R
rhath
Guest
Finance Charge
I have a situation that I would like to find out if I have any legal rights and if so how I would pro sure the situation. (State of Calif)
I purchased a computer from Best Buys that had a promotion, no interest for 18 month program. When I purchased the computer I received a invoice stating that the computer must be paid by January 2001(no specific date).
The financing for Best Buys is handled by Household Bank (SB) N.A. Who I have been receiving statements each month. I have paid a monthly payment each month and last year in September 2000, I decided to set my payment on a automatic check free payment method provided by my bank. When I set my recurring payments I referred to my original invoice that stated that I needed to have this paid off by January 2001. My last payment to pay off the computer was made 1/17/01, but I have received a statement stating that I did not pay the amount off on the due day which was January 04,2001 and that I have now incurred the 18 months of finance charges of $424.92. They did indicate that on my monthly statement for the past three months they had included the pay off date.
Unfortunately due to my recurring payment I failed to read my statements in detail and missed the very fine print on the statement with the pay off date. I have written a letter explaining this to them and also asked if the amount could be negotiated as I was only two weeks late. I
have received a letter stating that there is nothing that they can do and that I owe this money. They are also charging a finance rate on this $424.92 at 23.8%. I have excellent credit currently and doesn't want to mess it up. Do I have any recourse or action I can take on this matter.
Your advise is greatly appreciated.
[Edited by rhath on 02-11-2001 at 10:17 PM]
I have a situation that I would like to find out if I have any legal rights and if so how I would pro sure the situation. (State of Calif)
I purchased a computer from Best Buys that had a promotion, no interest for 18 month program. When I purchased the computer I received a invoice stating that the computer must be paid by January 2001(no specific date).
The financing for Best Buys is handled by Household Bank (SB) N.A. Who I have been receiving statements each month. I have paid a monthly payment each month and last year in September 2000, I decided to set my payment on a automatic check free payment method provided by my bank. When I set my recurring payments I referred to my original invoice that stated that I needed to have this paid off by January 2001. My last payment to pay off the computer was made 1/17/01, but I have received a statement stating that I did not pay the amount off on the due day which was January 04,2001 and that I have now incurred the 18 months of finance charges of $424.92. They did indicate that on my monthly statement for the past three months they had included the pay off date.
Unfortunately due to my recurring payment I failed to read my statements in detail and missed the very fine print on the statement with the pay off date. I have written a letter explaining this to them and also asked if the amount could be negotiated as I was only two weeks late. I
have received a letter stating that there is nothing that they can do and that I owe this money. They are also charging a finance rate on this $424.92 at 23.8%. I have excellent credit currently and doesn't want to mess it up. Do I have any recourse or action I can take on this matter.
Your advise is greatly appreciated.
[Edited by rhath on 02-11-2001 at 10:17 PM]