Is my Mastercard company trying to trick me?

[Mananetwork]

Pay that off with your other credit card stupid!

[hotjoint]

Originally Posted by Mananetwork

Pay that off with your other credit card stupid!

great advice

[jasonturbo]

I think it's funny how everyone fails the op cause he has debt, I wonder how many of the people that failed him are also up to their necks in debt.

It's common for credit card companys to attempt to settle with you after you account is delinquent for a few months, if you decide to ante up and pay it out, make sure the credit card company puts in writing that they will remove any neg. feedback from your credit history, they can and will do this.

I have no debt, and a lot of savings, so it's not like I'm on your side cause I'm an idiot with money, look at canadians debt to income ratios, the majority of canadians are worse than americans, as a nation we suck with money.

[quasi]

Originally Posted by jasonturbo

I think it's funny how everyone fails the op cause he has debt, I wonder how many of the people that failed him are also up to their necks in debt.

It's common for credit card companys to attempt to settle with you after you account is delinquent for a few months, if you decide to ante up and pay it out, make sure the credit card company puts in writing that they will remove any neg. feedback from your credit history, they can and will do this.

I have no debt, and a lot of savings, so it's not like I'm on your side cause I'm an idiot with money, look at canadians debt to income ratios, the majority of canadians are worse than americans, as a nation we suck with money.

I know I'm not the best saver out there but I'm totally with you on buy what you can afford. I have never carried a balance or paid a penny of interest on a credit card in the 15 or so years I've had them and I use them lots every month. So many people take their credit cards and use them on stupid items that they don't need or that they'd be better off saving up and buying.

I don't feel sorry for people dumb enough to rack up their cards with no good excuse like medical reasons, could not work or had some other type of emergency where they had no choice.

[darkfroggy]

My head exploded from the stupidity of the OP suggesting that a multi-billion dollar company was doing cute little tricks with his credit.

[darkfroggy]

Originally Posted by jasonturbo

I think it's funny how everyone fails the op cause he has debt, I wonder how many of the people that failed him are also up to their necks in debt.

It's common for credit card companys to attempt to settle with you after you account is delinquent for a few months, if you decide to ante up and pay it out, make sure the credit card company puts in writing that they will remove any neg. feedback from your credit history, they can and will do this.

I have no debt, and a lot of savings, so it's not like I'm on your side cause I'm an idiot with money, look at canadians debt to income ratios, the majority of canadians are worse than americans, as a nation we suck with money.

We are not failing the OP for being in debt.

We are failing him for his post being so illiterate and hilariously bad... that it's a wonder how the guy fills out a form.

[Ferra]

Originally Posted by darkfroggy

My head exploded from the stupidity of the OP suggesting that a multi-billion dollar company was doing cute little tricks with his credit.

just because this is a multi-billion company doesn't mean they won't do tricks and lie.
i have been lied to, cheated money from bell.
There are also large companies like direct energy (and many other energy resellers), who's entire business model is built on tricking consumers.

So yes, it is definitely possible that MBNA will ask him for the remaining balance after he pays his $13k if he doesn't have any legal / formal paper in writing.

[hotjoint]

I only buy what I can afford to pay at the end of the month in full when my statement comes

[TheNewGirl]

Originally Posted by Ferra

just because this is a multi-billion company doesn't mean they won't do tricks and lie.
i have been lied to, cheated money from bell.
There are also large companies like direct energy (and many other energy resellers), who's entire business model is built on tricking consumers.

So yes, it is definitely possible that MBNA will ask him for the remaining balance after he pays his $13k if he doesn't have any legal / formal paper in writing.

I've been screwed over by large credit card companies as well. They routinely do illegal things like auto billing your annual fee as part of your credit limit (often waiting to to it till you're peak spending time so it will push you over your limit and then they can ding you for a fee for that too), and applying payments in such a way as to maximinze interest gained from you. Recently our federal gov put in place legislation for regulate some of these activities but I noticed within 6 months my credit card company had found clever ways to continue some of these practices while still adhering to the new laws. Why? Cause most people don't look at their statements very closely and don't understand how their credit provider applies their payments which = millions of dollars a year.

I pay down my credit card every 2 weeks on payday personally except for large ticket items and they don't last more than a month. Sometimes I even put a payment on my card prior to large purchases so it's their waiting when the charge hits it. But now you know what? My credit card company is annoyed with me for paying too often! Apparently this is valid grounds for them not increasing my credit limit.

