What to do if your credit card is Lost or Stolen
Losing a credit, debit or ATM card makes a person helpless.You would never wish to encounter this . But as emergencies are a part of a person's life, these unwanted incidents do happen. These are some recurrent questions that comes to your mind in such situations:
- What is the solution to it?
- If I have lost it, will I get it back?
- What should be my first step?
- Will I get back my money? What does the law say?
With the frequent usage of credit, debit and ATM cards, nowadays the rate of credit cards being lost or stolen have become higher. Guidelines for a person who is in such a trap:
- Report the loss or theft of your credit, ATM or debit cards to the card issuers as soon as you can.
- Use the provisions of companies having toll-free numbers and 24-hour service to deal with such emergencies.
- It is a good policy to follow up your phone calls with a letter. Include your account number when you noticed your card was missing and the date you first reported the loss.
- Also make sure to check your homeowner's insurance policy to see if it covers your liability for card thefts. If not, some insurance companies will allow you to change your policy to include this protection.
After the loss,
- Review your billing statements carefully.
- If they reflect any unauthorized charges, it's best to report to them by sending a letter to the card issuer describing each questionable charge.
- Again, report to the card issuer the exact date and time your card was lost or stolen or when you first cited unauthorized charges and also mention the date when you first reported the problem to them.
- Be sure to report to the address provided for billing errors.
- Do not send it with any sort of payment or to the address where you usually send your payments unless you are directed to do so.
- The law of the state says you will be charged only $50 for unauthorized use of your credit card provided you have reported the loss before your credit cards are used.
- The FCBA or Fair Credit Billing Act states that the card issuer cannot hold you responsible for any unauthorized charges.
There is much to be written about this issue. You can read our special articles for members only for further details. We offer free membership to all.
If you are burdened with debt pressures, our experts will help you to consolidate your debts and control your future. Debt consolidation is a much better way to get rid of your debts and we provide expertise in this field. Fill in our free membership form to analyze various options and allow us to help you through.
|
#1
07-27-2007, 12:04 PM
|
|
Join Date: Jul 2007
Posts: 1
Credits: 102
|
|
Sub:
What to do if your credit card is Lost or Stolen
Hello,
My first credit card was with Chase Bank. Unfortunately my credit card was stolen and I had so much charges that I did not know what to do. This is the first and only credit card ever. I think what happened was that the unauthorized charges exceeded my Credit limit causing my monthly payments to be ridiciously high. Now the credit card company closed my account and now im stuck making payments that keep going up and can never find any help 
|
|
#2
07-28-2007, 01:16 AM
|
|
Member
Join Date: Feb 2007
Posts: 163
Credits: 2,537
|
|
Sub:
You may insist the credit card company to lower down the interest rates. They will offer you a payment plan that suits to your present situation. Explain your problems and once the plan is finalized, stick to it. You might get some arrangements done. Or else, speak to a debt counselor for your repayment options.
|
|
#3
08-24-2007, 04:11 PM
|
|
Sub:
First of all did you report your credit card stolen? If so, then why are they making you pay for someone's debts that stole your credit card. They should have closed your account when you first reported the card stolen. Did you make a police report? If so, do you have a copy of that report, if not try to obtain one from the police department.
ladybug
|
|
#4
08-25-2007, 06:15 AM
|
|
Sub:
Go to www.ftc.gov and click on the id theft link.Follow the instructions to remove your responsibility for this account.You have no reason to pay a debt you did not make.
__________________
Cajunbulldog Keeping an eye out for consumers. http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809 http://www.ftc.gov/os/statutes/fcrajump.shtm http://www.debtconsolidationcare.com.../about216.html Use this letter to protect your rights under the FDCPA myfairdebt.com & myfaircredit.com-Good source of case law in forums.
|
Linear Mode
