We had credit cards with Sears for a long time. Last year we made a purchase and we wanted to pay with their credit card but apparently we couldn’t use it since it was innactive and we needed a new one.
We got the new number and we pay with that. We were going to pay the amount in full (aprox. $280) as soon as we received the statement, but we never got it (and we forgot) until a week ago that we got a letter from an agency stating that we owe them $500.
We called Sears to know what was that amount and they told us that it was the purchase made last year plus interests and penalties. We told them that we never got the statement and they verify and they had our old address (we moved 4 yrs. ago!).
We don’t know how is this possible if we were receiving the old credit cards statements in the new address. We called the agency and they told us that its not their problem, that we need to pay in 1 month or our credit will be affected (and we had an excellent credit) and Sears says they can’t do anything since they sold the account to that agency.
What can we do? Do we have to pay with interests and penalties?
Well you certainly got caught in the middle. But this matter is going to come down to one underlying issue, you applied for the Sears credit card and used it.
There is no requirement that a creditor has to get you a statement before money is due. The statement is a reminder to you but not required to be received under any credit card agreement I’ve ever seen.
As wholly unfortunate as this situation may be, it sounds like the best thing to do is work out a payment arrangement with the collection company. Maybe even break it into two payments if that’s more manageable.
This might just be one of those great moments to learn from and make sure in the future that if you don’t receive a statement from any future extension of credit in a short amount of time, call the lender to see what’s going on.
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