valis2 | Whiny

Whiny

I'm back, and I'm waaay angry.

I have six credit cards, each with their own balance, from when I started the business. I've been working on them slowly for years. Well, last month I decided I would do a balance transfer to consolidate two of them together for a better interest rate. Card #1 has a 29.99% interest rate. Card #2 has a 13.99% interest rate, and balance transfer checks for a 5.99% rate. So I've been waiting for #2 to send me the monthly bill so I could pay it off. (I'm never late on my payments (maybe once in the last five years), and generally keep them all in the same place so I can pay them as they come in.)

I come home today, completely strung out from the road (yes, you're right about that, Bob Seger), totally worn out after 28 hours of driving, and with an appointment early tomorrow morning, and then four days of day job. I find the monthly bill for card #1. Yay! I shall transfer your balance, and never shall you bother my mailbox again! But wait...what's this? "Turned over to collection agency"? WHY?!!

Sure enough, I look through last month's checks, and realize that I never received a bill. (Yes, I do understand that it is my fault, it's their courtesy to provide a bill.) BUT WHO TURNS IT OVER TO A COLLECTION AGENCY FOR ONE MISSED FUCKING PAYMENT?!!!!!

So I find the balance transfer checks. They've expired YESTERDAY. I decide to do an electronic transfer over the phone. I call, and end up speaking to a service rep who is very difficult to hear and understand. I have some hearing damage, and I'm trying desperately to understand her, and I keep asking her to repeat herself, but it's no use. I can only make out every third word, and she's saying that an electronic transfer will take 7-10 days, and some other stuff that I just can't make out about lower interests and higher interests.

WTF?! When I send a check, it takes 3 days to get there and be cashed. It's going to take TEN days electronically?! I start to get very stressed out, and finally tell her to mail me some new balance transfer checks. She says something about connecting me and then HANGS UP ON ME.

@#$:OIU*(P%O:ITYPIOERHG:KLWRTHPO@#UI%Y!@OY$@@!!!!!!!!!!!!!

I have to go to bed NOW before I smash something. Seriously. I'm sleep-deprived, stressed, and completely going crazy that my credit is going to be affected by this jackass company.

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First, challenge the collection agency business in writing. One missed payment is normally not grounds for collection, and you have every right to be pissed. The phrase "I will contact my attorney" works wonders, whether you have an attorney or not - and if at all possible, you should contact your statement attorney general and/or office of consumer affairs.

Second, see if you can get a cash advance on the low-interest card in an amount sufficient to cover the high-interest card's balance. If you can, put the money in your checking account and pay off the card immediately.

Good luck!

Those are terrific suggestions, and now that my vision has cleared of red somewhat, I definitely will be sending them a letter. It's insane!

Thanks for the comment.

Ack! What a nightmare for you, and at such an inopportune moment. I'm sorry. Have no advice to offer, but I do hope that things will be clearer with some sleep. *crosses fingers*

Aw, thanks! Yeah, I am feeling a little more human this morning. Calling my sister and venting like a madwoman helped, too. :)

Sorry that happened!

Wow. The interest rates you've been going with are really high. And 5.99% isn't that great either to really make a dent in paying off the cards. I would heavily suggest seeing if you can get a 0% interest rate card. Citibank has quite a few good ones. You can call em up and ask for a balance transfer with no transferring fee. Check out The Card Outlet for some low interest rate cards. If you've been paying your bills on time and have a reputation for it - you shouldn't have any problem going from a 5.99% interest rate to a 0% interest rate. Missing one payment should not have you ending up with a collection agency. I would pursue this with your credit card company, write them a letter and explain that you have a good history with them. They will not want to bite the hand that feeds it. As for you, I wouldn't want to do business with that credit card company anymore. I would transfer all of my balance off their card and close the account. Infact, once you transfer everything over to a lower or 0% interest rate card, it is a good idea to close your other cards period. I have heard that this will most definitely raise the credit score. Infact if you keep two cards open - one Visa and one Mastercard and keep switching back and forth after the low balance transfer rate is up, it will improve your score quite a bit.

Anyhow, I wouldn't worry about it. It just wasn't something you're going to get done all in one day. Good luck!

The thing is, I have tried in vain to open a new account. I've had these credit cards for ten years now, and it's been a complete nightmare. I can't get a new card because I have too much outstanding debt, and it doesn't look good to apply--and be turned down--too often. So every year I try for a new card, and every year I'm turned down.

My only path right now is transferring to existing cards, and I was all set to do that with this card. I can't believe I lost a bill. I can't believe I lost *this particular bill*...especially when it's the LAST one I ever needed to pay for this card. My luck, as always, is crazy.

As for closing the cards, this card is already closed, as are two others. Only half of my cards are active. Up until this year (I charged the hotel for Lumos), I hadn't charged anything on any of them in over eight years, actually. After the original nightmare, I've really been scrupulous about keeping everything paid on time, and it's just been in the last six months that the active cards are finally raising my limits again. That's why I'm able to transfer a balance, finally.

I am definitely going to contact the credit card company. This is really freaking me out, a lot. I have a friend who didn't pay anything on a credit card and wasn't contacted until a year had passed. I'm still completely confused about where the bill went.