You can't win with any of them and you have got to be very watchful so they don't screw you over. Any deals you make with them you need to get clear documentation for that you understand. And if it's too convoluted for you to understand, reject it and ask for clearer documentation.

That said, wracking up $25K in credit debt is completely fucking moronic if you have no means to pay for it. This is why our economy's in the tank.

[joquio]

Hmmm....now we know where Mr. Anthony Espinosa got his money to pay back Dr.Mike

[RFlush]

Credit card companies are not charities, they are a business, and like any other business their goal is to make profit. It is common practice for any credit card company in any country to bill your annual fee to your credit limit. What else do you expect, for them to come to your door and ask for cash? You have a credit card, a store of value, they will charge your fees to that. How is that illegal?

If you do not like it, don't get a credit card; no one is forcing you to get one.

Originally Posted by TheNewGirl

I've been screwed over by large credit card companies as well. They routinely do illegal things like auto billing your annual fee as part of your credit limit (often waiting to to it till you're peak spending time so it will push you over your limit and then they can ding you for a fee for that too), and applying payments in such a way as to maximinze interest gained from you. Recently our federal gov put in place legislation for regulate some of these activities but I noticed within 6 months my credit card company had found clever ways to continue some of these practices while still adhering to the new laws. Why? Cause most people don't look at their statements very closely and don't understand how their credit provider applies their payments which = millions of dollars a year.

I pay down my credit card every 2 weeks on payday personally except for large ticket items and they don't last more than a month. Sometimes I even put a payment on my card prior to large purchases so it's their waiting when the charge hits it. But now you know what? My credit card company is annoyed with me for paying too often! Apparently this is valid grounds for them not increasing my credit limit.

You can't win with any of them and you have got to be very watchful so they don't screw you over. Any deals you make with them you need to get clear documentation for that you understand. And if it's too convoluted for you to understand, reject it and ask for clearer documentation.

That said, wracking up $25K in credit debt is completely fucking moronic if you have no means to pay for it. This is why our economy's in the tank.

[vitaminG]

the settlement offer is definitely legit, however as said previously it will fuck your credit up for 7 years. I believe it shows up as an R9 on your credit report when the remainder is written off.

I suggest this website to give you general info on credit.

http://www.ic.gc.ca/eic/site/oca-bc....h_ca02222.html

Before you even think about accepting that settlement you should speak to a bankruptcy trustee or credit counsellor and do a complete debt assessment. They will offer you a free consult and will go over your options.

[TheNewGirl]

Originally Posted by RFlush

Credit card companies are not charities, they are a business, and like any other business their goal is to make profit. It is common practice for any credit card company in any country to bill your annual fee to your credit limit. What else do you expect, for them to come to your door and ask for cash? You have a credit card, a store of value, they will charge your fees to that. How is that illegal?

If you do not like it, don't get a credit card; no one is forcing you to get one.

Oh no, I expect like any other company they're trying to make the most money with the least effort. What I'm saying is - be informed when you deal with them and make sure you get clear documentation if you make a deal with them. Just like you should on ANY contract you deal with.

It's a tug a war over your money. They want it, you want it. Who ever is most careful gets it.

It is though illegal to make any charge to your credit with out your written or verbal consent. Some companies put this in their contracts that your card will be debited on X date for the fee. That's legit. Some companies send you a reminder on your statement the month before that your renewal will be coming up next month, if there's any issues call. That's legit (by not saying anything you're consenting). But others don't cover it any where and many have odd practices for how/when this is done.

My first mastercard for example, they billed it the month prior to anniversery. Don't as me why, Capital One has some strange strange practices. Any how on my little fledgling card with a $300 credit limit a week before Christmas the $45 charge put me up over my credit limit and they dinged me for an additional $25 for that. I looked up the policy info I had from them and it didn't say anything about the fee coming off 30 days prior to your anniversery, or anything about fee payment at all. I called, complained, got both charges refunded and my fee waved completely for the upcoming year as well. The charge can/should be made but it shouldn't have impacted my credit limit and thus should not have put me over my limit as I did not authorize it.

I learned a lot of companies do that and rather then complain, people just pay it and the fee and this nets them a great deal of extra cash a year for literally nothing. Especially since it really only impacts those who have poor or no credit so they have low limit cards (and thus have little experience dealing with the companies) or those who chronically run up to their limit and those are the folks who pay the least attention to their bills to notice. It's really a non issue to everyone else.

[drunkrussian]

please see here for advice:
http://www.revscene.net/forums/joble...h-t626897.html