Contingent Finance Charges

[Anonymous]

Okay, so a year and a half ago DW really wanted new furtiture bad, and although we had the cash to pay for it, we opted for free financing, no interest, no payments, for 18 months.  Well, times up!  I wasn't too worried about it before I starting coming here, but now I'm worried American General might try something sneeky.  I sent the check off in the mail yesterday, payment in full.  I'll be checking daily to see when it's cashed.  They want to see payment before March 13th in order to avoid over $500 in finance charges.

The thing that's got me a little worried is that the statement posts on the 20th of the month, and I've been getting the statements on time every time, until now.  I still haven't receieved this month's statement.  I know 6 days isn't long, but I'm glad I saved the old ones so I had a stub to send in with my payment.

If I had it to do over I would have sent in the payment last month and looked for the credit on the last statement of the 18 months, to give me time to act if something didn't go right.  I'm sure it will be fine, just something to worry about.

[Anonymous]

Yeah, I wouldn't worry about it too much.  You've sent the payment more than two weeks before it's due.  That should be plenty of time, I would hope.

[Anonymous]

I just got the last statement in the mail.  I guess I jumped the gun a little bit.  Oh, well.  Makes me feel a little better.

[Anonymous]

I called the 800 number yesterday and it looks like they credited the account fine.    No worries.

[Dawn]

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krystofur wrote:

I called the 800 number yesterday and it looks like they credited the account fine.    No worries.

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I'm glad you were able to confirm that all is well. 

Years ago, we purchased carpet and were talked into "financing" it through "Transouth" even though we had the cash to pay for it.  It seems that the carpet company got some type of perk for the number of accounts they opened. 

We made a point of paying it off in advance of the ending of the interest free period ... for this same reason.  We were terrified that they would pull a fast one on us