Home Improvement Financing Question

[JoeAdam]

We got a fence installed a couple months ago by a larger fence company in the area. They offered us 2 years no-interest, nothing down, if we signed up for a credit card through them (CC is with a reputable company). Our limit is slightly more than the project cost and they put a hold on their portion. A couple months have gone by now and it still says we have a $0 balance but there is a hold on those funds.

I called the CC company to make sure I wasn't supposed to do anything and they said I need to inform the fence company to process the payment so that I can start making payments. What is the worst case scenario if I don't inform them?

We have enough to pay the fence off at any time, so it's not a huge issue.

Thanks in advance.

[JMarchand1981]

Worst case scenario? They take you to court?

Although you've already given them the ok to process the payment,right? Applying for the credit card is not tacit approval for them to be paid. That's is a you getting financing in order thing.paying them is another story.

[JeremyNick]

Originally Posted by JoeAdam

We got a fence installed a couple months ago by a larger fence company in the area. They offered us 2 years no-interest, nothing down, if we signed up for a credit card through them (CC is with a reputable company). Our limit is slightly more than the project cost and they put a hold on their portion. A couple months have gone by now and it still says we have a $0 balance but there is a hold on those funds.

I called the CC company to make sure I wasn't supposed to do anything and they said I need to inform the fence company to process the payment so that I can start making payments. What is the worst case scenario if I don't inform them?

We have enough to pay the fence off at any time, so it's not a huge issue.

Thanks in advance.

Don't mess around with debt. They will figure it out and you will get hammered. Let them know there is an issue, process it and pay it off.

[JoeAdam]

Originally Posted by JMarchand1981

Worst case scenario? They take you to court?

Although you've already given them the ok to process the payment,right? Applying for the credit card is not tacit approval for them to be paid. That's is a you getting financing in order thing.paying them is another story.

Right, it's already been authorized they just need to process it so we can make a payment.

I understand that the "right" thing to do is call and remind them. And I most likely will in a couple of months if nothing happens.

[Boo]

Originally Posted by JoeAdam

We got a fence installed a couple months ago by a larger fence company in the area. They offered us 2 years no-interest, nothing down, if we signed up for a credit card through them (CC is with a reputable company). Our limit is slightly more than the project cost and they put a hold on their portion. A couple months have gone by now and it still says we have a $0 balance but there is a hold on those funds.

I called the CC company to make sure I wasn't supposed to do anything and they said I need to inform the fence company to process the payment so that I can start making payments. What is the worst case scenario if I don't inform them?

We have enough to pay the fence off at any time, so it's not a huge issue.

Thanks in advance.

Worst case is that you "missed" the first months payment because it wasn't processed by the fence company. That "missed" payment leads to the 0% going away and you have interest to pay on top of the amount of the fence now.

[kerg]

They would have to finalize the transaction to the CC company to have the funds released to them so, they haven't even been paid yet. Wonder if the shutdown of everything caused them to delay doing this. Also assume they didn't go out of business for that.