On May 23, I contacted Circuit City/Chase to let them know that I was going to have my debt and payments made through a Consumer Credit Agency. I had always made huge payments on my account due to the 0% interest on the Television that I had purchased, and the payment due date on that is Feb. 09. Chase would be receiving a proposal with a payment on or about the middle of June. I advised them that the due date would need to be adjusted. This is what I was advised to tell all my creditors. After a late fee on my statement for June, I called Chase. They referred me to other departments and after 45 minutes, they said that there would be no problem. I was advised by my Credit agency that all the other companies had accepted the proposals except Chase. I pursued this in July, and again I was transferred to many departments and agents. I also received a late fee of $39. But, my credit agency said this would take about 3 months for the creditors to get everything adjusted.By Sept. I was getting pretty mad at Chase for not adjusting the due date and still charging me the late fees. I contacted them yet again, and after much shuffling, they told me that they NEVER RECEIVED THE PROPOSAL IN JUNE THAT ALL THE OTHER CREDITORS HAD RECEIVED AND ACCEPTED. They wanted a faxed copy of the proposal, an explanation letter, etc. This was provided. The proposal was accepted within a few days.
Meanwhile. The deferred interest that was accruing (not only since JUNE when the proposal was sent) and is not due until Feb 09 was put on my new statement. I owe $1439, the interest slapped on my statement was at 407.26% and amounted to $1049!!! And they charged me 6% interest on top of it, and a late fee again of $39.
Now, I am screwed. I have to see if I can contact Chase again and get this sorted out. The consumer agency has not heard of anything like this. If I had been paying the larger payment for the 3 months they sat on the proposal, then the 0% interest amount would be on track and paid off on time. I don't know if I can get the additional money to get this paid off even if they take off the 407.26% interest and late fees.
Is this legal?
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