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(LA Times)   And just when you thought it was safe to go back loving the banks: Chase cancels payment protection plan of woman, leaving her $38,000 in debt. Get out the Guillotines Fark: After she paid $16,000 that they don't plan to refund   ( divider line
    More: Sick, Chase Bank, trading cards, outstanding balance, obligations, JPMorgan Chase & Co., payments, credit cards  
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3646 clicks; posted to Business » on 13 Oct 2013 at 1:35 PM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

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2013-10-13 03:11:56 PM  
1 vote:
Generally speaking, if something sounds too good to be true, it probably is.  And if you are going to try and take advantage of such a situation, you really want to read the fine print.  She wasn't trying to protect against an UNFORESEEN bad thing happening....she wanted to not pay her 38k debt.  She did the math and said, 'Well, I'll die eventually, and I'll only pay them ~18k instead of 38k'.  She found a loop-hole that would reduce the amount she needed to pay.

I can't fault anyone for acting in their own best interest.  Kudos to her.  But when you see an opportunity to save TWENTY THOUSAND DOLLARS, it's worth the extra hour it takes to double check your plan.

She was buying insurance for a particular period of time.
And the agreement says the company doesn't have to keep renewing....and I'm sure customers have the same option of not renewing.

Had she experienced a qualifying event during the time she was covered - and THEN they didn't pay out, I'd be outraged too.  But that didn't happen.  They are cancelling a program (probably because other people have been pulling the same thing)

She paid a *monthly fee*.  From month to month.
And she was covered from month to month.
2013-10-13 03:11:52 PM  
1 vote:
Insurance carriers cancel policies all the time. This is no different. Did I get ripped off because I've been paying for car insurance and haven't ever used it?
2013-10-13 02:08:19 PM  
1 vote:

Sid_6.7: While this is technically correct, it's similar to a life insurance company cancelling your policy while you're on your death bed.

No it isn't.  The bank did not specifically target a 95 year old women (the writer did).  It would be similiar to the life insurance company shutting down essentially canceling everyone's insurance protection.   The article is poorly written and the writer is a douchebag for intentionally misleading the reader.
2013-10-13 01:44:16 PM  
1 vote:
I choose to hate banks rather than the people that can't control their spending or live within their means.
2013-10-13 12:51:37 PM  
1 vote:
Isn't this more like insurance? Seriously If it was a monthly fee that covered her for the month why would you expect it to cover her for life regardless? They stopped the program for everyone and not just her. So they didn't unfairly target her. Unless they sold to her as this as a program that will never end and you will be covered regardless of bank policies I'm really having trouble blaming the bank. And that is something that is rare (esp with chase). It might have been better of them to just stop offering the program to any new customers and then let the ones currently on it to continue. But they did at least give plenty of notice that they are discontinuing the program.
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