Ok, so I bought something and got the 2 years interest free deal. Seemed like a good idea since I needed the product and I didn't have insurance to cover it at the time and was fairly strapped for cash.
This was my first (and probably last) time buying anything on financing so I admit I was probably naive.
So my payments are a measly $15 a month... no problem, right. My first payment (made the very day I got the item) was for $100. I called to make sure it was processed, and it was. Still no problem.
Then I got a statement in the mail and a credit card?! I didn't want a credit card so I called the financing company and asked why I got a credit card and was told "You don't need to use it if you don't want to but you have an account with us now for financing and that makes you eligible for a credit card".
I told her I would be cutting up the card and that I didn't want to have a credit card with them at all and that I just wanted to pay off my item ASAP. I even checked again that my $100 payment was there and said, "So that payment covers 6 months, right?" and she said, "You are paid up until the end of July".
Fine and dandy, I got a couple monthly statements and wasn't too worried then 3 months after the first payment I put another $75 on. Now that's $175 over 3 months or a total of 11 months (plus change) worth of payments.
Wrongo!!!! I just recieved a letter NOT from the financing company but from the credit card company company who tells me that they will be closing my account on Friday due to non-payment. I called and found out the following things.
1. The credit cards provider and financing company are the same they just go by different names.
2. As soon as I made my first payment they transferred the balance on the financing onto a Visa card.
3. They have marked my credit report as non-payment because I didn't pay a minimum balance on my credit card each month (just all at once).
4. They also claim that they didn't get the $75 payment even though I have a confirmation number and my bank shows that they in fact have received the payment
Now I'm afraid my credit is ruined and the only solution they gave me is pay the balance by Friday and they won't close my account but the mark on my credit report will remain.
They also agreed that even if I make a payment online RIGHT NOW it may not actually get to them by Friday morning and there's nothing they can do about that.
I was actually hoping to have almost all of my debt paid of by the end of this year so I can start looking for a house next year and I don't want any bad marks on my credit.
I even called and told them that I never activated the credit card (like it said I had to in the letter) and I told them I didn't want it but they don't care.
I looked at my account statements and it says nothing on them at all about a credit card... only financing.
I know some of you are probably thinking I'm an idiot to fall for this and I wouldn't disagree but I thought I was doing OK and now I feel like the $30,000 in debt I paid off in the last 5 years means nothing because of this stupid mistake. —No More Credit