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Author Topic: Chase wipes out debt for Canadian Credit cards  (Read 3766 times)

Offline JuryDuty

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Chase wipes out debt for Canadian Credit cards
« on: August 08, 2019, 04:07:39 PM »
https://www.cbc.ca/news/business/chase-bank-amazon-visa-marriott-credit-card-debt-1.5239411?fbclid=IwAR0yB__u5Cj9h5qCWVkDHyR-r7qACQPOsmXpzuFEJVapiESJtoOBpyOxjNY

For the Amazon.ca Rewards Visa and the Marriott Rewards Premier Visa, any outstanding debt is immediately erased.
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Offline shaulyaakov

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #1 on: August 08, 2019, 04:16:39 PM »
Quote from: JuryDuty on August 08, 2019, 04:07:39 PM
https://www.cbc.ca/news/business/chase-bank-amazon-visa-marriott-credit-card-debt-1.5239411?fbclid=IwAR0yB__u5Cj9h5qCWVkDHyR-r7qACQPOsmXpzuFEJVapiESJtoOBpyOxjNY

For the Amazon.ca Rewards Visa and the Marriott Rewards Premier Visa, any outstanding debt is immediately erased.
This is crazy. You'd think they would have sold it to a collections investor for a few cents on the dollar rather than just forgive it.
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Offline tzifanya54

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #2 on: August 08, 2019, 04:18:23 PM »
Quote from: shaulyaakov on August 08, 2019, 04:16:39 PM
This is crazy. You'd think they would have sold it to a collections investor for a few cents on the dollar rather than just forgive it.
+1
Makes no sense.
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Offline elikatz

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #3 on: August 08, 2019, 04:19:17 PM »
Cbc is a reliable website in Canada, might be #fakenews
Not sure why I don't have one of these CC's
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Offline SearchGuy

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #4 on: August 08, 2019, 04:24:32 PM »
They write that Chase wanted to pull out of Canada, it probably costs Chase millions to keep their operations there, while there is likely not many customers left they decided wipe some millions off and call it a day
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Offline sguitarist18

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #5 on: August 08, 2019, 04:24:40 PM »
And the most recent payments being reimbursed?
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Offline CountValentine

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #6 on: August 08, 2019, 04:26:04 PM »
Quote from: sguitarist18 on August 08, 2019, 04:24:40 PM
And the most recent payments being reimbursed?
Yes and this is another reason to love Chase!
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Offline elikatz

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #7 on: August 08, 2019, 04:26:20 PM »
Quote from: sguitarist18 on August 08, 2019, 04:24:40 PM
And the most recent payments being reimbursed?
thats asking for too much already :)
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Offline shaulyaakov

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #8 on: August 08, 2019, 04:27:25 PM »
Quote from: SearchGuy on August 08, 2019, 04:24:32 PM
They write that Chase wanted to pull out of Canada, it probably costs Chase millions to keep their operations there, while there is likely not many customers left they decided wipe some millions off and call it a day
In the US, the bank could simply sell the debt at a discount and someone else could then collect it. Maybe Canadian laws are worse for this.
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Offline sguitarist18

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #9 on: August 08, 2019, 04:27:45 PM »
Quote from: elikatz on August 08, 2019, 04:26:20 PM
thats asking for too much already :)

No, I'm saying according to the article, that's what happened.
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Offline Alexsei

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #10 on: August 08, 2019, 04:28:53 PM »
what about credit ;)
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Offline elikatz

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #11 on: August 08, 2019, 04:29:16 PM »
Quote from: sguitarist18 on August 08, 2019, 04:27:45 PM
No, I'm saying according to the article, that's what happened.
wow!
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Offline CountValentine

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #12 on: August 08, 2019, 04:29:42 PM »
Quote from: sguitarist18 on August 08, 2019, 04:27:45 PM
No, I'm saying according to the article, that's what happened.
Maybe change "?" to "!"?
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Offline normathej

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #13 on: August 08, 2019, 05:20:44 PM »
This is insane!
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Offline JuryDuty

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #14 on: August 08, 2019, 05:23:46 PM »
Woohoo! HT number 2 :)
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Offline elikatz

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #15 on: August 08, 2019, 05:26:42 PM »
Quote from: JuryDuty on August 08, 2019, 05:23:46 PM
Woohoo! HT number 2 :)
Still says 1, you might have to post in the hat tip form
Thanks for the post
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Offline CountValentine

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #16 on: August 08, 2019, 05:37:47 PM »
Quote from: JuryDuty on August 08, 2019, 05:23:46 PM
Woohoo! HT number 2 :)
You are on a roll get out the butter!
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Offline SearchGuy

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #17 on: August 08, 2019, 05:46:24 PM »
My question is did they still allow new purchases since they closed a year ago? If so then Prime Day on this Amazon card could've meant a ton of free stuff!!!
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Offline mb1

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #18 on: August 08, 2019, 05:48:12 PM »
Is there tax liability on loan forgiveness in Canada?
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Offline chayal101

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Re: Chase wipes out debt for Canadian Credit cards
« Reply #19 on: August 08, 2019, 05:51:47 PM »
How much $ wiped out in total??
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