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1   Patrick   ignore (1)   2019 Aug 11, 2:29pm     ↓ dislike (0)   quote   flag        

"Chase made the decision to exit the Canadian credit card market," said Maria Martinez, vice president of communications for Chase Card Services. "As part of that exit, all credit card accounts were closed on or before March 2018. A further business decision has been made to forgive all outstanding balances in order to complete the exit."

The reactions from customers throughout Canada range from shock, disbelief to joy as people who owed thousands on their credit cards had all that debt wiped away in an instant.

"I was sort of over the moon all last night, with a smile on my face," Douglas Turner of Ontario, who owed more than $4,500 on his card, told the CBC. "I couldn't believe it."

Canadian Paul Adamson, 43, whose debt was also erased, told the CBC he originally thought he missed a payment after hearing his account was closed.

"I'm honestly still flabbergasted about it," he said. "It's [usually] surprise fees, extra complications, things like that, definitely, but not loan forgiveness."


Very un-bank-like of them. Banks do absolutely nothing out of generosity. Maybe they had to meet some legal timeline, or they calculated that collecting on that debt was not profitable enough to be worthwhile.
2   Shaman   ignore (2)   2019 Aug 11, 4:05pm     ↓ dislike (0)   quote   flag        

I suspect it had something to do with legal. Maybe a law change in Canada going into effect soon that would make them liable if they still did business there.

Of course the Lefties are pissed that they won’t do the same in the USA...
3   willywonka   ignore (4)   2019 Aug 11, 4:09pm     ↓ dislike (0)   quote   flag        

As we have been told that Mexican is a race, clearly Chase's unequal treatment of Americans is racism.
4   LastMan   ignore (1)   2019 Aug 11, 5:58pm     ↓ dislike (0)   quote   flag        

Patrick says
or they calculated that collecting on that debt was not profitable enough to be worthwhile.


That will be it. With business with responsible customers wrapped up well over a year ago, it's only the deadbeats they have left. Odds are the balances left aren't worth maintaining the cross border collection efforts. I wonder if debts can become zombie debts in Canada like they do in the US.
5   Fortwaynemobile   ignore (2)   2019 Aug 11, 6:07pm     ↓ dislike (0)   quote   flag        

US pay up suckers
6   Booger   ignore (4)   2019 Aug 11, 6:09pm     ↓ dislike (0)   quote   flag        

I would expect them to sell off the debt to some local debt collector.
7   WillPowers   ignore (0)   2019 Aug 13, 3:40pm     ↓ dislike (0)   quote   flag        

Joseph P. Farrell has a good high octane theory on why Chase is forgiving debt:
8   BlueSardine   ignore (3)   2019 Aug 13, 3:45pm     ↓ dislike (0)   quote   flag        

tell this fucker to condense the fuck into 30 seconds...
9   BlueSardine   ignore (3)   2019 Aug 13, 3:45pm     ↓ dislike (0)   quote   flag        

i gotta bail....can't stand the bloviating...
10   OccasionalCortex   ignore (4)   2019 Aug 13, 3:50pm     ↓ dislike (0)   quote   flag        

Patrick says
Maybe they had to meet some legal timeline, or they calculated that collecting on that debt was not profitable enough to be worthwhile.


Chase is dogged about going after delinquent debtors. I know, because 10 years ago I had to renegotiate my credit card debt and went through a lawyer to do so. He told me up front that Chase would not relent. And they didn't.

And as far as the collecting-was-a-hassle-theory, they could have sold that credit card debt for 20 cents on the Canadian dollar to some other banks and still walked away according to their deadline.

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