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Originally Posted by SaveUncleSam
David, this appears to be a coupon (the word "coupon" being in small print at the bottom), correct? Does this mean that is it available for discharge of debt using the bond taken out in the name of the one named?
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Yes. They are hoping to redeem the coupon. I may have to interview with the Chase cardholder. I never even saw the coupon he had - at least that I recall. He just told me about it and the letter that went with it was from somebody else. However it was poorly done so the fellow hired me to finish it out and I corrected some things that would have collapsed the process. Then we went over the details of interleaving the letter and coupon over the phone while I was driving so I just need to get back with him about how he authorized the actual coupon preparing it for redemption.
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This account had a large balance through a 0% balance transfer offer; it expires this July. Minimum payment each month is all that is required; balance must be paid in full by July.
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As I recall the first thing Chase did was send a notice that his account was being turned over directly and immediately to Collections. No standard intermediate process.
Then a while later he got a letter from Chase telling him that they were lending him the funds to cover the account balance to protect his credit rating. Of course after the initial reaction, it is suspicious that the attorneys at Chase really cared at all about his credit.
After about six more months the fellow faxed me the Statement sanitized here.
Regards,
David Merrill.