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Reenie: Mom of Marine | You know those blank checks you sometimes get with credit card promotions? |
I did some grocery shopping for a lady I clean for and she reimbursed me with one of those checks. I told her it was a bad idea, but she doesn't have the money in her bank account to pay me back. She is living on disability and already deep in debt as she has to pay for a lot of her medications out of pocket. She thinks that by paying with one of those checks it will only show up as a charge on her credit card. I don't know enough about it to explain to her that this is not the case. Can you tell me what will happen if I cash this check?
The promotion was 0% on existing balances until Oct. '09.
Thanks for any help you can offer!
(She can barely make the minimum payment on a $12,000 balance if that makes any difference.)
Additional Details
So, if I cash this check is she going to get slammed with an outrageous interest rate once the promotion ends?
She does have an existing account. |
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maddamselfly *musing*
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first off those checks have been issued hoping you will use them. They are not like cash, they have a charge on each one if you use it as well as the interest rate being outrageous unless you use them as a transfer tool.
I make it a habit to shred each and every one of them as they come to me, they are a tool of the devil and the devil shall be called Credit Given out to Those Who Cannot Handle it.
It is tragic and makes me sick to my stomach. |
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Sgt Big Red
 |
Depends on what type of checks they are.
Those that are for promoting 0% interest on balance transfers only apply to using them to pay off another credit card or loan, they can not be used as a regular check.
Most of those offers will come with more then one check. They do provide checks to be used just as you would a regular checking account and can be made payable to anyone. The only problem is that they are treated as a "cash advance" and come with their own interest rate which is usually higher then the regular interest rate.
Also they (the company) decides how much of your monthly payment is applied to those cash advances. In most cases the bulk of the payment is applied to charges first with very little being paid on the cash advances. This makes big money for the banks as it is usually the cash advances that get paid last and charge more interest.
Tell her she would be better off not using them.
Hope this answers your question. |
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TD Euwaiteâ„¢
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Those are legal only if she has an existing account. You cannot solicit new business with a blank check. The "Greatest Generation" has deliberately run up credit they know they can't pay. The grocery store and Dillards are full of people betting that their house will cover all the debts, and if not, screw the banks. My mom gets a government pension that has raised my sister's daughter, kept her entertained and pumped life into Tangled Web Press from time to time. She owes exactly what her house is worth. She will be 86 in November. I am scared to death for my mom, my sister and my niece (a nursing student.) |
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fishineasyâ„¢
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Not only what TD said but YOU may have trouble cashing that check. I have heard that they hold that check until it clears the account so you could be waiting a month. I would talk to her again and make sure this is what she wants to do before you try to cash it. If you can afford it ask her if she would like to make payments to you instead of the account. (and try not to pick up her groceries next time)
nfd♥ |
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Bayard Lady
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All good replies. I'd get involved however. 1) Is she aware of how bad her situation is? 2) Does she have family nearby who know about her debt? 3) What about a credit adviser?
Am continually amazed at folks who get into this kind of mess.
CC Companies are notorious for offering credit to those who are unable to visualize the whole picture! I have no experience with credit advisers, however I'm hopeful that there are some good ones out there. She needs an intervention!
What a mess! |
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hymneforthedead
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credit card companies are evil they make things look all nice and friendly and then if your so much as 1 day late they call you 3 times a day harassing you over a .25 cent payment.
..wouldn't cash that check. just find a "alternative" payment, not everything has to be done in cash. |
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C.S.Scotkin
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The first thing you can do is see if she has close family. Please get in contact with what in Fl. is called the Dept. of Families and Children. This lady may be entitled to help she is unaware of. The govt. pages of your phone book will have a number, or go on line. Bless you for caring so much! |
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jenny
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All good answers, the checks are bad news, and it disgusts me they
keep sending them to me, wrote them twice not to do so. They cost
you up front a flat fee %, and yes if your not paid up in due time, int.
recurs. Watch the small print which they complicate of course. |
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Elaine P
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With the economy crashing and debt at record levels, people all over the world had best stop buying 'stuff' and make some attempt to live within their means. I am amazed at the amount of debt people pile up. I am currently debt free and I have savings. Yet, I live an acceptable lifestyle. I buy what I need and my only toys are a computer and a cell phone, which have become necessities most of the time. |
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Grannyjill
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I'm like you Reenie, I don't understand credit cards and blank cheques. I've got a credit card that I've never used (I was talked into having it)...every couple month or so they send me those cheque-things. I don't know what they're for or how to use them, so I just shred 'em.
My other credit card I've arranged to pay as a direct debit...so, I never owe anything on it. I've only got it to pay for things on line.
Tell all your other 'clients' about this poor lady (naming no names) and perhaps they might rally round and pay you, and you can tear up her cheque. (I live in cloud cuckoo land!) |
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