I purchased a refrigerator on a 12 month same-as-cash agreement which was underwritten by CitiFinancial Retail Services. The monthly statements I received from them were for a $15.00 payment which, of course, if I had paid only that amount, I would never have paid off the amount owed in 12 months. I tried to pay one-twelfth of the total owed each month, but I missed a due date a few times. Then I would double or triple up on the payment.
At the end of the twelve months, I had paid CitiFinancial $87 over the original amount, and they said I still owed another $119 because the late fees of $29.00 on each of the late $15.00 bills were going to trigger the full interest charges at 22.99%. This is outrageous. I have offered to settle the dispute for another $91.96 (the full amount of interest that could have been charged on the original amount). They refused that offer and want the whole amount now due of over $210. These people are unconscionable.
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