If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. |
|
|
Thread Tools | Display Modes |
#1
|
|||
|
|||
novice investor in a dilemma!
Advice please - I recently had some money to invest & decided to
purchase 1oz gold American Eagles. I contacted a company, and despite the rep's refusal to waive the $100 charge for postage and insurance, placed the order. I might add that they required me to provide a credit card number despite the fact that I was to send a certified check for my purchase. Having second thoughts, later that day I found a different company and the rep waived shipping & insurance charges - an added bonus was that the price of gold had gone down slightly and I was able to purcase an extra coin for the same amount of money. Here is my problem. Within 48 hours I emailed the first company and cancelled my order. This is an excerpt of their reply: "As the price of gold has gone down since you placed your order, if you cancelled now, policy would oblige me to charge you the difference we would lose per ounce. The price when you booked was $437.72. It is now at $432.55. The difference per oz. is $5.17. Multiply this by 40, and the charge is $206.80..." Since I had given the rep the number to a rarely-used credit card, I immediately closed my card account. I have not responded to the first company's reply, and don't really intend to. The advice I'm seeking concerns my responsibility to the first company. As a consumer, do I have the right to change my mind and cancel an order? How can they enforce collection when they don't have my SSN (all they have is my home address, phone number & email address), and the credit card account is closed? I appreciate all suggestions and advice. |
Ads |
#3
|
|||
|
|||
I have to agree. We're all adults and we have a responsibility to follow
through when we make deals. In the matter of the closed credit card account, the charges will probably be charged to the card anyway. In taking the order the rep most likely got an approval on the charge, and the credit card company would honor the approval and the account holder will still be responsible for payment. I know from experience. I put a magazine subscription on a charge card once and they renewed without asking me. I let it go for the year but cancelled the card. Got a bill from the credit card company the next year for yet another renewal because the magazine still had an approval number. I fought that one. Ken "Byron L. Reed" wrote in message ... On 24 Feb 2004 13:23:54 -0800, (shirl76053) wrote: I won't advise you on you legal rights, but from an ethical positions you are an absolute jerk. This was a commodity transaction, which are standardly pegged down right to the second. It was your responsibility to know the terms and stand by them. Frankly, I would have hung the phone up on you the moment you tried to get free shipping. What a moron! Don't you realize that the company may have just made a bullion order themselves to cover your shipment? Imagine explaining that to the boss: "Uh, I just ordered $18,000 worth of gold and the guy doesn't want to pay for it. And oh, the price just went down. Of course, the dealer probably already has money on account with the wholesaler, so he can't get his money back. Instead, he has to sell it back to them at the new, lower, gold price. This is why you were requested to pay the difference. The reason you later found a better price was because the market had gone down since you placed your first order. Instead of taking the hit like everyone else does, you tried to skip out on it. Shame on you. So, then you cancel the credit card so you don't have to pay. One, it was a rotten thing to do. Two, you will probably be sued for the difference, if not the whole amount. Three, for providing a now-bogus credit card order, you may be subject to some criminal action too if they cared to press it. Please never try to buy any bullion from me. BLReed To email me click he http://tinyurl.com/nd66 For collector coins and supplies at fair prices: http://tinyurl.com/pt9r Cool things: http://www.byronreed.com/byrons_collections/default.htm Talk bust coins: http://www.byronreed.com/phpBB2/index.php |
#4
|
|||
|
|||
I find it hard to believe anyone can be this clueless, must be a troll post. In the event it's not: check here, http://www.hyperdictionary.com/dictionary/integrity You'll find your answer under number 2. |
#5
|
|||
|
|||
|
#6
|
|||
|
|||
You owe the money. Same as if you called your broker and ordered stock,
