• Report: #18239

Complaint Review: Citifinancial Retail Services; Taft Furniture

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  • Submitted: Fri, April 05, 2002
  • Updated: Mon, January 15, 2007

  • Reported By:albany NY
Citifinancial Retail Services; Taft Furniture
PO Box 15105 Wilmington, Delaware U.S.A.

Citifinancial Retail Services; Taft Furniture consumer fraud ripoff Wilmington, Delaware

*Consumer Comment: Your suggestion is too little too late...

*Consumer Suggestion: Agree with S and have a suggestion

*Consumer Suggestion: Agree with S and have a suggestion

*Consumer Suggestion: Agree with S and have a suggestion

*Consumer Comment: Sue, don't even try it

*Consumer Suggestion: CitiFinancial Retail Services

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I purchased furniture totalling $1000 from Taft Furniture store in Albany, NY on a "12 month no payments no interest plan" offered by Citifinancial. I made numerous payments during the 11 months leaving a balance of $527.97. That amount was sent out on 9 (nine) days before the due date of 1/12/00. According to Citifinancial, the payment wasn't received until 1/13/00. How convenient for them that my payment was received ONE day late and they charged me $151.51 in interest charges for that.

Kyle
Albany, New York

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This report was posted on Ripoff Report on 04/05/2002 10:38 AM and is a permanent record located here: http://www.ripoffreport.com/r/Citifinancial-Retail-Services-Taft-Furniture/Wilmington-Delaware-19850-5105/Citifinancial-Retail-Services-Taft-Furniture-consumer-fraud-ripoff-Wilmington-Delaware-18239. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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REBUTTALS & REPLIES:
0Author 6Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Your suggestion is too little too late...

AUTHOR: Honest Sam - (U.S.A.)

since you are replying to something that was orginally posted in 2002!!
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#2 Consumer Suggestion

Agree with S and have a suggestion

AUTHOR: Lisa - (U.S.A.)

I would dispute the $151 at this point. It's a lot of money. First, I would request a copy of the time date stamp from the lockbox receipt. Whenever you mail a payment to a lockbox, it's standard for the receiving lockbox to stamp when the envelope actually arrives. Recent changes to the mail delivery protocol does make it take a little longer if you are within so many hundred miles of the destination, but 10 days does seem excessive.

I would also request a copy of the back of your statement to see the markings of its deposit. Verify the dates to ensure that it was not posted or deposited before they said it was.

As a former Citifinancial customer, I am aware of the 10 day allowance request - and truthfully I am always suspicious when a payment magically takes that amount of time. But that is there disclaimer - nevertheless the onus is on them to prove receipt.

Now, for Sue's comment. The 'financing' is a 'service' and is part of the pricing and payment package that you negotiated with the furniture store. You did nothing wrong and should not be bullied into thinking that you did. A full year relationship is meant to be that - and while you made payments all along, what you did was not out of line. If you had sent it 2-3 days before, sure - but that wasn't the case.

In turn, banking relationships with retailers (Taft) are not siloed efforts that Sue may have tried to imply. Normally, it's a heavily negotiated factor in a multi-faceted relationship. (Mortgages, regular checking, investments, etc). So don't let anyone sell you the line that the bank is not making money. It's all that it's about. There are some services that a bank issues that yield less, but on the long haul, it's a piece of a very lucrative deal.

As for my deailing with CFS...I pulled the plug about 5 months into the relationship. I have found that many of these 'free financing' deals are administratively out of process with how I normally do business - and by that I mean it's not convenient to do e-payments, insist on payment fees to do ebilling or throw in other hoops. Compound that by customer service issues (I suspect offshoring with a rigid script and rules applies here) - and that did it for me.

Hope this helps. Good luck!
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#3 Consumer Suggestion

Agree with S and have a suggestion

AUTHOR: Lisa - (U.S.A.)

I would dispute the $151 at this point. It's a lot of money. First, I would request a copy of the time date stamp from the lockbox receipt. Whenever you mail a payment to a lockbox, it's standard for the receiving lockbox to stamp when the envelope actually arrives. Recent changes to the mail delivery protocol does make it take a little longer if you are within so many hundred miles of the destination, but 10 days does seem excessive.

I would also request a copy of the back of your statement to see the markings of its deposit. Verify the dates to ensure that it was not posted or deposited before they said it was.

