Consumer complaint received 2019-09-17
Company: JPMORGAN CHASE & CO.
State: WI
Product: Debt collection
Sub-product: Credit card debt
Issue: Took or threatened to take negative or legal action
Sub-issue: Threatened or suggested your credit would be damaged

Complaint:
Before I was laid-off I paid more than the minimum monthly balance rarely ( if ever late ). While being unemployed I made sure to make my monthly minimum balance even when I had health complications. When safety-net dried up, coupled with health issues and trying to find work, I couldn't make monthly payments. As much as I wanted to, I literally couldn't. Then 171 days go by and my Chase Freedom credit card is 9 days from being charged-off.

After receiving help from my family to settle the remaining balance, I called JPMorgan Chase. They reviewed the amount I could afford to settle with them it was denied after reviewing my " spending ''. They gave me two options : 1. Join their credit card hardship program with reduced monthly interest rates and payments, or 2. the account would charge-off I asked what amount would they be willing to settle with me and the JPMorgan Chase representative told me that they would not settle and echoed the only two options.

I asked for their supervisor, which echoed my only two options join their hardship program with on-going interest rates and monthly minimum payments, which being unemployed was not an assurance I would like to have, or the account will charge-off.

Being completed frustrated at this point that they won't try to settle with me, I told the supervisor that I don't like any of the options and he said : " then the account will be charged-off and your credit will be harmed the next 7 years and Chase will never do business with you. '' Being completed frustrated, I chose option 3. to thank them for their " effort '' and ended the call.

After I called other financial institutions and explained my circumstances they ALL were more than willing to work with me on settling. Chase was the only FI that would not work with me Call # 2 I calculated a fair settlement number that would pay back the total amount LESS 9 months of accumulated fees and interest, which came to roughly 80 % of the total balance. They denied the settlement and again forced me with two options. After my 1.5 hour call talking to various departments trying to reduce the fees and interest so I could pay-off the balance, JPMorgan Chase would rather see me suffer the consequences of a charge-off, or make more money off of me by forcing me to join their payment program because of a {$600.00} difference ( consisting of fees and 9 months of interest ) than to SAVE a potential life-long customer!

While I appreciate the customer support representatives and settlement representatives, they literally did the most they could to help reduce some of the fees and interest, they were very limited. I'm sure these are intentional policies that are designed by JPMorgan Chase to squeeze as much from customers as possible.

JPMorgan Chase, you may have to report to shareholders but without keeping customers ( and  keeping them happy ), your shareholders will leave you. I guarantee if you work with customers you'll save a XXXX of a lot more than {$600.00} especially when your customer isn't even 30 years old. The  fact that the U.S Government bailed you out 10 years ago with over {$13.00} billion because of irresponsible greed and you won't work with a customer for {$600.00} says a lot about your corporation.

Company response to consumer: Closed with explanation