Question

[Anonymous]

I bought some furniture at Becker Furniture World and the loan that I took out through the store is with Wells Fargo.  My account is interest free for 2 years and my payment has always been 108.00 a month.  When I opened my statement it shows that they charged my account a late fee of $39.00 and .27 in interest on that late fee.  It also states that I have a past due amount of $17.78.   I made my payment of $110.00 online March 3 and it was due so I thought March 4 but she said that has changed to March 8 so it was still on time.  When I called Wells Fargo tonight she said that this is because of the new credit card act.  They raised my minimum payment to $127 a month from $108 (making me overdue 17.78) and because I paid the old minumum payment instead of the new payment I get a late fee and interest on that late fee.  I asked them to waive that late fee and she said I had to fax a letter to the billing department. 

I reviewed the forum on the new credit card act and I didn't see anything about them changing minimum payments.  My question is how would you handle this.  It makes me so mad that they did this.  When I asked her what allowed them to do this in the credit card act she just stated you should have received a notice in the mail and wouldn't answer my question.  Any ideas on what to do or has anyone else encountered this?  Any advice would be greatly appreciated!

[Anonymous]

If I am in your shoes, I will write a letter stated that I have never received a notification in the mail regarding the change of minimum payment amount.  And I will pay the past due of $17.78 on my next payment along with $127 minimum payment, so please refund me the $39 late fee and $0.27 interest.   Then send it to them along with original paperwork from the furniture store.    Good Luck!

* Do not wait close to the due date to make your payment. 

* Make your payments at least three working days (it depend on the bank side) before the due date.

[Uborrow-Upay]

phughes, do you still have the statement that they mailed to you in February for the payment due date in March?   If so, does it indicate the higher payment was due?

If it does, you may have a problem here, including possibly losing the "interest-free for two years" terms.  However, this sounds more like an installment loan rather than a revolving account, and I'm not at all familiar with Becker Furniture World or how the Wells Fargo financing works for this type of purchase.

If that February statement does not indicate a higher payment due, regardless of whether they mailed a separate notice, I'd scream bloody murder.

Please let us know.

[Anonymous]

Unfortunately, I do not have February's statement.  I threw it out after I paid it.  I also cannot remember if it had the new payment amount on it or not.  I knew how much the payments were and when they were due I paid it on a computer other than mine.  I wished last night I had it.  When I called Wells Fargo I asked if I could view past statements online and she said you cannot view any statements on line.  She did say that my account is interest free for two years so I don't think I have to worry about that.  I just don't want to pay the late fee because I don't consider myself late.  This angers me. 

[Anonymous]

I know this won't be a popular response, but I see this WAY TOO OFTEN on these forums.  Please, PLEASE, people, start reading your statements when they come in the mail. With or without the new credit card act, these CCs can change things on you in a heartbeat. The only one that's going to suffer is you.It's not necessarily right, but it's what we must deal with at this time.