As a former Citifinancial customer, I am aware of the 10 day allowance request - and truthfully I am always suspicious when a payment magically takes that amount of time. But that is there disclaimer - nevertheless the onus is on them to prove receipt.

Now, for Sue's comment. The 'financing' is a 'service' and is part of the pricing and payment package that you negotiated with the furniture store. You did nothing wrong and should not be bullied into thinking that you did. A full year relationship is meant to be that - and while you made payments all along, what you did was not out of line. If you had sent it 2-3 days before, sure - but that wasn't the case.

In turn, banking relationships with retailers (Taft) are not siloed efforts that Sue may have tried to imply. Normally, it's a heavily negotiated factor in a multi-faceted relationship. (Mortgages, regular checking, investments, etc). So don't let anyone sell you the line that the bank is not making money. It's all that it's about. There are some services that a bank issues that yield less, but on the long haul, it's a piece of a very lucrative deal.

As for my deailing with CFS...I pulled the plug about 5 months into the relationship. I have found that many of these 'free financing' deals are administratively out of process with how I normally do business - and by that I mean it's not convenient to do e-payments, insist on payment fees to do ebilling or throw in other hoops. Compound that by customer service issues (I suspect offshoring with a rigid script and rules applies here) - and that did it for me.

Hope this helps. Good luck!
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#4 Consumer Suggestion

Agree with S and have a suggestion

AUTHOR: Lisa - (U.S.A.)

I would dispute the $151 at this point. It's a lot of money. First, I would request a copy of the time date stamp from the lockbox receipt. Whenever you mail a payment to a lockbox, it's standard for the receiving lockbox to stamp when the envelope actually arrives. Recent changes to the mail delivery protocol does make it take a little longer if you are within so many hundred miles of the destination, but 10 days does seem excessive.

I would also request a copy of the back of your statement to see the markings of its deposit. Verify the dates to ensure that it was not posted or deposited before they said it was.

As a former Citifinancial customer, I am aware of the 10 day allowance request - and truthfully I am always suspicious when a payment magically takes that amount of time. But that is there disclaimer - nevertheless the onus is on them to prove receipt.

Now, for Sue's comment. The 'financing' is a 'service' and is part of the pricing and payment package that you negotiated with the furniture store. You did nothing wrong and should not be bullied into thinking that you did. A full year relationship is meant to be that - and while you made payments all along, what you did was not out of line. If you had sent it 2-3 days before, sure - but that wasn't the case.

In turn, banking relationships with retailers (Taft) are not siloed efforts that Sue may have tried to imply. Normally, it's a heavily negotiated factor in a multi-faceted relationship. (Mortgages, regular checking, investments, etc). So don't let anyone sell you the line that the bank is not making money. It's all that it's about. There are some services that a bank issues that yield less, but on the long haul, it's a piece of a very lucrative deal.

As for my deailing with CFS...I pulled the plug about 5 months into the relationship. I have found that many of these 'free financing' deals are administratively out of process with how I normally do business - and by that I mean it's not convenient to do e-payments, insist on payment fees to do ebilling or throw in other hoops. Compound that by customer service issues (I suspect offshoring with a rigid script and rules applies here) - and that did it for me.

Hope this helps. Good luck!
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#5 Consumer Comment

Sue, don't even try it

AUTHOR: S - (U.S.A.)

Citifinancial is fully aware that when they make these 12 mos no payment, no interest that there is a strong likely hood that account will be paid prior to that, and because of this yes, they will use any tactic necessary to collect the interest. I feel that the person was paying on the account all along and then sent them the remaining balance that probally sat on someone's desk for three or four days that it would be conveniently late. Citifinancial should credit the finance charges. Because they know they are just flat out wrong. This is a conspiracy on the part of Citifinancial.
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#6 Consumer Suggestion

CitiFinancial Retail Services

AUTHOR: Sue - ()

Obviously, you were aware that you had an entire
12 months-yes, I FULL YEAR to pay this debt in full without having to pay one penny in interest.
This is a LOSS to the company, because when companies finance retail contracts which are paid in full as agreed (on time), these companies do not earn any income on these accounts.

It seems to me, that you would have had the common sense to make sure your payment was RECEIVED by this company on time, since you did in fact, have ONE FULL YEAR to pay the contract. If you mailed a deposit to your local bank, would you expect them to give you credit for the deposit before they actually received it? (NO!) It is the consumers responsiblity to ensure creditors receive payments in a timely manner.
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