 |
|
Credit
Card Overpayments
Getting Your Overpayment Refund by Scott Bilker
Scott Bilker is the author of the best-selling
book "Credit Card and Debt Management."
He is also the Editor and publisher of the FREE
DebtSmart® E-mail Newsletter (http://www.debtsmart.com).
Sign up today!
Dear Scott,
I receive your newsletter and love it. Very helpful!
Recently I have taken out a debt consolidation
loan. From application for the loan and closing
on the loan was 3 months. The consolidation loan
included preprinted checks made out to each of
the creditors (5) with the total balance owed
at the application time.
The problem was that during the 3 months before
closing I had been paying the minimum payment,
so when the loan closed and the checks were issued
the check amount was higher then the actual balance.
I have received credit checks from all of the
creditors for the difference but one. The one
I have sent 2 letters to the customer service
address request the account be closed and issue
the check.
It has been 2 months with no response from the
creditor. I have received 2 statements showing
the credit. What is the next step to getting the
money back?
They owe me $179.00 to much money to walk away
from. What is very upsetting to me is that, if
I owed them money, I would have to pay late fees,
interest and get marks on my credit report.
Sincerely,
Aimee
Aimee,
Thanks for writing! I love your attitude!
They should be required to pay you a late fee!
But doubt that will ever happen but maybe someday
a law can be added to the books that would require
late fees due the consumer in this situation.
I have certainly been in similar situations. By
making an overpayment to any creditor, you create
a credit balance. That credit balance must be
returned to you. You asked for a check twice and
they haven't sent it.
Here's what I would do...
1) I'd call and speak to a customer service rep
to see what's going on with the check. Maybe they
sent it and the "check is in the mail."
2) If I still didn't receive the check, I'd use
the credit card for my normal shopping, groceries,
etc. Once I spent $179 I'd stop. If I went over
$179 I'd pay them the difference and never use
the card again.
3) Here's a technique you can try if you don't
mind more hassle. I would do it because I'm also
interested in finding out the results of creative
financial techniques and telling everyone what
happened. If I had credit checks issued on that
credit line I'd write myself a check for $179
and deposit it into my personal checking account.
There a few possible complications with this:
(1) if they have already sent you a check for
$179 then it would be a cash advance and subject
to cash advance fees (2) even if they haven't
issued the check they may still try to charge
you a cash advance fee, even though it's your
money! In fact, I would bet they would charge
you the fee. If I received a statement, after
writing the check, that the $179 brings my balance
to zero (plus a fee), because it's my money, and
they charged me a cash advance fee, I'd call the
bank and ask to have that fee waived because they
never sent me the credit check. They'd probably
argue and say it's still a cash advance to which
I would reply, "it's not an 'advance' against
my credit line because it's not a loan, it's my
own money!" If they still didn't waive the
fee I'd formally dispute the charge. I don't know
if you want to make a mountain out of a molehill
however, it is an option.
4) Same as (3) but use the card at an ATM or do
a cash-advance at a bank.
Please let me know the outcome of your situation--thanks!
Regards,
Scott
Please fill out the Christian debt information request form on the right to request more information about our Christian debt programs.
|
|
|
