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I would make sure that the bit is firmly installed in the chuck, you should hear clicking when the bit is tightening, this is the chuck locking itself on the but.
and when going in reverse make sure you dont have your hand or have the chuck pressed against an object.
If nether of these are the problem then there may be a problem with the chuck itself and should be replaced.
Set the drill to reverse. Hold the chuck, press the trigger and open the drills chuck to it wide open position. Now,, take the correct size allen wrench and insert it into the back of the chuck to remove the screw. Turn the screw clockwise to remove it. Notice I said clockwise, just the opposite of what you might think. Hold the chuck with your hand or a pair of large vise grips and press the trigger to unscrew the chuck from the drill. Rotate it counterclockwise to remove it from the drill. Reverse the procedure to install the new chuck.
you would hold chuck in a firm grasp as your hand around a pipe and hold tight,run drill in reverse and that should loosen the chuck and the bit. If its to tight for your hand get a pair of channel locks and hold chuck.
Like many drills these days, the P 204 has keyless chuck. In order to secure a bit, locate the forward/reverse switch (right above the trigger). Set it to the center of the three positions. This will lock the drill so that it cannot turn. Now turn the black portion at the front of the drill's nose (looking at the drill from the front, clockwise rotation will tighten the chuck and counterclockwise will loosen it) Adjust the chuck jaws so the bit you have chosen will fit without too much slop and then tighten the chuck until it holds the bit snugly and straight. Unlock the forward/reverse switch (push to the right to drill or insert screws) and you should be ready to go!
Do the same in reverse, if possible. Also, you could use two channel locks as most of those chucks have two rings, the narrow one towards the drill itself being attached to the motor. However, make sure the screw inside the chuck is tight first -- I've seen those back out and block chucks open.
does the chuck unscrew?? If so what you need to do is tighten the chuck again and look for the chuck retaining screw that locks it into place, you should be able to buy one at any local tool repair center. they are left hand thread. if the jaws are releasing then the chuck might have to be replaced. Let me know if I misunderstood the problem and I will try again.
if the chuck is rusted start with some WD-40 on the chuck body. Then what I would do is take a rag and wrap around the chuck collar and using a pair of channel locks grip the collar with enough pressure to hold but not break it and using the tool in the low position pull the trigger switch SLOWLY and see if that doesn't free up the chuck. Let me know if still stuck and I will come up with something else, but this usually works for me.