Deferred interest question

[SandEagle]

can i call my credit card company and fight a deferred interest charge? got nailed with $400 today. forgot it was a one year, no interest promotion. FML

 

[Rage187]

You fight things you don't deserve and aren't your fault. This was all you.

 

[KeithTalent]

Suck it up sucky.

KT

 

[lxskllr]

That's why I don't like those kind of things. I'm pretty lackadaisical about keeping up with bills, and all it takes is 1 late payment, and you get raped. I'd rather pay cash, or deal with regular credit. You can request they help you out, but I wouldn't expect much. It is your fault after all.

 

[SandEagle]

well no shit, captain obviouses. i know its my fault. why pour salt on the wound? the damage has been done, move forward

i made the purchase back in May, I thought it was a 1 year promotion, but it was actually a 'no payment until 2012' deal. ffffff


good news is i called the card and they said they can waive the $400 interest if I can get the remainder of the balance by end of month. bad news is that i have to come up with almost $2,000.

do i pay or let it go to collections? decisions. decisions.

 

[lxskllr]

Pay the $400 in interest, and pay what you can. For $400, you learned a valuable lesson in two semesters that some who graduated college didn't learn ;^)

 

[kami333]

Can you come up with $2000 in 2 weeks?

If not you could always balance transfer to another card, I've been getting a lot of 0% for a year offers lately after they dried up for a while. Probably cost you $60 for the BT fee (plus interest) but it's better than $400.

 

[SandEagle]

Can you come up with $2000 in 2 weeks?

If not you could always balance transfer to another card, I've been getting a lot of 0% for a year offers lately after they dried up for a while. Probably cost you $60 for the BT fee (plus interest) but it's better than $400.

i may just do this. it's a 3% charge, so i'll have to pay $60 in fees. i guess that's better than the alternative this is the last time i sign up for a credi....never mind.

 

[EagleKeeper]

Another expensive lesson for one who is unable to handle their finances. Let it go to coections and see where you are for the next five years AGAIN!

Anything going to collections or 3 month overdue will also alert existing creditors and they can/jack your rate up faster than you can complain

 

[SandEagle]

Another expensive lesson for one who is unable to handle their finances. Let it go to coections and see where you are for the next five years AGAIN!

Anything going to collections or 3 month overdue will also alert existing creditors and they can/jack your rate up faster than you can complain

i don't think this is legal.

 

[alkemyst]

if you never made any payments, then suck it up.

if say you had it all paid off but $40 with regular payments and would have had it paid off 'next' month, then many creditors will give a break...depends on what kind of customer you are.

I got stuck with a $400 in interest over $10 being left over on what I thought was my payoff amount. They waived it.

 

[kami333]

i don't think this is legal.

It's not, the CARD Act of 2009 outlawed it. Credit card companies are still free to close your accounts if they start seeing defaults on your credit report, they just can't raise interest rates.

(I'm pissed about not having anymore 0% for life offers but getting rid of universal default was a good thing)

 

[boomhower]

I'm surprised they worked with you. That's one of the biggest ways they make money, hoping people don't pay it off on time. BB and Dell are famous for it.

 

[CPA]

play with snakes and your liable to get bitten.

 

[gorcorps]

I was wondering when the OP was going to troll us regarding credit stuff again.

 

[EagleKeeper]

It's not, the CARD Act of 2009 outlawed it. Credit card companies are still free to close your accounts if they start seeing defaults on your credit report, they just can't raise interest rates.

(I'm pissed about not having anymore 0% for life offers but getting rid of universal default was a good thing)

They can close the account or change terms with a notice of at least one billing cycle.

They can not change without notification.

 

[kami333]

They can close the account or change terms with a notice of at least one billing cycle.

They can not change without notification.

Right. But you also retain the right to decline the new terms, close the account, and pay off the balance at the existing interest rate so it won't affect the cost of any current debt held by existing creditors, just the cost of any future debt.