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Before Signing A Credit Contract. Provision for liens against personal
property: This gives the lender the right to take possession of almost
anything you own to satisfy a delinquent loan.
Confession of judgment: By signing, you waive all rights to defend
yourself.
Wage assignment: It gives the lender the right to attach your paycheck.
Attorneys' fees: You agree to pay any of the lender's legal fees.
Acceleration payments: If a payment is missed, the loan falls due.
Catch-22 For Consumers. New big-ticket appliance
doesn't work, and no one will be home to wait for the serviceman. Nor
(in most states) is the retailer obligated to take it back (because the
manufacturer must be given a chance to make repairs). What to do: At
time of sale, get seller to accept a carefully worded statement, written
on the receipt, that if for any reason the buyer is not satisfied, the
appliance may be returned or exchanged. Further, this will be done at
seller's (or buyer's) expense, within a certain number of days and/or on
a weekend (or whatever time is convenient for the buyer). The statement
becomes part of a binding contract.
Quirk In Law On Repossession. Having a law-enforcement official around
when pressing a claim is not necessary, and it can be a very bad idea
when a seller is trying to take possession of an item that was used as
collateral for a past-due debt.
The Uniform Commercial Code stipulates that the creditor can take
possession of the item. It says nothing about the use of a law enforcer.
In fact, one state court recently decided that a repossession was
illegal, specifically because a police officer was along. The ruling:
The officer's presence implied state action and was unfairly oppressive.
See
credit contract
for more information.
Precautions For Mail-Order Shoppers. (1) Allow at least three to four
weeks for delivery. (2) If item is a gift, be specific in instructions
for gift card. Include the recipient's name and address as well as your
own. (3) Carefully read descriptions of products in catalogs, and note
size, weight, contents, ete. (Pictures can be very misleading.) (4) Keep
shipping label as proof of purchase in case of dissatisfaction. (5)
Inspect items as soon as they arrive to see if everything is enclosed
and undamaged. Note: If complaints to the company about quality of
goods, misrepresentation of the product, ete., go unanswered, write the
Postal Inspection Service, 475 L'Enfant Plaza West, SW, Washington, DC
20260. To investigate fraud: Write the Bureau of Consumer Protection,
Federal Trade Commission, Pennsylvania Ave. & 6th St., NW, Washington,
DC 20580.
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Consumer Rights In A Billing Dispute. Customer does
not have to pay the disputed amount. It's not necessary to pay finance
charges or interest on the amount involved, while it is in dispute.
(However, the creditor can use the disputed amount in deciding whether
the customer reaches a credit limit.)
A creditor may not close the account because of the customer's refusal
to pay the disputed amounts.
Creditor may not threaten to jeopardize the customer's credit rating
because of failure to pay.
If the creditor does not agree with the consumer complaint and states
the reasons for believing there has been no billing error, the consumer
has at least 10 days to pay the contested amount before the company can
report the account as delinquent to credit bureaus or anyone else. Note:
If the normal duration for payment of undisputed charges is longer (if,
for example, the retailer allows 30 days to pay a charge), then the
customer must be given at least that much time to pay the contested
amount.
Customer can delay action further by writing a second letter in reply to
the company's explanation.
The creditor company forfeits the amount in dispute, plus any finance
charges computed on that amount up to a maximum of $50, whether or not
there has been an error, under these circumstances:
It fails to answer a complaint letter within a 30-day period.
It does not notify the customer of its decision within two normal
billing periods (90¬day maximum).
It violates any other consumer rights.
If the customer is wrong: Entire amount owed must be paid, plus finance
charges accrued while the amount was in dispute.
Traps In Appliance Service Contracts. Don't assume that all appliance
service contracts are worthwhile. A study shows that the average yearly
repair bill on washing-machine models ranging from one to ten years old
came to only $49. That is $6 under the cost of a typical repair
contract.
The study finds that the chance of needing a repair on an appliance in
any given year is only one in five. Over the life of the machine, a
service-contract holder will in all probability be paying out much more
in insurance than the person is ever likely to collect in actual repair
services.
Source: Consumer Information Center
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