(Closed) Now I have more debt….INTEREST!

posted 5 years ago in Legal
Post # 3
Member
9888 posts
Buzzing Beekeeper
  • Wedding: September 2012

@jesssamesssa:  What was the service you purchased but never used?  Did you have a contract?  Read the terms, something to answer your questions should be in there.

And ((hugs!!!!))  It will be ok, sometimes these things happen but you’re doing the right things by trying to get out of debt.  So, don’t be too hard on yourself.

Post # 5
Member
6123 posts
Bee Keeper
  • Wedding: August 2012

@jesssamesssa: 

 

Could you pay the $770 right now?

 

I would contact the service provider to tell them you need your refund ASAP, get a better time estimate. Also ask if the refund is going to be applied to your CC or a check to you.  You really do need to know and they should tell you if you ask.  I’m going to guess it’s a refund to your CC. 

 

I would call the CC company too, explain how the service is in the process of being refunded (X days), you had no idea it would actually take that long, but you will pay off the balance in full right now (that means with your own money even though the refund is not in hand) if they remove those interest fees.  If they say no, ask to speak with their supervisor.  Be adamant.

 

This has worked for me.  I also threaten to leave them and close the account.

 

Say you pay the $770 off in full, they get the interest fees removed, now you are credited so your CC has a negative balance.  I’d just use that credits to buy groceries, etc.  I don’t think anyone is going to cut you a physical check.

 

 

 

In hindsight, it might have been best to pay the CC bill in full once you saw that your refund was not coming quick enough and your due date was approaching. 

 

Post # 7
Member
3697 posts
Sugar bee
  • Wedding: May 2012

First call the provider of the service that owes you money.  Ask for your money within 48 hours or you will dispute the charge.  That should get them moving.

Then call your CC company and explain the situation, that they promised you a refund but have been dragging feet.  Do dispute it after 48 hours and then you will not have to pay interest on it.  But first try the nice route of asking for a refund on the interest, etc.

All fails, just pay it off now, especially if they’ll give you a break on the interest.  It’ll suck, but if you get the money back you’ll have credit you can use.

Post # 8
Member
6123 posts
Bee Keeper
  • Wedding: August 2012

@jesssamesssa:  Can you borrow the difference from your FI?

Post # 9
Member
10589 posts
Sugar Beekeeper
  • Wedding: January 2011

If you couldn’t pay it off, why did you put it on a credit card that has such a high interest rate in the first place?

If you did it before the due date, you could have seen if your CC would have just cancelled the payment.  Depending on how long it has been, they still might be able to do so.  They might be nice and reduce the interest charged too, but they do not have to.

Post # 10
Member
9888 posts
Buzzing Beekeeper
  • Wedding: September 2012

@AB Bride:  I was wondering the same thing….

I’m confused – if a skin care line was purchased, even though she didn’t use it, and it was quite awhile ago and she doesn’t have the contract any more to read the terms, why would they even agree to refund the money?  They may not be obligated to, although they may, as you say, do it be “nice.” 

OP, the only thing you might be able to do to avoid racking up more interest charges is pay the balance in full right away and close the account.  Otherwise, they could  be within their rights to continue charging you.

I need more details, lol.  😉

Post # 11
Member
10366 posts
Sugar Beekeeper
  • Wedding: September 2010

If you knew you were in such a dire financial situation, i’m sort of wondering why you signed up for such an extravagance in the first place? And on such a high interest card? I mean, it’s wonderful that you are getting out of debt, but it seems like you have larger spending issues/money strategies that led you to be in that position to begin with that really need to be addressed.

Post # 12
Member
6123 posts
Bee Keeper
  • Wedding: August 2012

I’m sure in hindsight she wished she never got into this mess, or wished she never bought something that was beyond her means! 

 

I hope she can use some useful info on how to fix the issue from here on out.

 

I do think you’re going to have to:

1) pay the balance in full right now ($1377)

2) pay the original balance in full ($770) and talk them out of the interest fees

 

I hope your Fiance can help you out in this situation!

Post # 14
Member
10589 posts
Sugar Beekeeper
  • Wedding: January 2011

@jesssamesssa:  I’m confused.  Is this a line of credit through a financial institution, or is it through the skincare company?

Post # 16
Member
10589 posts
Sugar Beekeeper
  • Wedding: January 2011

@jesssamesssa:  Ok, you mentioned a CC in the OP, I think that threw a bunch of us off.

I would expect the ‘refund’ would be directly applied to the debt with them.  They probably don’t even have a CC # of yours to give it to you that way.  You need to review your contract, they should be able to provide you a copy if you can’t find your original one.

After looking at that, I would talk to them and see what can be worked out.  Honestly though, it’s been a while and the very most I would expect is for them to reduce some of the interest.

Once you work out what you can with them, I would start looking at options to pay of the credit line.  Personally, if I were you I would ask your Fiance.  It doesn’t make sense for him to have investments/savings making maybe 8% or something right now if you’re being charged 25%.  If you’re really against that, look into a line of credit with a financial institution or one of those promotional low rate CCs.  Only go with the low rate CC if you can pay it off within the time period for the interest rate – they tend to skyrocket after 6 months or so.

Good luck with sorting everything out!

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