Truth be told, we all throw those fine-print privacy notices in the trash, right? After all, who has time to read them? And who can understand them anyway?
Good news! Those hard-to-read, legalese, fine-print notices from credit card companies, banks, and other financial institutions might be a thing of the past. Federal agencies are pushing a user-friendly form that uses large print, common language, and a ton of tables and graphs that illustrate cause and effect. Though the forms are not mandatory, banks and other financial institutions might opt to embrace them as a means of polishing their tarnished reputations. One step forward for consumer-activist groups!
Tell me your credit card horror story below. What didn’t you know that you think they “should have” told you or should have been more “clear” about?
I have a credit card bill with a bank.I was given a credit card at a sears rertail store on 02/09.The credit card had a limit of $6000.I used about $700 from this $6000,and i had paid down what i had owed.I have been told i must repay $6000,which i had never used up.I also was told by customer service it was a promotional service.I am now left with chest pains.I am mystified with this credit card problem.
Malcolm, I agree, this makes no sense. There seems to be a confusion with the credit limit, vs., credit used. I would continue to communication with the Customer Service Departemnt and exlain to them that you never used the $6,000. Do this sooner than later, becuase you don’t want them to report you as “30 days late.” Keep me posted!
Hi,
Thanks to all who thought to explore these tactics. I’ve had many encounters regarding these slick tacts and always wondered how our government allowed these practices to continue interms of getting us all ripped off so to speak. It’s very enlightening to see that something is being done to aid us the general public. Again thanks for this piece of information.
Marshall
Hey Philip, when me and my wife modified our home we were informed that our rate would be lower for six months and at the end of six months, if we kept our modified payments on time they would reevaluate our situation ad possibly grant another extension. To our horror, after the six months our servicer (Beneficial HFC) reinstated the mortgage rate that we already could not pay and they tacked on the six months of reductions from the modification. So now we owe over $3,000 for our mortgage plus over $28,000. Our servicer, never told us we would have to make this payment once the modification terminated. They were not forthcoming with us regarding the modification. I believe the allow people to modify their loan to show the government they are trying to help their customers, and I believe the government gives them money for these modification, then once the modification is over, they ZAP it to us.
I feeling that I will be getting a foreclosure notice soon and I’m scared as hell as to what to do.
Robert- to your point exactly, about 4% of homeoweners have successfully been converted into long-term loans… 4%! This is according to CnnMoney (http://money.cnn.com/2009/12/10/news/economy/permanent_loan_modifications/index.htm)
Here’s the bottom line – banks do not want your home back, which is why they are not foreclosing on people who are not making their payment – see my post from December 16th – many people are not making their payments and not being foreclosed upon… why? Becuase the banks don’t want the home.
Keep me posted!
Here is the link from December 16th – http://www.philiptirone.com/blog/living-in-your-home-wwithout-paying-your-mortgage-%e2%80%93-fair/
Hi Philip
I was wondering about charge off credit cards. I calls
from collectors saying I owe them but I never did business
with them If I paid these credit cards off does that start
another 7 years on my credit report. I wondering how this
works. I have been told by other people to not pay these
credit cards off.
Ira, All of this is in Step 6 of our program. Here is the short answer. Do not pay any collection until you follow our steps to negociate a letter of deletion with the collection company. The debt is most likly no longer the banks, and if you say the wrong thing to the colllection company, it could extend your statute of limiations.
Call Michelle Chavez at 310-453-1901 x4, for a free access to my next teleconference.
Dear Philip,
I lost my manufacturing business post 9/11, but not the tax liabilities. Obviously, if I had the funds to retire these obligations, I would ASAP. In the meantime, can anything be done to improve my credit? I’ve kinda lost faith. CHARLIE
Yes Charlie! Follow the 7 Steps! Although tax liens and judgements impact your credit score and will impact your ability to get loans, you absolutly need to reestablish your credit immediatly.
Call Michelle Chavez at 310-453-1901 x4, for a free access to my next teleconference.
iwould like to have acredit card
In Maarch of this year 3 of our credit cards raised their interest rate to 29.9 right after the bail out for the banks. It made making the minimal payment impossible. We contracted with a law firm for debt settlement instead of bankruptcy. We have always paid our bills and felt it was the right thing to do. I have been to court 3 times for $13000 (Chase) card. I am fighting it as 1200 is overthe limit and late fees. they have stated that the company we are working for is a fraud and that we should have just filed bankruptcy. I have received 2 other letters one from Chase (7500) and Discover (5000) threatening law suites. It has been a nightmare. They are refusing to deal with the firm we have a contract with. I wish now I would have said S…. you and filed bankruptcy.
Joyce, I hear this often. Sometimes bankrupcy is the best course of action. Bottom line, it’s never too late to make the right decision.
I would relook at your situation to see what makes sense (Debt consolidation or BK) AND when you talk to a debt consolidation company ask them when the debt will be paid off and how much it will impact your credit.
Many people start with debt consolidation, just to realize that they need to file BK 2-3 years afterwards.
Either way, the key is to reestablish your credit after an event like this. Even if you had a BK, if you follow our system, you can have a 720 credit score 5-6 sooner than waiting for that BK to fall off your credit score.
Attend one of our telesemiars – for free access, contact Natalie Sanchez @ Natalie@themeg.net
I had a credit card with Chevron/Texaco which was good for a few years without any difficulty. However, they insisted on charging me $20. for some road service guide. I refused to pay for this service and they charged me a late fee for $15. I refused to pay this late fee, and you guessed it, they charged me another $15. late fee. I wrote a letter to corporate informing that I was not paying for some service I did not request. No reply was ever received. They kept adding late fee after late fee until the bill was over $200. I canceled my card with them and informed the telephone answering girl that I would never pay the bill because I did not order any service book, or guide, or any other miscellanious garbage from them. The bill is still unpaid, and the entire transaction is on my credit score.
David – this sounds familar. Unfortunatly, for all of American’s the creditors have the power, not us.
You have two choices:
1) Be right – and this will stary on your credit and ultimatly go to collections.
2) Put your ego aside, pay the bill, and never do business with them again. The $200 you will spend, will be peanuts compared to the money you will spend if your creidt continues to stay low.
As someone who hates these stories… I have had to put my ego in the closet many times… and each and every time, I hated it. In the long run, I glad I did.
I had a credit card a few years age and I paid it off and 8 or 9 yeaars later they come back telling us tha we owe several thousands of dollars, when we only owed $35 in the first place. We compained and told that it was paid off and the daid prove it where is your proof that it was paid? Our credit is messed up because of that and other problems. As far as they are conserned they are fight.
Most likely, after 8 or 9 years, it won’t matter – they are just barking up a tree, trying to see if anything falls out.
Explain to them that you have no money and NEVER admit guilt.
You need to reestablish your creidt immediatly. For optimal results, attend one of our teleseminars. For free access to the 90 minute call, contact Natalie Sanchez at natalie@themeg.net
The little or fine print is hard for many to read. I think it should be written so it can be read. I disagree with the contracts. You agree with certain terms and conditions when you get the credit card and then they change the terms and conditions after you have signed. I think that is what is unfair. If I make a contract with you it should not be changed period. This is why so many are throwing out the contracts and many stopped signing.