Chase Bank USA N.A. and their bank card subsidiary has settled in a case brought against them by 47 states, the District of Columbia, and the Consumer Financial Protection Bureau (CFPB). The coalition of attorneys general, including Kansas Attorney General Derek Schmidt and Missouri Attorney General Chris Koster, filed the suit claiming that Chase Bank was using harmful credit card debt collection practices all over the country.
“Chase’s debt collection practices have harmed Kansas consumers,” Schmidt announced. “In several instances, Chase commenced collections proceedings based on information that was just plain wrong.” Now one of the nation’s largest banking institutions will be forced to pay over $95 million dollars in restitution to the consumers they mistreated. That payment is in addition to $50 million they have to pay from a 2013 court order, $30 million they have to pay to the CFPB, and $11 million that they have to pay to the executive committee of states that investigated the bad business practices.
Will This Settlement Affect Me If I Have Credit Card Debt?
Out of the 528,000 consumers Chase will be paying back, around 2,400 live in Missouri and about 844 are estimated to be living in Kansas. Victims will be contacted directly by Chase with details on how to claim their part of the settlement.
Many people were forced to pay bills they did not owe or bills of the incorrect amount, which is why it is always a good idea to monitor your credit and keep good track of your credit card statements. However, sometimes life makes it impossible for us to keep up with these bills due to medical emergencies, unemployment and more. Chapter 7 and Chapter 13 bankruptcy law was created to protect you in those hard times, and a bankruptcy attorney can help stop those collection calls and get you back on track.
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The Sader Law Firm – Kansas City Bankruptcy Attorneys