[ilovemydogs]

Predatory Lenders.

Amazing!
OK so I was at Sears one day this past summer. They had a thing if you opened up a credit card you would receive 10% off.
SOooo stupidly I opened up an account even though I have a Discover card (I do not like Discover).
I then bought a HD TV, and got a few hundred dollars off.

I get my bill which states statement was closed on the 10TH of the month, but the bill was received by me on the 25TH of the month and sent out on the 22ND of the Month, and payment is to be paid by the 28TH of the month!

Usually, when I go to pick p my mail which is daily, I open up my bills and pay them right there and then, so I get rid of a lot of junk.

I did that for this Sears bill as well, paid it off in total.

Yesterday I get a bill from Sears and a charge of THIRTY FIVE dollars for late payment.

I also see that the percentage rate is THIRTY PERCENT.

I then called them up and told them that I would like them to give me a consideration and take off the late charge. The woman says "NO they cannot do that" I then ask to speak to a supervisor who sounded like the same woman who also says NO CAN DO.

Guess what I did??? I brought the TV back, and also got issued a check for the total, LESS the damn $35.00 bucks.

Oh yes I had to be very aggressive about getting my money back NOW not later..

I will not deal with Sears again, and also told them I consider thama predatory lender and have also sent a letter off to the BBB and AG.
(I doubt very much this is going to do anything)
BUT I feel better.

Oh yes, I then went to Best Buy, got the TV for another 200 bucks less and paid for it with a check.

It bugs me that Sears can get away with this, and think about how people buy something and do not pay for it right away HOW Much the item costs in the long run!!!
TAKE THAT SEARS!!!

ILMD

[roybean]

You hauled the HD TV back to Sears???
Well, I have to admit that I am stubborn like that. I would close the account too and watch and see if they don't beg you to come back.

[ilovemydogs]

Originally Posted by roybean

You hauled the HD TV back to Sears???
Well, I have to admit that I am stubborn like that. I would close the account too and watch and see if they don't beg you to come back.

The TV only weighed perhaps 15 pounds as it was a 30 incher only.
I am WICKED STUBBORN a bad trait I have as I think it comed from my Swedish side of the family.
I didn't close the account as oh yes this was going to be my question and forgot to ask it.... DUH!!!
If I close the account is it better for my credit reports, or should I leave it as open ?
I love my new tv as it has a built in dvd as well and is so thin!
ILMD

[centex]

I'm confused...you got the statement on the 25th with it being set to close on the 28th, you paid it and got hit with a late fee? Isn't there a confirmation number from the payment? Or is this one that you mailed in instead of an online/in-store/phone pay?

Regardless, I would be reluctant, based only on one statement, to claim predatory lending. I also would have called back to get a different CSR...I can GUARANTEE that the fee and any finance charge WOULD be gone at the end of the call.

[roybean]

Same here Centex because they will stick you if you aren't watching. And I always pay on line. I noticed that when you mail in a payment look like it takes forever for the payment to be processed like they are trying to make you late.

[Pale Rider]

You have 60 days to dispute the error in writing.


FCBA - http://www4.law.cornell.edu/uscode/h...6---b000-.html

(a) Additional finance charge

If an open end consumer credit plan provides a time period within which an obligor may repay any portion of the credit extended without incurring an additional finance charge, such additional finance charge may not be imposed with respect to such portion of the credit extended for the billing cycle of which such period is a part unless a statement which includes the amount upon which the finance charge for that period is based was mailed at least fourteen days prior to the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge.

[ilovemydogs]

Originally Posted by centex

I'm confused...you got the statement on the 25th with it being set to close on the 28th, you paid it and got hit with a late fee? Isn't there a confirmation number from the payment? Or is this one that you mailed in instead of an online/in-store/phone pay?

Regardless, I would be reluctant, based only on one statement, to claim predatory lending. I also would have called back to get a different CSR...I can GUARANTEE that the fee and any finance charge WOULD be gone at the end of the call.

Yes, I did not get the payment till the 25TH,and due date was the 28TH. J sent it off snail mail.
To me it seems they have a very short time to pay, do not send out the bills at least 10 days AFTER they close, and love to have you late.
Since I posted I went into a REAL Sears store and to the credit department WITH the bill and the envelope which shows when it was sent, and they have credited me back the $35 bucks as well,but the check will be sent to me.
There was NO finance charge billed.
I do not plan on charging anything with them again though, as THIRTY PERCENT INTEREST???? Never heard of such a thing.
? is though is it better for me to close it or keep it as open?
ILMD