Track all records

I detest paper, especially loose paper but I have found value in storing paper in nice, neat, accessible packs till it is needed. A couple years back, I decided to open an internet business. I do not know what I was thinking. I would not have bought anything on that website especially not for the prices they were set for. I would have made my way to the dollar store and gotten the same thing for a dollar. If you do plan on starting an internet business, put yourself in the shoes of the customer. Ask the question, Will I buy this product? Anyway, we live and learn, live and learn. Okay, as I was saying, I started an online business a couple years back and it did not work out. I called everyone up and closed my accounts. About 2 years later, I got a call from the guys handling my merchant account stating that I owe a $97 annual fee. I was shocked, dumbfounded. I asked the guy where the annual fee came from if the account had been closed and for two years now. He actually began to push that the contract I signed stated it. I had read the contract and I remember the one thing that attracted me to the contract was the phrase in bold “No Annual Fees”. I asked him to fax me over the contract he said I signed, which I knew I did not since the second contract that was sent to me which may have included the annual fee was sitting in the file cabinet unsigned. I had not had the chance to read through it. I had kept the information of my first contact person with the company so I stated I was going to contact him. I faxed over the initial contract I signed and the terms and conditions highlighted. I waited for the contract the man insisted I had signed to come but I could not find it. After about an hour, I called the company back and asked to speak the guy. All of a sudden he was busy. I was transferred to someone else who told me it was being taken off my account. It was over, right? Wrong! A year later I got a letter stating the account was overdue and was sent to a collection agency. Talk about shock. I called the company up and again the same story except this time they did not state that it was in the contract I signed. She insisted I pay the amount, the fee took on a whole different name when I told her that it could not annual fee because the contract I had stated no annual fee. Then when I brought up the name of the gentleman who called me a year ago with the same story, how it should have been resolved and asked her to fax me a copy of the original contract that was stated I signed with that phrase highlighted, I was placed on hold for a long, long time. I got her information and stated I was going to fax the contract I had. To make a long story short, I hung the phone up with her called the company back and got a gentleman who immediately took care of it. I called a couple of times to ensure nothing was owed on the account and yes it was cleared. However to ensure I was protected and establish grounds for a lawsuit if they ever tried their games again, I took a number of steps. You can read more about it in the article: One more step to take after a telephone call. The merchant account service company believed or put more appropriately, hoped I had lost or either thrown away my documents. That is why after 2 years, and then a year I was called up. Imagine if I did, then what argument would I have had. What would I have used to back up my claims? If my story does not convince you of the importance of tracking all records, then do it for tax purposes.

What to keep and track

Keep a copy of everything, and as long as you can. I have a friend who taught a medical bill which was supposed to have been paid by the insurance company and who also clarified this with the insurance company, pop up on her credit report 5 years later. She remembers speaking to insurance company about the payment but their memory of the conversation was non-existent. She had no proof, and I believe had to pay the bill. Her phone conversation was just not enough (Read One more step to take after a telephone call). The question still remains, what to keep, what not to keep? As stated everything you get from the company.

Disclosure statement/Credit card agreement – This is important. It is your contract with your credit card company and it outlines the terms and conditions for use of the credit card. It also contains important changes in terms. Keep a note of these. Your annual fee may be increased or your interest rate hiked again in these important changes. These are sent once a year. Check with your credit card company to see when you should receive yours. Read through it, anything you can’t understand call the company up and ask. You are paying for the service; why not understand what you are paying for.

Credit card bill statement and merchant receipts – Every time you purchase anything of your credit card save the receipt you get from the merchant. Credit card companies are not exempt from billing errors, people are not above identity theft and merchants can make mistakes. You obtain your bill once a month from your credit card company. Compare the charges from your receipts with that on the credit card bill statement. If you want to pay your bills before you receive your statement, use the automated phone service. When you receive you paper bill, keep it. If everything is in order, you can shred your receipts but again keep the bill statements. If you find an error, read Dealing with billing error on how to handling this. If you need a copy of the merchant receipt, you can either go back to the merchant or get it from the credit card company. Tell them you are investigating a billing error and you should not be charged for this. If they try to charge you, tell them it is illegal to do so under the Federal Truth in Lending Act. Read Dealing with billing error for more information.

Letters – Keep all letters you get from the credit card company and date the day you recieved the document.

Phone conversations – Every time you call and speak to a customer service representative or anyone or they call you, keep a log of it. You should include the person’s name, ID number if possible, phone number, day and time of call, and a summary of the conversation.