Chase forgives all credit card debt for Canadian customers

[TU Curmudgeon]

From United Press International

Chase forgives all credit card debt for Canadian customers
​

Aug. 9 (UPI) -- Chase Bank announced it is forgiving all credit card debt held by Canadian customers more than one year after the company decided to close all credit card accounts there.

The company confirmed the decision to USA Today and CBC on Thursday.

Chase closed the credit cards, which were co-branded with Marriott and Amazon, in March 2018, but continued collecting on balances due.

"Chase made the decision to exit the Canadian credit card market," Chase spokeswoman Maria Martinez said in a statement. "A further business decision was made earlier this year to forgive all outstanding balances in order to complete the exit."

COMMENT:-

Thousands of Canadians extend their thanks to Messrs Chase and Manhattan and to the millions of Americans who will end up paying for this "write down" of debt.
​

 

[Daisy]

Maybe they'll do the same for Americans...maybe I should be doin' some treansfers...:2razz:

 

[Fledermaus]

From United Press International

Chase forgives all credit card debt for Canadian customers
​

Aug. 9 (UPI) -- Chase Bank announced it is forgiving all credit card debt held by Canadian customers more than one year after the company decided to close all credit card accounts there.

The company confirmed the decision to USA Today and CBC on Thursday.

Chase closed the credit cards, which were co-branded with Marriott and Amazon, in March 2018, but continued collecting on balances due.

"Chase made the decision to exit the Canadian credit card market," Chase spokeswoman Maria Martinez said in a statement. "A further business decision was made earlier this year to forgive all outstanding balances in order to complete the exit."

COMMENT:-

Thousands of Canadians extend their thanks to Messrs Chase and Manhattan and to the millions of Americans who will end up paying for this "write down" of debt.
​

So cool....

 

[PirateMk1]

Maybe they'll do the same for Americans...maybe I should be doin' some treansfers...:2razz:

As Vinny would say "forgedaboutit."

 

[PoS]

What kind of voodoo did the Canucks do to deserve such a thing (even though they dont deserve it)?

 

[ocean515]

From United Press International

Chase forgives all credit card debt for Canadian customers
​

Aug. 9 (UPI) -- Chase Bank announced it is forgiving all credit card debt held by Canadian customers more than one year after the company decided to close all credit card accounts there.

The company confirmed the decision to USA Today and CBC on Thursday.

Chase closed the credit cards, which were co-branded with Marriott and Amazon, in March 2018, but continued collecting on balances due.

"Chase made the decision to exit the Canadian credit card market," Chase spokeswoman Maria Martinez said in a statement. "A further business decision was made earlier this year to forgive all outstanding balances in order to complete the exit."

COMMENT:-

Thousands of Canadians extend their thanks to Messrs Chase and Manhattan and to the millions of Americans who will end up paying for this "write down" of debt.
​

Will Canada collect taxes on this windfall, as the IRS in the US would?

 

[PirateMk1]

What kind of voodoo did the Canucks do to deserve such a thing (even though they dont deserve it)?

There must be a lot of dead chickens and goats. Best get the animal rights people in on this stat.

 

[PirateMk1]

Will Canada collect taxes on this windfall, as the IRS in the US would?

Uhhhh yes. Just a guess as I am not Canadian.

 

[TU Curmudgeon]

What kind of voodoo did the Canucks do to deserve such a thing (even though they dont deserve it)?

We asked politely (and also pointed out that Canadian debt collection laws were one hell of a lot different from American debt collection laws [including the potential imposition of huge fines and jail time {for repeated offences}] if debt collectors indulged in some of the more common American debt collection tactics).

PS - Sometimes you can have real fun defending a "debt collection" action. I did one for a client on another matter and the records showed:

1. that the lender's bank's records did not correspond with the lender's records of payments received;
2. that the lender's records of payments received did not correspond with the borrower's records of payments made; and
3. that the borrower's records of payments made did not correspond with the borrower's bank's records.

As a result, the lender could not establish exactly how much was due to them from the borrower and so the judge tossed the whole case out.

On behalf of my client I was then able to negotiate a "satisfactory settlement" with the lender (the lender ended up giving my client money to give up my client'sr claim to the property in question and surrender it to the lender in return for a full discharge on the outstanding balance [if any] of the purportedly owed amount [which I considered to be a "satisfactory settlement" {as did my client <since the amount that the lender paid was higher than my fee and my client didn't actually want the property in question>}]).

Sometimes you have REALLY good days.

 

[TU Curmudgeon]

Will Canada collect taxes on this windfall, as the IRS in the US would?

Not a chance. The cancellation of a debt is NOT considered "income" for the purposes of Canadian income tax laws (and neither are lottery winnings [which means that, if I win US$500,000,000 in the "Powerball" then I can collect the "present value" of that prize without paying a dime in US income tax as long as I am NOT an American citizen. (Admittedly I have to jump through some hoops to establish that I am NOT subject to income taxes in the US, but once that is done then the US government has to refund the taxes which were withheld [and I have a good claim on the lottery organization to get the money from them as well {but not in addition to}]).

PS - When my ex returned to the US she was able to avoid having to pay any US income tax for five years based on the difference between what she had paid to the Canadian government in income taxes and the amount that she would have had to pay to the US government had her income been taxed under US law (the difference was mainly due to the difference in deductions allowed and not to "marginal tax rates").

 

[ocean515]

Not a chance. The cancellation of a debt is NOT considered "income" for the purposes of Canadian income tax laws (and neither are lottery winnings [which means that, if I win US$500,000,000 in the "Powerball" then I can collect the "present value" of that prize without paying a dime in US income tax as long as I am NOT an American citizen. (Admittedly I have to jump through some hoops to establish that I am NOT subject to income taxes in the US, but once that is done then the US government has to refund the taxes which were withheld [and I have a good claim on the lottery organization to get the money from them as well {but not in addition to}]).

