Complaint Review: Premiere Bank Credit Card - Sioux Falls South Dakota

I had closed the account because it was not benefiting me at all and I had thought of them to be very crooked. Well, a month or so after closing the account I was told that I have a past due balance and late charges. They explained that I must continue to make the monthly minimum amount and/or pay it in full...to stop the late charges. Very upset, I had paid the minimum amount and turned around and paid double the minimum amount. Then I was told of a 'pay-off settlement' amount to pay. I hung up wanting to think about this for a while and at a later date I had called them and asked them if I pay this amount, will you leave me alone for good? Will you show up on my credit report showing that I still owe you? Will I hear from you years from now, letting me know that I still owe you? I had asked all kinds of questions like these and was always told 'no'. I no longer wanted to deal with this company and paid that given amount...this was in February 2008. It did not take years to get a call from them...yesterday (April 9, 2008) I had got a call from them stating that I owe and is behind. After getting angry and speaking to a supervisor, I was still told that I owe...because I had originally hung up on them during the original settlement (not once but, twice). She does see where I had called back and spoke to someone but, that does not count as the settlement because I had hung up again. I had told her that it does not make sense and they need to go back and listen to the 'alleged' recording, for the notes are not accurate and/or you are leaving out something or lying. She then told me that there is nothing that can be done and I still owe.

I had closed the account and was told to continue making the monthly payments on the account and/or to pay it off in full so that there will not be any late charges. I had done this twice...once, paying just the minimum balance and the other, paying double the minimum balance. Not in writing but by phone, I was told of a "pay-off settlement" amount to pay. They would call and I would hang up...not wanting to deal with this company. Then finally, I had called them and asked them if I pay this amount, will you leave me alone for good? Will you show up on my credit report showing that I still owe you? Will I hear from you years from now, letting me know that I still owe you? I had asked all kinds of questions like these and was always told "that everything would be fine, etc." I no longer wanted to deal with this company and paid that given amount...this was in February 2008. It did not take years to get a call from them...yesterday (April 9, 2008) I had got a call from them stating that I owe and is behind. After getting angry and speaking to a supervisor, I was still told that I owe...because I had originally hung up on them during the original settlement (not once but, twice). She does see where I had called back and spoke to someone but, that does not count as the settlement because I had hung up yet again...(This is not true). I had told her that it does not make sense and they need to go back and listen to the 'alleged' recording, for the notes are not accurate and/or you are leaving out something or lying. She then told me that there is nothing that can be done and I still owe. I want to know how can I get this resolved and what can I do about the settlement amount that I had paid, etc.?

you are very young because you cant just decide one day you are tired of your debt and just stop paying. Were you paying every month? You should have been, so you should have previous statements on your balnace plus all late fees.Your best option is to close the acct to FURTHER CHARGES , but technically it will remain open until you pay this off in full, late payments and all. If you work out a "deal" with them they can still put that on your credit rating, which will negatively affect you for 7 long years. That will affect your chances of getting a house sometime in the future, so think long and hard about this. I hope you learn to stay away from credit card debit. It is nothing but a trap.Cash works wonders! Cat

I want to know how can I get this resolved and what can I do about the settlement amount that I had paid, etc.? ---------------------------------- In this case not much.....Anytime you reach a settlement with a creditor or debt collector, AWAYS get a written agreement from them that they will accept the agreed-to amount as payment in full and that the account will be considered paid in full/closed. Do this prior to paying them. NEVER, EVER accept verbal promises over the phone concerning settlements on accounts....They can't be proven.....and as you found out...the other side will simply deny that any settlement was made once they get your money... Next time, get settlement terms in writing FIRST prior to paying....

You apparently are unaware of how credit cards work, or at least some aspects of credit. "I had told them that I knew that I have a past due balance but, I should not be getting late charges on a closed account." That is incorrect. Until your balance is $0 your account is not totally closed. You are still bound by the same terms as when it was open. So yes they can charge you late charges, and interest if you fail to make payments. This is the same for EVERY credit card. As for the settlement. Are they claiming you owe the entire balance or did they count your previous payment? If they are claiming you owe the entire balance that is easy to prove. You should have a statement, receipt, confirmation number..SOMETHING that shows you paid them. If they claim you still owe a balance, but counted your payment. Do you have anything in writing that shows they offered you a settlement? Do you have any statements that shows your balance was $0. If you have something in writing that shows the settlement the offered and something to prove you paid it that would be it. If not it will come down to your word against theirs. "I had told her to just put it on my credit report (bill me), " Your credit report is NOT a bill. It is a listing of all of your good and bad accounts. If it goes on your credit report(if it is not already) it will show as a negative item. You do not want to do this if you can avoid it. Until it is paid it will be harder for you to get approved for other credit at decent interest rates. Also, the above person was thinking about a cancellation of debt. If the amount that you do settle for is more than $600 off of the balance the Credit Card company will send you a 1099-C which you must report on yor taxes as unearned income.

You can tell a credit card to close your account. That just means you wont use the card anymore, not that what you owe is also closed. Sorry kiddo, if you want to take the settlement, you cant hang up until the transaction is fully complete. If money hasnt been taken from the account you tried to pay them from, the bill hasn't been payed. For your credit, it would be better if you pay it without the settlement. A settlement will be on your credit report for at least 7 years and the amount you don't pay has to go on your tax returns the next year as income. Dont worry, you will be sent a W something and the IRS will also get a copy.

You can tell a credit card to close your account. That just means you wont use the card anymore, not that what you owe is also closed. Sorry kiddo, if you want to take the settlement, you cant hang up until the transaction is fully complete. If money hasnt been taken from the account you tried to pay them from, the bill hasn't been payed. For your credit, it would be better if you pay it without the settlement. A settlement will be on your credit report for at least 7 years and the amount you don't pay has to go on your tax returns the next year as income. Dont worry, you will be sent a W something and the IRS will also get a copy.

You can tell a credit card to close your account. That just means you wont use the card anymore, not that what you owe is also closed. Sorry kiddo, if you want to take the settlement, you cant hang up until the transaction is fully complete. If money hasnt been taken from the account you tried to pay them from, the bill hasn't been payed. For your credit, it would be better if you pay it without the settlement. A settlement will be on your credit report for at least 7 years and the amount you don't pay has to go on your tax returns the next year as income. Dont worry, you will be sent a W something and the IRS will also get a copy.

You can tell a credit card to close your account. That just means you wont use the card anymore, not that what you owe is also closed. Sorry kiddo, if you want to take the settlement, you cant hang up until the transaction is fully complete. If money hasnt been taken from the account you tried to pay them from, the bill hasn't been payed. For your credit, it would be better if you pay it without the settlement. A settlement will be on your credit report for at least 7 years and the amount you don't pay has to go on your tax returns the next year as income. Dont worry, you will be sent a W something and the IRS will also get a copy.