then cancelled the order when the price fell. -- RARE COIN AUCTIONS NO MINIMUMS http://www.frankcoins.com Ebay Powerseller FRANKCOINS Texas Auction License 11259 Board member of Texas Coin Dealers Association, Fort Worth Coin Club. Member: Texas Numismatic Assoc, American Numismatic Assoc. |
#7
|
|||
|
|||
"shirl76053" wrote in message
... Advice please - I recently had some money to invest & decided to purchase 1oz gold American Eagles. I contacted a company, and despite the rep's refusal to waive the $100 charge for postage and insurance, placed the order. I might add that they required me to provide a credit card number despite the fact that I was to send a certified check for my purchase. Having second thoughts, later that day I found a different company and the rep waived shipping & insurance charges - an added bonus was that the price of gold had gone down slightly and I was able to purcase an extra coin for the same amount of money. Here is my problem. Within 48 hours I emailed the first company and cancelled my order. This is an excerpt of their reply: "As the price of gold has gone down since you placed your order, if you cancelled now, policy would oblige me to charge you the difference we would lose per ounce. The price when you booked was $437.72. It is now at $432.55. The difference per oz. is $5.17. Multiply this by 40, and the charge is $206.80..." Since I had given the rep the number to a rarely-used credit card, I immediately closed my card account. I have not responded to the first company's reply, and don't really intend to. The advice I'm seeking concerns my responsibility to the first company. As a consumer, do I have the right to change my mind and cancel an order? How can they enforce collection when they don't have my SSN (all they have is my home address, phone number & email address), and the credit card account is closed? I appreciate all suggestions and advice. I don't think you would want to read my suggestion, but I do have a request. Please provide us with your Ebay handle if you have one. I'd like to block you from bidding on my auctions. -- John Visit the RCCers favorite coins web page http://mywebpages.comcast.net/jcarne...ns/rccers.html |
#8
|
|||
|
|||
"Scot Kamins" wrote in message
... In article , (shirl76053) wrote: The advice I'm seeking concerns my responsibility to the first company. As a consumer, do I have the right to change my mind and cancel an order? How can they enforce collection when they don't have my SSN (all they have is my home address, phone number & email address), and the credit card account is closed? First, your asking questions better asked of an attorney. Second, your integrity is in the toilet. You ordered a commodity that is bought/sold in seconds, thus likely creating a debt on the books of the company you ordered from who are responsible for ordering bullion on the spot market. Third, even though you closed the account it was likely charged before you bailed out and you'll be reponsible for the debt. Fo[u?]rth, the least that will likely happen is the company you cancelled the order on will ding your credit report. As they should. Scot Kamins --- RCC's Resident Newbie Bravo! I hereby proclaim you a non-newbie. -- John Visit the RCCers favorite coins web page http://mywebpages.comcast.net/jcarne...ns/rccers.html |
#9
|
|||
|
|||
In article ,
"John Carney" wrote: "Scot Kamins" wrote in message .... Fo[u?]rth, the least that will likely happen is the company you cancelled the order on will ding your credit report. As they should. Scot Kamins --- RCC's Resident Newbie Bravo! I hereby proclaim you a non-newbie. I blush. But while I still consider myself a newbie, I shall accept a small promotion. My mother weeps with pride. Scot Kamins --- RCC's Resident Newbie First Class |
#10
|
|||
|
|||
I don't think you would want to read my suggestion, but I do have a request. Please provide us with your Ebay handle if you have one. I'd like to block you from bidding on my auctions. -- John Visit the RCCers favorite coins web page http://mywebpages.comcast.net/jcarne...ns/rccers.html Speaking of eBay, I noticed that the high bidder on your RCC Ember is now NARU'd. Do you know what that is about? Jack |
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Enterprise III for auctionne-A23 Jolene auto!!! | Lynne Stewart | Cards:- non-sport | 0 | August 21st 04 03:17 PM |
Interesting Dilemma | David White | Autographs | 0 | August 7th 04 02:45 AM |
ST Auctionne with Cinema Collection binders! ooooo! | Lynne Stewart | Cards:- non-sport | 0 | March 23rd 04 03:46 PM |
Novice collector question - software | Jerry Ranch | Coins | 7 | January 4th 04 01:52 PM |
ST Auctionne and links! | Lynne Stewart | Cards:- non-sport | 0 | October 22nd 03 03:32 PM |