Ok, I understand the situation you're in better. 5.99% is mucho better to stick with and make a dent in the debt than 29.99% (yikes!.)

One other suggestion: You may want to just pay your cc bills online rather than sending the bills in the mail. I've had instances myself where the mailpeople dropped the ball and delivered bills to my next door neighbors. It can be sooo unreliable. If you pay them online, most cc companies will send you an automated e-mail reminder of when it's due.

I wouldn't worry about the bill going to collections. I think someone over there jumped the gun, and you should be able to resolve their mistake since you have an established history of paying all your bills on time. If it were me, I'd call and write them as sending a letter is a way to collect data incase this becomes a hassle. Also emphasis in your letter that you do not want this incident to go on your credit history. And make sure they state that it will not effect you creditwise.

I totally can sympathize with what you're going through. Just know that this kind of crap happens all the time to other people - so you're not alone. It's a matter of learning how to play hardball with em until you get all your bills paid off. :)

Yeah, I'm looking forward to 5.99%, definitely. I'll save a nice amount each year and be able to put that toward the debt, hopefully.

I found the bill. It was right where I left it, in an insane place that I never keep bills. *giant sigh* Sometimes I'm just too distracted. This has been a helluva month.

I've sent in what was listed as due on the new statement, and as soon as I receive my transfer checks, I'll be sending over the balance. It'll be a great relief to get rid of that card, definitely.

WTF? Turned over after one late payment? I'd call them up and bitch. Well, start out nice, then bitch if you are getting nowhere - catch more flies with honey and all that shit.

My CC company just tacks on a late fee the second you are late, not off to collections. Granted, they are mega-quick to stick that late fee in there (only happened once or twice, and I usually got it reversed with a phone call), but the lateness is my fault.
Definitely pay that card off and close the account. And do everything

mysduende said, cause it sounds like she/he really knows his/her stuff.

I once had a hospital send me to collections for a missed/late payment. I called and told them I had sent the check a couple weeks earlier (and I *had* in fact sent it), but they said too bad, we didn't get it, it's late and you're off to collections - unless I wanted to pay them in full right then on the phone. I told her she could piss off, I'd deal with collections, then the hospital wouldn't get all the money and I'd get my petty revenge. ..... Four months later the check was cashed, and I received a check from the hospital for overpaying them. Asshats.

Oh, and I hope tomorrow is a better day and you get it all worked out. *hugs*

I've had a missed payment once or twice before (and one time I accidentally switched checks, that was oodles of fun), but I've never had a reaction like this. It's insane. I'm still hot under the collar about it.

(

mysduende's advice is excellent, btw, and is advice I've read before in articles about getting rid of debt, but some of the avenues she mentions aren't open to me, unfortunately.)

That's a crazy story about the hospital. It took them over four months to cash a check? Ugh.

I've sent in what was suggested on the bill, and requested new balance transfer checks. We'll see what happens.

Oh, how horrible! (hugs)

I would assume the heavy-handed collection agency thing is their company policy for all late accounts (we used to threaten that in my old job, but never went through with it); I agree with the advice above, write them a letter pointing out your good record, and also mention the trouble you had with their service rep on the phone. Do they have a physical office you can get to? If that's possible, a face-to-face meeting might be effective too.

*crosses fingers*

Thank you for the hug!

I just can't believe that they would send it to collections so soon. I mean, I had a friend who missed payments for a year before he was sent a collections notice. It's really crazy. Like you say, it's usually a threat. Somehow I missed the threat stage and went straight to red.

I accidentally switched numbers in the story; the service rep was actually for the company I'm transferring the balance to, not the insane collections notice company. And the insane company's offices are in OK, so unfortunately I can't visit.

I'm still steaming, but today, when I get home from the appointment, I'll try some calls and see if I can get through.

As the others have said, this collection agency nonsense is just that, nonsense. Transfer your balance when your checks come (or call the card your transferring TO today and talk to someone who knows what they're doing instead of the weeekend crew) and IGNORE they collection agency crap. Really IGNORE it. It's a bogus threat. Total BS. The balance will be dumped well within the 30 day billing cycle so even if they dared report it to a credit bureau (which takes months in itself) it'll show up as a zero balance and be just fine.

30% interest? WTF card is that?

I've sent in a payment, and when I get the balance transfer checks in the mail, I'll send one out. I just can't believe this crap. Crazy, crazy, crazy.

It's a company called HSBC. The card was originally a different company, but HSBC bought them out. I can't believe they do business in this matter.

And I found the original fucking bill. I'd left it in the most bizarre place imaginable. No wonder I never paid it.

ARRRRRRRRRRRRR!! HULK SMASH!!!!

But seriously, that is super frustrating. I hate these companies that screw things up even when you're paying your bills and being a good customer. I think the suggestions in this thread are good and calling them again is a smart thing. I hope this can get solved soon.

Oooh, lovely smash! Thank you for that.

Yeah, I'm usually a very good customer. This was just a freak occurrence. Ugh. I've sent a payment, and will transfer the balance ASAP. I hope that clears it up. And good riddance to them, as well.

That sounds like hell.

I've missed payments--or had them arrive late during the holidays. The bill never got to me, whatever. (Yes, that's happened.) They've called me each time and I paid via bank transfer--ten days is BS.

You already have good suggestions but what I did for my huge credit card debt (though it didn't cover it all) is take out a bank loan. I'm currently thinking of reworking the loan to cover the last of the credit card debt. the interest is so much lower. Yeah, I tried to start my own business too. Different--took more money and I got nothing except debt.

A consolidation loan or card, as has been suggested. And get away from the one company who are such assholes. One missed payment is nothing and they're out of their gourds for treating you like that.

I'm not certain about consolidation loans. I'm insanely suspicious of companies who offer debt-consolidation services. Also, I have no collateral whatsoever. So I'm afraid that, even if I were to contact my credit union, they wouldn't be able to offer much. But I'm thinking of it.

And this account is toast. It's already closed, anyway. I'm just going to clear it out.

Ugh. *snugs like crazy* - Paperwork and financial bureaucracy can be maddening (see my past post mentioning Polaroid. Don't buy from them if you want customer service).

The best thing you can do is to slowly work this out, then start plugging away at the payments. I took my credit from Fair to Excellent over a number of years simply by not missing a payment and paying over the minimum, even if it's only by $5- more is better of course. Finally I dropped a chunk of my savings to pay off a chunk of the balances. They've gone back up since then of course, but so has my credit. :)

It's good for your credit to have a card for a long period of time as opposed to having a couple of new ones. It's not good to have too many cards and/or to have the cards over 30-50% used. Try to find a good combination that helps you financially, and read those Balance Transfer terms carefully.

Also, I never depend on the snail mail bills; as you can see they can be missed. I do everything online now, even making my payments that way. I bet the CC company will say something about their disclaimers that will make them not responsible. Knocking you for one missed payment however? That's a bit much.

I've had these cards for ten years now (or more, actually). What happened is that I went a little haywire starting my business, and spent a lot more than I should have. I really didn't know what would make good products, and I bought a lot of cheap components that I ended up giving away (this was long before I knew about eBay).

Since that time, I have not charged a single item. However, all of the cards were charged nearly to their limits, so it severely limited me. (I have, as of recently, charged a few things, for Lumos, and nearly paid the new charges off already.)

Anyway, several years ago I ended up getting fired from my teeny little independent bookstore job, and I decided to try to make a go of it on my own for a couple years. That was disastrous. It was okay during April-December, when money was coming in, but during January-March I would nearly lose it. For three years in a row I ended up missing payments and incurring late fees. This made the interest rates skyrocket, not to mention all of the late fees and other nonsense that was piled on.

In desperation, I tried to open new accounts. However, they will not let you if you have too much debt already. And, because three of the accounts are closed, and the other three were far too close to their limits, I couldn't transfer any balances at all. I was stuck with 30% interest rates for two of the cards. The rest aren't much better.

Since that time, however, I have missed perhaps one or two payments at the very most for all six cards in total. (One was dropped between the seats of a friend's car. The other was one I forgot about.) My credit score has slowly risen until it's within an acceptable amount again. I've paid a little extra on many of the cards just to try to chip at a little of it. I've managed to make great headway with one of the closed cards (the one with the highest balance and highest interest rate).

Recently (within this year) the credit card companies have finally been raising my limits. I was ecstatic. I immediately used the new credit to finance my trip across the States, and I paid it all off before I was charged a penny of interest.

Then I decided that I would transfer one balance entirely, so I could get down to five cards. I receive at least three sets of balance transfer checks per month, so I didn't think there'd be any problem, until this fiasco.

As far as snail mail goes, I really can't change over to the electronic payments as of yet, because I'm gone so much. Someone checks my mail, you see, and pays the bills when I'm gone, and I'd rather not have them involved with my online finances. Not that I don't trust them, but that would be just too much to ask.

I still can't believe the collections insanity.

Oh, and they've already cashed the check I sent. I can't wait to send them a big fat transfer check. I almost want to write something nasty on the memo line, but that would be so silly.

Ow. Owwie.

Getting one card cleared is good (DON'T cancel it). The raised limits- great news! While I understand you're transferring to lower interest cards, it's not necessarily the best thing to do; when cards are at or near max it's bad for the credit rating.

What you might want to do is go to a non-profit credit agency for help in lowering your interest rates. Florida has Consolidated Credit which I'd considered trying before I got a raise and a better handle on my bills. ;) Do a bit of investigation into these organizations, even if you do the balance transfers.

Getting one card cleared is good (DON'T cancel it).

Er...it's already been canceled, ages ago. Only three of the six cards are active.

The problem with debt consolidation companies is that it actually looks worse on your financial record to have debt consolidation than to have bankruptcy. Seriously. I would only consider it as a drastic, drastic resort. I'd be more inclined to speak with my credit union and see if they can offer a consolidation loan for a card, or perhaps their own credit card...maybe because I'm already their customer, they won't decline me.

I have friends who have gone through debt consolidation, and it was a really scary, nightmarish thing, and it's not in line with my long-term plans at all. :(

Thank you so much for the advice! *hugs*

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