Patz Posted January 11, 2012 Report Share Posted January 11, 2012 Per article in AMERICAN BANKER:"JPMorgan Chase & Co. has quietly ceased filing lawsuits to collect consumer debts around the nation, dismissing in-house attorneys and virtually shutting down a collections machine that as recently as nine months ago was racking up hundreds of millions of dollars in monthly judgments.A sampling of court records in the major cities in five states shows that Chase collection suits have virtually disappeared. In a sixth state, Illinois, contract attorneys continue to file small-dollar cases, though at a reduced rate.It is unclear whether Chase has stopped pursuing collection on many claims nationwide, or if intends to pursue the debts in some other fashion. The bank has not explained its apparent moratorium and declined comment.Chase's halt does, however, follow scattered defeats in state courts and a whistle-blower's allegation that it falsely overstated the balances of thousands of delinquent accounts it sold to a third party. Former Chase employees and debt collection experts insist that the bank would not have abruptly retreated from its collections efforts in the absence of trouble........"Read the entire article here:JPM Chase Quietly Halts Suits Over Consumer Debts - American Banker Article Link to comment Share on other sites More sharing options...
legaleagle Posted January 11, 2012 Report Share Posted January 11, 2012 What a shame. I guess they got their butt handed to them too many times. Hey, everybody with an active account, transfer all your balances to Chase! It's our duty to help them out. Probably though, they will just sell this stuff off and wash their hands of it. JDBs beware, we are watching you. Link to comment Share on other sites More sharing options...
Linda7 Posted January 11, 2012 Report Share Posted January 11, 2012 Interesting indeed!I wonder what will happen with the JDBuyers that already have Chase accounts?Will any of this make it additionally harder for the JDB to prove their cases? One can only hope! Link to comment Share on other sites More sharing options...
legaleagle Posted January 11, 2012 Report Share Posted January 11, 2012 They can probably still legally try to collect. I doubt it changes anything there, Chase figured out it was a losing proposition to sue these people. Link to comment Share on other sites More sharing options...
Guest usctrojanalum Posted January 11, 2012 Report Share Posted January 11, 2012 Chase is going to go back to the drawing board and figure out a new cost effective way to sue people. Link to comment Share on other sites More sharing options...
KentWA Posted January 11, 2012 Report Share Posted January 11, 2012 OR.... They will spend a few months "Reviewing Procedures" and then turn the machine back on and proclaim they are different now and fixed everything, expecting to snow the courts with a white wash. Link to comment Share on other sites More sharing options...
1stStep Posted January 11, 2012 Report Share Posted January 11, 2012 That's my guess too...after the whistleblower lawsuit, Chase is probably and quietly reviewing its practices.Once they get them buttoned up, I'll bet they come back with a vengeance. Link to comment Share on other sites More sharing options...
mandydm318 Posted January 11, 2012 Report Share Posted January 11, 2012 they will settle with you with very little fuss. i settled a 13k home equity line of credit with them for 3k in december...less than 24% of the balance owed. and the account had only been charged off for 7 days. Link to comment Share on other sites More sharing options...
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