of (roughly) $17, 500, and 3 to 4 thousand of that were fees ( late,over-limit etc). I’ll look into the two companies you mentioned. You can read that here. You’d end up paying a total of $517.23 total by the end of the plan. I have 2 cards with them and am willing to pay $350.00 on a program and they would rather deny me. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. It's Max 50 a month, but with just a few degrees should be cheaper for you. The JP Morgan Chase credit card emergency hardship program may also rarely reduce the balance due on the account. I wasn't late when I went on DMP but the agency can explain to you. Chase then came back about 2 days later and offered a settlement of 25% on a balance of $20,000. A downside is you will have to pay a fee to be in the DMP. Hot Tip: Each Chase card that earns Ultimate Rewards comes with a sign-up bonus that will really boost your points balance. Chase Private Client is designed for individuals who maintain a minimum daily balance of at least $250,000 in a combination of linked checking, savings, or investment accounts at Chase … Thanks, I had considered a credit counseling type place that could consolidate the debt, but I hear a lot of horror stories, so they make me nervous. First, here’s an overview of what you’ll get when joining the program (including the current bonus), as well as where it’s available: