08-10-2011 08:09 AM
In 2009 I purchased a flat screen tv at the BB store in Dayton Ohio. Arrangements were made for the delivery and setup of the tv, however, my husband wanted to get something different, so the purchase was returned. The return occurred before delivery and setup. I have the receipts still (original purchase and refund). Copies of the receipts were mailed to HSBC, and they, in writing, acknowledged the return of said tv and refund. To date, they have charged my HSBC account for over 900.00 in deferred interest charges (more than the cost of the tv itself, which I don't even own). They continue to charge my account for interest on this item. If I cannot get some sort of resolution, I will payoff the balance and never do business with Best Buy again. Any thoughts from anyone as to what I can do, as I cannot pay off the balance in full at this time, i.e., in terms of stopping them from charging me more interest on a returned item. Thanks.
08-10-2011 06:54 PM
08-11-2011 07:22 AM
08-11-2011 08:48 AM
08-11-2011 08:11 PM
08-11-2011 09:40 PM
08-11-2011 09:42 PM
08-11-2011 10:07 PM
Interestingly, I just sent them an e-mail to ask if it is possible to make the minimum payment to be spread across the balance in the manner they see fit while also paying off an individual promotional line item ~ no go.
After they apply your minimum payment and spread it across your individual purchases, they are not legally allowed to apply the money in any way other than the manner in which they currently do:
A) Non-promotional purchases first
B) 1.If a promo plan is due to expire in the next two months, it receives precedent over interest-bearing purchases.
B) 2.Highest interest-rate purchases first (purchases on promo plans are considered 0% interest until the promo expires)
C) In the case of a "tie" between multiple purchases with the same interest rate, the plan that expires soonest, or that expired longer ago.
The CARD Act of 2009, signed into law in February, 2010, mandates that they apply payments in this order and in this manner. If they allowed you to specify which promo you wanted to pay off first, they would be in violation of Federal law. If you disagree with this method of applying payments, call your congressman/congresswoman.
Also, if a business is content to keep monies it is not ethically and morally entitled to, they are not a business I wish to do business with ~ 20 mths or not. :-)
If you still have other purchases on which you are making payments, then they are ethically, legally, and morally entitled to any money for those legitimate purchases, whether there is still an un-cancelled purchase on the account or not. For instance, if you made a $2,000 purchase, followed by a $500 purchase that was returned and not properly removed from the account, they would still be entitled to the $2000 for the original purchase, even if they show that they are incorrectly applying the payments to the $500 purchase; you still have to pay off the $2000 purchase one way or the other.
And, honestly, continuing to pay a bill when a company is in the wrong is also somewhat tacit admission that the bill is legitimate and valid.
08-12-2011 07:18 PM