Can I be in trouble for not paying if issuer makes mistake?

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suitntieguy
 
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Can I be in trouble for not paying if issuer makes mistake?

Postby suitntieguy » Thu May 21, 2015 12:05 am

I recently moved and came across an old credit card that I completely forgot about since I don't use it very often. I however did use it about 4 months ago but have no record of paying the balance. The reason I didn't pay it? When I logged into my online account soon after my purchase, the statement read as having a balance amount, but no minimum due and all the dates read as the year 1901 with some other weird numbers. I decided to call them but forget and it's been 4 months and I never recieved any emails, calls, or notices and my credit score is unchanged. I know what the honest thing to do is, but I'm also looking for an answer from anyone who's been in this situation or knows if they can come back in a year if they discover the mistake and charge me huge past interest or fees?


MemberSince99
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Re: Can I be in trouble for not paying if issuer makes mistake?

Postby MemberSince99 » Fri May 22, 2015 6:00 am

Yep they can come after you for quite some time.

And most likely the late balance is already affecting your credit.

I don't mean to sound mean, but the way you handled that was pretty dumb. If you used it and know there is a balance you need to be enough of a capable adult to pay it on time. It will most likely cost you a lot more over the years now due to not being responsible as it dings your score.

I would certainly call them and pay it and ask if you can have the lates waived as a one time favor. And then I would close the card pronto if they haven't closed it already, because you don't sound responsible enough to have a card and will just get yourself into more trouble than it's worth. Go back to cash or using your debit card or whatever you were doing until you have reached the point that being responsible is important to you or you will just hurt yourself worse.

takeshi
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Re: Can I be in trouble for not paying if issuer makes mistake?

Postby takeshi » Fri May 22, 2015 8:22 am

If you can't/won't actively monitor and manage an account then you should consider closing it. At the very least you're exposing yourself to potential fraud. Neglect can certainly get you into trouble even if the creditor made a mistake. It can impact your credit, it can take a while to correct and it can be even more of a hassle in the long run versus catching the issue early on and getting it resolved.

rockyrock
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Re: Can I be in trouble for not paying if issuer makes mistake?

Postby rockyrock » Fri May 22, 2015 8:48 am

suitntieguy wrote:I recently moved and came across an old credit card that I completely forgot about since I don't use it very often. I however did use it about 4 months ago but have no record of paying the balance. The reason I didn't pay it? When I logged into my online account soon after my purchase, the statement read as having a balance amount, but no minimum due and all the dates read as the year 1901 with some other weird numbers. I decided to call them but forget and it's been 4 months and I never recieved any emails, calls, or notices and my credit score is unchanged. I know what the honest thing to do is, but I'm also looking for an answer from anyone who's been in this situation or knows if they can come back in a year if they discover the mistake and charge me huge past interest or fees?


Yikes, you'd think member and takeshi were your parents the way they lectured you :rant: ...lol.

What does it say now when you log in? Still a balance but no payment due? Were you looking at the statement or just the recent activity when you logged on? What have subsequent statements indicated?

The unfortunate reality is unless they issued statements indicating a zero balance you are on the hook. Chances are even if they did issue a zero balance statement, once they figured it out they would probably try to get late fees and interest from you--you'd have a pretty good argument to get it reversed though.

Not really knowing enough details, if it were me, I would pay it ASAP and hope for the best. It's only been four months.

Keep us updated! Good luck.
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thom02099
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Re: Can I be in trouble for not paying if issuer makes mistake?

Postby thom02099 » Sun May 24, 2015 11:38 pm

suitntieguy wrote:I recently moved and came across an old credit card that I completely forgot about since I don't use it very often. I however did use it about 4 months ago but have no record of paying the balance. The reason I didn't pay it? When I logged into my online account soon after my purchase, the statement read as having a balance amount, but no minimum due and all the dates read as the year 1901 with some other weird numbers. I decided to call them but forget and it's been 4 months and I never recieved any emails, calls, or notices and my credit score is unchanged. I know what the honest thing to do is, but I'm also looking for an answer from anyone who's been in this situation or knows if they can come back in a year if they discover the mistake and charge me huge past interest or fees?


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MemberSince99
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Re: Can I be in trouble for not paying if issuer makes mistake?

Postby MemberSince99 » Mon May 25, 2015 11:33 am

I truly didn't mean to go all parental on him. Just wanted to tell him like it is. If you don't handle these things responsibly, it will bite you and it will cost you money, and a lot of it. Even if you go all cash, while you have negatives in your credit it could cost you jobs and will cost you higher insurance premiums. I know both of these are true from personal experience.

I don't know this for a fact, but knowing insurance companies if you don't have credit, they are going to charge you more than if you have good credit, by assuming worst case. I'd be shocked if that weren't true.

So I didn't mean to lecture, just telling it like it is. I wish someone had told me these things years ago but no one did. So I had to learn by making my own mistakes. If we can save someone else from doing the same that's got to be a good thing.



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