Report: #241320

Complaint Review: The Home Depot Credit Service - Citi Cards

  • Submitted: Thu, March 29, 2007
  • Updated: Mon, July 30, 2007
  • Reported By: Stratford Connecticut
  • The Home Depot Credit Service - Citi Cards
    P.O.Box 689100
    Des Moines, Iowa

The Home Depot Credit Service - Citi Cards finance charges applied even under financial hardship no help at all ripoff Des Moines Iowa

*Consumer Suggestion: Read the card agreement, consider bankruptcy

*UPDATE Employee: I work for HD credit services

Show customers why they should trust your business over your competitors...

TO: THE HOME DEPOT credit cards department or To Whom It May Concern

Dear Sir, Madam

My husband and I are your customers for many, many years. We are in financial hardship since July 2006 and we sent out letters to all the credit card companies we holding cards, including Home Depot. We were paying the minimums and keeping up with our payments as best we can; sometimes we even do not have the food on the table, but we try to pay the minimums for the credit cards we are behind (all of them). We have four children.

Today, I discovered that your card is just going to kill me completely, as I discovered that you applied Finance charges of $653.77 per one month. I called to your customer service at 03/29/07 morning (EST) and they told me that I have to live with it and they are not going to do anything to help.

How nice is that? After so many years of being your customer on the daily bases (we used to have construction company) know, when we need some little support and understanding in our situation, the big Home Depot just turns it back to us.

We are very disappointed about Customer Service response there was no any options offered and no one was interested to listen about our situation we are going through right now. No one cares anymore when you cannot pay or buy.

To make it short, we are writing this letter with hope that someone in Home Depot Company would understand our situation and would bring some options to us how can we avoid almost $700 in finance charges in a month. We still can pay a minimum payment required - we understand that we are responsible for it.

Please help and do not let us just go down because of charges your card is applying on us. We barely can survive. We definitely cannot pay those ridiculous finance charges.

Stratford, Connecticut
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#1 Consumer Suggestion

Read the card agreement, consider bankruptcy

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

If you're being charged $600+ in finance charges in one month, something interesting may be going on. Request and read your card agreement. Many cards - including HD's, I have one - impose a so-called "penalty" interest rate significantly higher than the APR you signed up for if you've been late even one payment, or if a payment check is returned for some reason.

I think my HD card's rate is something like 31.99%. In the olden days they used to jail people for charging interest like that, but in our brave new world of credit, that's business as normal.

So, does your card agreement have a penalty rate clause? And have you had any late payments? If your answer to both is yes, that might be part of the problem.

It sounds like your financial problems are bad. Card banks don't like to negotiate when they don't have anything to lose. If you don't pay, they will put you in collections, sue you and report you to credit bureaus, which will hose your credit. They basically don't care what kind of financial shape you're in - they want their money and they will stop at nothing to get it. But if you have some leverage, and they stand to lose some money if they don't play ball with you, you may have a shot.

That's why you may want to consider filing for bankruptcy. Under the new anti-consumer laws recently passed, you have to undergo mandatory credit counseling before you file, but at least that is still an option. If you have regular income, a Chapter 13 bankruptcy may be what you need. That will basically restructure your debts and keep the monkeys off your back for the time being.

If you want to do this, you should contact a bankruptcy lawyer in your area for a consultation.
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#2 UPDATE Employee

I work for HD credit services

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

I would absolutely love to tell you there is an easy solution to your problem, i've been in tight situations myself many times before. However, when it comes to the interest and finance charges the bank has the system set up to automatically apply those charges.

I've been rummaging through my mind to think of any way we have to "trick" our system so to speak, but there is none. When you start the application process for one of our cards you are given the option of applying for a service that will help you in times of need (such as this) and for that service you are charged .99 on every $100 balance on the card.

I know that service is available at the time of the application, you may want to call in and have a customer service rep research the details of it for you. Or when I go into work (2 days from now) i'll research it for you. I would have to see if it will affect the amount of interest being applied to your account. That's the only possible route I can think of that MAY work.

Beyond that the only time our system does not assess interest is for a promotion or if the total new balance on the card is paid in full by the due date. I will look into the options a little further and get back with you if there is an easier way to help you and your family.

It sounds as though the representative you were speaking with was very cold and insensitive, and I can assure you that it is possible that your particular call was monitored as well. If it was and she was behaving inappropriately she will be reprimanded.
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