Check Your Best Buy Promotion for Debt Cancellation Fee( the money you save could go to Freepathon)

http://forums.bestbuy.com/t5/Best-Buy-and-Geek-Squad-Policies/Debt-Cancellation-fees-WHAT/m-p/100335 ^

[gusopol3]

I too have just found out about this shady debt cancellation fee that has been charged to my account for over a year and a half. I have paid hundreds of dollars to this stupid service which I never knew I even had. I feel completely scammed from Best Buy and HSCB. I also read that Best Buy gets a percentage of the fees that HSBC charges, making them a part of this stupid scam too. I called HSBC and cancelled the service, only to have the foreign customer service representative, who barely spoke english, try to get me to keep it on my account for a lower price. I was furious to say the least. This is racketeering, and Best Buy and HSBC will eventually get tangled in lawsuits. I am going to contact my Attorney General about this scam.

[gusopol3]

I got scammed. Watch out.

[muir_redwoods]

I’ve read what you’ve posted. I have no idea what HSCB is and I am not going to your link to find out. It appears you are unhappy with Best Buy but I have no clue why.

[rockinqsranch]

Curious, but isn’t HSBC that Chinese Bank?

I believe Best Buy went on my no buy list when it went Moozie kissy-poo awhile back. Actually I have forgotten why it went on my no buy list, but something about Sharia finance, and Moozie ownership come to mind.

This gettin’ old crap is for the birds. The memory you know.

[gusopol3]

If you buy a deferred interest item at Best Buy, then plan to pay off before promotion expiration, don’t assume they are not charging you . There is a “fee” for credit protection they sign you up for automatically. Therefore, your payment goes primarily to pay the fee rather than toward the balance on the item you have purchased, and at the end of the promotional period, you still owe virtually the full amount of the item purchased plus , if past the expiration of the promotion, all the deferred interest. Since my bill on this was relatively small and I had a 0% promotion, I just paid the minimum amount each month, and was surprised when I looked back, that I still owed as much as I had the day I bought it! Obviously, if it doesn’t pertain to you, by no means go to the website, but I did find out that I can make a monthly FR donation from the money I won’t be paying to Best Buy for this scam. I suspect a lot of other deferred interest offers are hooked to the same scam.

[240B]

The Banks are doing it too.

I was with Fifth/Third Bank. I got overdrawn because I was in the Army and had no access to the Internet.

So, for every 2 dollar hamburger that I bought, they were pumping a 35 dollar fee. So, essentially, without my knowledge in any way, I was buying a 37 dollar hamburger.

But that was just the beginning.

So I paid off the balance due. Fine, we are done. Oh no! They sent me a bill the next month for 40 more dollars, late fee. I said I will not pay.

I wasn't late. You sent me bill and I paid it. End of story. Oh No. Then they charged me, and this is real, 100 dollars because I did not pay the 40.

So, after the arguments and cursing, I said OK here is your 100 dollars, I hope you die.

So that is the end right?

Oh no, then they sent me a bill for like 20 dollars as interest in the previous month. Now, knowing the bank, I knew that 20 can go to 200 dollars in a matter weeks.

Bottom line. They were lying. If you called them and said How much is my bill they would tell you anything, a hundred dollars. So, I paid. Then they would send a bill then next month saying that Well you paid the hundred but there is an interest charge of 20 dollars from last month.

And on and on and on. So, basically, it was impossible to pay off the debt. They would not let you. No matter how much you paid them.

[afraidfortherepublic]

HSCB is a credit card collection service and they collect paments for several different credit cards. They collect for Best Buy, Menards, and maybe Kohl’s. I’m not sure about the last because I don’t have an outstanding debt with any of the above. I’ve noticed that many CC companies have a line and a box to check where you are supposed to sign when paying your bill. That line is signing you up for CC “insurance” at $2 - $5 per month. Never sign that.

The link at the top of the page just takes you to a forum where people are discussing this fee and how to get rid of it. Apparently this fee is insidious in that it is a percentage of the money still owed on the bill — .90/$100 — added each month to the balance due.

I shop at BB from time to time out of convenience, but I am wary of their business practices.

[gusopol3]

It’s the end game of “buy-now-pay later” mentality we grew up with. The cheaters have completely taken over. I guess cash is still accepted at face value. The economy won’t come back until consumers have paid down their debt plus worked their way through all the scams.

[lancium]

I had an account at Wachovia for years I hadn’t used so I never looked at the mail from them....apparently the account had $3.80 in a free checking and they charged me a $5.00 dormant account fee for not using it. This made the account go negative then they charged me $35 and said I owed them around $40. When I caught it it was luckily still in their collections so they zeroed everything out and didn’t hurt my credit. Didn’t get back my 3.80 though!

[afraidfortherepublic]

You can usually argue with them and get that fee waived. BUT, then they turn around and get you another way, such as reducing your credit line, or raising your interest. I’ve had them do this to me with on-line payments too — slap a late fee on me even though I’ve paid on time. Read your statement every time.

[gusopol3]

on-line payments too

Quite a few don't credit on-line payments for several days, especially weekends, holidays. The advantage they used to have over phoned in payments was that there was no fee vs. a pretty high fee over the phone. I've noticed recently the phoned in payments for several no longer carry a fee and I believe are credited same day, as I have heard no disclaimers to the contrary. (I'm sure as heck no financial adviser, though, so be careful with any advice from me.)

[ViLaLuz]

Best practice is to close the credit accounts and pay cash. Dave Ramsey is right.

[gusopol3]

I wonder what the overall effect on the economy will be as more people move in that direction though?

[rightly_dividing]

I shop at BB from time to time out of convenience, but I am wary of their business practices.

I have had numerous problems with Best Buy's business practices over the years, and have read of other incedences that I was blessed to not be caught up in. Always be aleart and read any fine print when dealing with Best Buy. My best advice is to stay out of there altogether.

[driftdiver]

“Best practice is to close the credit accounts and pay cash. “

Amen

[afraidfortherepublic]

Furthermore, I think they are way overpriced these days.

[hoosierham]

Credit cards are a trap to get and keep people in perpetual debt.

Bitter voice of experience here still working to get rid of said debt.

[driftdiver]

“Credit cards are a trap to get and keep people in perpetual debt.”

Sort of like the indentured servants of old, or maybe the work camps of early America.

“Bitter voice of experience here still working to get rid of said debt.”

I’ve made some poor decisions and am still working to pay it off. I’ve had myself put on lists with the credit bureaus to stop the offers, still get them though.

Credit card companies made a lot of money by lending money to people who shouldn’t have accepted it. The companies encouraged people to spend foolishly. I’d prefer to do business with the mob.

[driftdiver]

“My best advice is to stay out of there altogether.”

I try not to shop there but like to use cash if I do. They make their profits off the financing and maintenance plans. From what I’ve read they make very little off the product sale.

[rightly_dividing]

Not having credit cards or finance payments, we are usually able to scrape together enough money to purchase whatever we need without financing it. If a person can get free of credit cards and time payment plans, life is easier.

[ViLaLuz]

“Best practice is to close the credit accounts and pay cash.“

“I wonder what the overall effect on the economy will be as more people move in that direction though?”

I believe it would have a positive effect on the economy. The debtor is slave to the lender, and we’ve created a nation of slaves. Plus paying cash tends to remind people not to spend more than they take in.