Bohemia, NY (PRWEB) October 09, 2013
Rapid Recovery Solution, Inc. is shocked by Chase Bank’s decision to abruptly terminate its credit card insurance plan.
According to an October 7 article from Los Angeles Times titled “Debt After Death: Chase Pulls Plug On Credit Card Insurance plan,” thousands of cardholders are being stripped of their Payment Protector benefits after years additional payments. By signing up initially, Chase customers paid 1% fees of card balances in exchange for deferred payments for up to two years in the event of illness, sudden disability or job loss. Furthermore, the estates of departed cardholders were protected from up to $25,000 of outstanding debt. As of May 2014, all these benefits will cease to exist.
The article highlights one cardholder particularly affected by these developments. Dorothy Cross, 95, has been enrolled in the Payment Protector plan for over ten years, accumulating $38,000 in debt spread across three cards. Her assumption was that the obligations would not be left to her loved ones at the time of her passing. What she missed, however, was the fine print granting Chase the right to cancel the plan and its benefits at any time, regardless of past payments.
John Monderine, CEO of Rapid Recovery Solution, offers his opinion. “Consumer and collection agencies frequently warn cardholders about debt insurance plans. The terms of these policies often change and customers rarely benefit from the perks.”Monderine continues. “Above all else, this story exposes the truth that debt is mostly inescapable. We at Rapid implore all consumers to therefore use credit responsibly.”
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.