PS - When my ex returned to the US she was able to avoid having to pay any US income tax for five years based on the difference between what she had paid to the Canadian government in income taxes and the amount that she would have had to pay to the US government had her income been taxed under US law (the difference was mainly due to the difference in deductions allowed and not to "marginal tax rates").

Interesting. Free money is not considered income in Canada. Didn't know that.

 

[TU Curmudgeon]

There must be a lot of dead chickens and goats. Best get the animal rights people in on this stat.

Using chickens in Voodoo ceremonials is contrary to Canadian law. We have to substitute Canada Geese (Snowy Owls and Bald Eagles are acceptable in a pinch).

 

[PirateMk1]

Using chickens in Voodoo ceremonials is contrary to Canadian law. We have to substitute Canada Geese (Snowy Owls and Bald Eagles are acceptable in a pinch).

Dude why do you have make me snort coffee? :lamo

 

[Slavister]

Thousands of Canadians extend their thanks to Messrs Chase and Manhattan and to the millions of Americans who will end up paying for this "write down" of debt.

How do you figure that Americans will pay for it, and not Chase, the global company?

 

[Lutherf]

Will Canada collect taxes on this windfall, as the IRS in the US would?

Probably.

Still, would I rather pay 20% tax on what I owed or 100% of what I owed? I'll take the 20% any day.

 

[polgara]

So cool....

Greetings, Fledermaus. :2wave:

:agree: I wonder what kind of deal Chase could be "persuaded" to offer all the Americans who have accounts with them? I don't plan on holding my breath - in case you're wondering.... :lamo

 

[Fledermaus]

Greetings, Fledermaus. :2wave:

:agree: I wonder what kind of deal Chase could be "persuaded" to offer all the Americans who have accounts with them? I don't plan on holding my breath - in case you're wondering.... :lamo

I believe this Canadian event had to do with a bit of face saving on Chase 's part. They abandoned the Canadian market yet kept charging Canadians. I am sure more than a few people started raising a ruckus about that.

It is a nice gesture but I don't believe it was 100% altruism.

The US market will never see such an event as outstanding balances are Chases bread and butter. Forgiving all US debt will likely shutter the CC division.

 

[Grand Mal]

From United Press International

Chase forgives all credit card debt for Canadian customers
​

Aug. 9 (UPI) -- Chase Bank announced it is forgiving all credit card debt held by Canadian customers more than one year after the company decided to close all credit card accounts there.

The company confirmed the decision to USA Today and CBC on Thursday.

Chase closed the credit cards, which were co-branded with Marriott and Amazon, in March 2018, but continued collecting on balances due.

"Chase made the decision to exit the Canadian credit card market," Chase spokeswoman Maria Martinez said in a statement. "A further business decision was made earlier this year to forgive all outstanding balances in order to complete the exit."

COMMENT:-

Thousands of Canadians extend their thanks to Messrs Chase and Manhattan and to the millions of Americans who will end up paying for this "write down" of debt.
​

Thousands of others who paid their cards off every month will be marching to New York with torches and pitchforks.

 

[PoS]

We asked politely (and also pointed out that Canadian debt collection laws were one hell of a lot different from American debt collection laws [including the potential imposition of huge fines and jail time {for repeated offences}] if debt collectors indulged in some of the more common American debt collection tactics).

PS - Sometimes you can have real fun defending a "debt collection" action. I did one for a client on another matter and the records showed:

1. that the lender's bank's records did not correspond with the lender's records of payments received;
2. that the lender's records of payments received did not correspond with the borrower's records of payments made; and
3. that the borrower's records of payments made did not correspond with the borrower's bank's records.

As a result, the lender could not establish exactly how much was due to them from the borrower and so the judge tossed the whole case out.

On behalf of my client I was then able to negotiate a "satisfactory settlement" with the lender (the lender ended up giving my client money to give up my client'sr claim to the property in question and surrender it to the lender in return for a full discharge on the outstanding balance [if any] of the purportedly owed amount [which I considered to be a "satisfactory settlement" {as did my client <since the amount that the lender paid was higher than my fee and my client didn't actually want the property in question>}]).

Sometimes you have REALLY good days.

That is just bizarre. I worked in a finance company, and I always made sure all accounts that were due for collection had their paperwork in order- from contracts, AP, and all so whenever we took someone to court it was always a slam dunk.

 

[TU Curmudgeon]

Dude why do you have make me snort coffee? :lamo

Thank you. No extra charge for the nasal rinse.

 

[TU Curmudgeon]

How do you figure that Americans will pay for it, and not Chase, the global company?

Because I have some knowledge of how corporations pay for anything - they up their charges for their remaining customers to offset the cost.

 

[TU Curmudgeon]

That is just bizarre. I worked in a finance company, and I always made sure all accounts that were due for collection had their paperwork in order- from contracts, AP, and all so whenever we took someone to court it was always a slam dunk.

I know, but having bank records not actually correspond to reality is NOT something that happens infrequently.

There was a spate of cases (regarding mortgages) here in which it turned out that the banks were reaping a tidy windfall by posting payments late (even a single day late ended up netting a nice sum in extra interest on the outstanding balance if it happens frequently enough over a long enough period of time).

But, as I said, sometimes you have REALLY good days (like the time the insurance company's "expert" proved to have no actual knowledge of the value of the item he was testifying about and their lawyers had totally ignored the "Evidence Act" notice they had been sent or the time that the opposing lawyer appeared in court without instructions to present their client's case [which they were never going to get because their client was dead and they didn't know it {but I did}]).