Have you ever bought something on finance and then never heard anything from the finance company?

It’s possible that they have the wrong address for you and this will go to a collection agency. If that happens your credit score will be hurt even though it is no fault of yours. I would at least see if you have a ding on your credit score showing a late payment. Are you sure that the loan wasn’t a no payment for a year loan or something like that?

Quite sure payment was supposed to start straight away.. On the agreement I bought home from the store, it says the first payment will be one month from the agreement start date. Also, on that agreement, all my personal details are correct – so they should have the correct address!

I would be great to get a free computer that way, but I would investigate, then put the payments in the bank so I have them when the loan company catches up with me.

Someone may have had to re-enter your information into another computer and that’s where the mistake occurred. If you agreed to EFT to make your payment every month, they might have mistyped your bank account numbers. The loan agreement probably says you have to pay even if no notice or statement is sent. As missingbite said, even though it’s not your fault, you’re the one that will suffer any consequences.

When they do find your paperwork (and they probably will, credit departments have internal auditors to catch stuff like this), unless the bank in question is extraordinarily benevolent, they will find you’re delinquent, smite your credit report, and send you to collections right away. It’s not fair.

It would be nice to not have to pay, but things rarely work out in favor of the consumer. You’re basically stuck in limbo for the length of the loan and probably longer hoping they won’t notice. That would make me crazy. So call the bank that’s managing the loan and find out what’s up.

@jaredq Not fair? Er, I don’t quite get that….

As the consumer, damien is equally responsible to make sure that the store gets their money.

No offense damien, but don’t let yourself off the hook that easy. You got merchandise and you should pay for it…anything else is stealing. You obviously know that there is a problem. If there ends up a “mark” on your credit report….at this point you are just as much to blame as the person who (presumably) date entered your info wrong.

I would contact the company and work to make sure that they get their money. If this bites you down the road….you are partially to blame, IMO.

It’s not fair that the store screws up but can take the consequences out on the consumer.

The amount of harm/inconvenience that can be done to damien is disproportionate to what the store/bank suffered from the bill not being paid.

We’re all responsible for our own actions, but some parties end up being held more responsible than others.

I know you’re all right. I’m just afraid to start investigating because to be honest, I can’t afford it at the moment – especially if they ask for the missed payments up front. But I can’t afford to give up my computer either, since it is my livelihood. I know that’s no excuse and I know it’s not commendable behavior, but until things improve for me a little, I’m not going to instigate it all coming around myself. If it happens, it happens, but in my current position, I’d rather delay it as long as possible by not doing anything.

@jaredq I understand what you are saying. And I agree w/ you. To a point. Whatever the terms of the agreement were….say EFT every month starting 30 days after purchase…damien should have contacted them by day 40 or so when those deductions didn’t happen. At this point it has been 6 months. So in my mind, the scales of blame are tipping in his direction.

@damien I respect your frankness. So. Bottom line. Could you get a free computer? Yes….but I would say it is unlikely. Be prepared for not only a possibility of a dink on your credit history, but agressive credit collectors entering your life somewhere down the road. It could be months or years from now. Depending on the value of your system and the state you live in you could be taken to court.

So what if there is a dink on your credit report you say? I don’t know where you are in live, but you never know where you are going to end up….some jobs check your credit report. Buyin a house? A car? Needing a student loan? Renting an apartment? Needing a credit card? This will be a factor.

I appreciate your current situation but you will likely have to pay the piper down the road….

You make some very good points, Snoopy, and I will make it a high priority to get onto this once I start getting more work through and my finances are more stable.

Would it necessarily go straight to collectors when/if they do realise? I’m hoping I’ll be able to just start paying the monthly payments then.

While aspects of it definitely are my fault, that doesn’t mean the bank isn’t to blame at all..

Yes, I understand that the bank is partly to blame. And I acknowledged that in my last answer. Just don’t delude yourself into believing that the company you purchased the computer from is doing something wrong if this goes south on you…..you have known for months that this wasn’t right. You have just been hoping that you might get away w/ it….

In honesty, I have never heard of anything like this….I just can’t fathom why they haven’t been able to contact you if all of your info is correct?

The closest thing to this that I have heard of is a credit card charge not every being charged to a credit card.

This is akin to you driving off the car lot w/ a new and financed car and never paying for it….albeit a lower dollar value. I really cannot tell you a chronological chain of events nor the time frame in which they would occur. I simply don’t know those answers.

I would be setting the monthly payments aside in case they ask you to catch up all the arrears at once. Also, I would check my credit report.