Jump to content

Statement Never Sent... Options?


sephiro444
 Share

Recommended Posts

Here's is a situation I currently find myself in. When on vacation in the Cayman Islands in August 2006, I purchased a piece of jewelry ($175) at a tourist retailer there. Since they offered a 10-15% discount for opening a credit account (and I would always pay these things off immediately and close them down), I went ahead and applied. I was approved and made the purchase. I then inquired if I could just go ahead and pay it off right then and, not surprised, they said no, I had to wait until I received my statement in the mail back in the states and pay it then.

Fast forward a little bit. I returned home, expecting to receive a statement in the mail from them within the month. It did not come. Then next month went by and nothing. Which brings us to today, still having received no contact whatsoever from the company about settling the account (I don't even remember their name to try to track them down!). Out of a sinking feeling and morbid curiousity, I decided to check my credit report. Lo and behold, there was a (single) negative entry for $175 originating Q3 2006.

I have submitted a transaction dispute, explaining that I never received any contact regarding payment. However, the credit report listed monthly interest charges increasing the balance each month, and the current balance is listed around $248. Just as when I made the purchase, I have no problem paying the $175 for the item, but I feel it is highly unfair that I should pay 4 months of interest charges when I had no way to make the payment.

Can anyone advise me on my situation? Am I right to offer to pay the original amount, but refuse to pay the interest fees as well?

Do I have any legal recourse here if the company refuses that offer and demands the full payment?

And finally, as far as tracking the company down to settle the whole debacle, should I let the dispute process through the credit reporting service (Experian, I believe) run its course? The report listed a contact address in Ohio, but no telephone number, for the company. Should I write them a letter explaining the situation as well?

Link to comment
Share on other sites

This one is a very gray area because you are dealing with a company outside the United States. I strongly recommend you seek the advice of an attorney to see if US law applies.

That being said, under the Fair Credit Billing Act, a creditor is required to provide you with a statement at least 15 days prior to the payment being due. If they fail to do so, they typically loose the right to collect any late fees and/or interest charges on the unpaid balance. They can also be subject to a statutory penalty payable to you for failure to comply.

Deliberate failure to mail statements in order to generate extra fees and interest would also be commercial fraud.

Since you have seen your credit report, you should now have contact information for this particular creditor. If the bureau doesn't even have their contact info, you should be able to dispute it off your report rather easily (how can they verify it if they have no address?).

Link to comment
Share on other sites

The company was in the Caymans, but the contact information on the credit report was based in Columbus, OH. Is that just the creditor (i.e., separate from the retailer themselves?)?

It was a moderately large jewelry store in a touristy area. Though I didn't recognize a retail chain name, they could have well been based outside that country...

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.