Lewis & Monroe, PLLC
Free One-Hour In-Office ConsultationsFree One-Hour In-Office Consultations

Chase axes Payment Protector plan

Florida residents who are members of Chase's credit card insurance plan, Payment Protector, may be unhappy to hear that the program is slated to end as of May 2014. Those who enrolled in the program were given up to two years of suspended payments if they lost their job or became disabled. Additionally, if someone passed away with a balance on their credit card, up to $25,000 of it would not be passed on to their estate. Chase charged a fee to participate in the program, which was usually one percent of a card holder's credit card debt.

Since the program is closing in the near future, many cardholders who paid fees for years to protect themselves or their family from credit card debt have done so for no reason. Some people paid thousands of dollars over the course of several years because they were members of the program, and none of the money will be refunded. This is galling in particular for individuals who wanted to ensure that their assets were distributed without having to pay off any money owed on a Chase credit card.

While Chase's actions are considered by many to be unethical, they are legal. As part of the terms of the agreement for the Payment Protector program, Chase clearly specified that the terms and conditions of the program could change at their discretion.

Along with the normal struggles associated with getting out of debt, unscrupulous creditors can make things even more difficult. If someone is unable to pay back their debt, filing for bankruptcy may help them set their finances straight. A lawyer could assist someone in understanding the process and file the proper paperwork on time.

Source: LA Times, "Debt after death: Chase pulls plug on credit card insurance plan", David Lazarus, October 07, 2013

No Comments

Leave a comment
Comment Information
ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
Email Us For a Response

Contact The Firm In Orlando, Florida

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Lewis & Monroe, PLLC

651 Rugby Street
Orlando, FL 32804

Phone: 407-917-4147
Fax: 407-246-0008
Map & Directions