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Class action attorneys are undertaking an investigation of the credit practices of many different retailers, particularly in connection with their store-brand credit cards.
Some consumers allege they ended up having to pay finance charges that they weren’t led to expect when they signed up for these cards.
In particular, investigators are eyeing promotional deals that offer a zero-percent financing arrangement tied to use of one of these cards.
Typically, these payment plans allow a customer to avoid paying interest on a credit purchase as long as they pay off the purchase within a specified amount of time.
These arrangements can obviously benefit the customer if they’re able to pay off the purchase strictly according to the payment plan. In that case, they get the merchandise they purchased and enjoy the benefit of what amounts to an interest-free loan.
Trouble happens when some of these arrangements provide for an assessment of a lump finance charge for the whole purchase as soon as the customer fails to perform perfectly according to the payment plan.
Customers who have, for example, submitted late payments, paid less than the monthly minimum payment, or failed to pay off the balance in full by the deadline have found themselves on the hook for all the interest they were hoping to avoid by getting a zero-interest payment plan – sometimes calculated at exorbitant interest rates.
Conn’s HomePlus Store Credit Card
One of the retailers that falls within the current investigation is Conn’s HomePlus. Conn’s is a retailer of furniture, electronics and home appliances with store locations in western and southern states from Nevada to North Carolina.
Conn’s periodically offers promotional deals that let the customer avoid paying interest charges on a Conn’s purchase made on a Conn’s HomePlus store credit card, as long as they pay the purchase off within a specified time.
As of now, Conn’s offers several such promotions with payoff periods ranging from twelve months to five years.
According to the terms for the Conn’s HomePlus store credit card, equal monthly payments are required for no-interest promotional purchases. Other pages on the Conn’s website note that for certain promotional deals, making the minimum monthly payment may be required to avoid additional finance charges and fees.
Those charges could be hefty if they include interest at the customer’s credit card rate. Currently, the APR for purchases on new Conn’s HomePlus store credit card accounts exceeds 29 percent.
If interest for a large purchase were to be suddenly charged at that rate late in the payment period – say, late into the 5-year period Conn’s is offering right now on purchases of $3999 or more – the resulting finance charge could in fact be huge.
As an alternative to the Conn’s HomePlus store credit card, Conn’s also offers a retail installment plan called Yes Money.
While Yes Money is not tied to a store credit card, the terms for a Yes Money purchase do disclose that finance charges may apply on default of a Cash Option or Direct Loan Contract.
The finance rates charged for these purchases vary from state to state, reaching as high as 36 percent.
It remains to be seen on a case-by-case basis whether the finance charges assessed under these arrangements may create a legal claim. Customers who were hit with finance charges they weren’t expecting may qualify to participate in the current investigation free of charge.
Join a Free Store Debit Card and Credit Card Fees Class Action Lawsuit Investigation
Did you participate in a 0% interest promotion on a store-branded credit card and were charged an interest fee? Were you unexpectedly charged a Returned Payment Fee on a store-branded debit card? You may be eligible to join this class action lawsuit investigation into allegedly deceptive store card fees.
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16 thoughts onInvestigation Looks at Deals Tied to Conn’s HomePlus Store Credit Card
Conns came out to fix my tv six times for same thing it is still broken brote out someone esle use panel. Did not work i have 4 yr warranty. But they want honor it. Bye replacing tv. So upset. They are peacing my tv together. It want last.vvallie and eugene
I recently purchased a tv with additional “accidental insurance” I asked the salesman many times to confirm if the accidental insurance was included and he reiterated that I was paying extra for this type of coverage. When my tv broke the company refused to fix it claiming they have discontinued accidental coverage for years. Conn’s blames the salesman and corporate, customer service, and managers refuse to be of any help. The company has also refused to let me return the tv even though I had it for less than a month. The company does not provide any documents showing what type of coverage you have and claims the paperwork will arrive in the mail. I have yet to receive any information on my coverage. Their salesman are deceiving customers into making purchases by lying to them and the company refuses to take any responsibility to resolve their negligence. I have filed reports with the BBB and the attorney general in hopes that someone can help me get my very expensive TV repaired.
I purchased a steam dryer from Conn’s n when it was connected I was told to call a plumber n not told why. Now the exhaust fills up with water n Morris Jenkins says the water cannot go up n out n that I would need a new vent for the dryer to work. The dryer is squeaking now because the belt will break soon. I called Conn’s after sucking water out with my wet vac in order to dry clothes. This is a fire hazard. I have called Conn’s for 2years n nothing is done. The managers name is Larry store 197 Charlotte NC
We offer a submission form on our website for you to fill out if you are seeking class action legal help. Attorneys will then review your submission to determine if you have a case. If they feel you qualify, they will contact you directly. You can submit your information here: https://topclassactions.com/start-a-class-action/.
Conns text statement/me
Here’s the deal. Purchased recliner couch/single recliner last week of June last year and it was delivered just prior to July 4th. The recliner couch broke the next day. I called in and wanted a replacement but they insisted on repair. One month later repair guy from Fast Furniture Repair found broken board on frame and that it had been make-shift repaired at factory. He showed up a few weeks later and replaced board with a thinner piece of wood. He made a comment and also noted on paperwork that whole recliner couch should be replaced. 1 1/2 months later it broke in same spot again. I called it in and wanted it replaced and they said don’t replace furniture. I told them if they did not it was going to dump. I have photos of this couches problems. I also told them payments will not continue. I want this note completely canceled and off my credit.
I was just served with a summons to court. Conns is sueing me for non payment. I set up payment with my bank to automatically send them payment. They would hound me day and night, saying they had not recieved payment. My bank statement would show they were paid. Eventually, after they had refused six months of automatic payments from my bank, I allowed them to have my account information. They have been taking a monthly payment since then. The calls never stopped, I would save each new robo dialer as “do not answer” and set it to go directly to voice mail. I have about 30 numbers saved that way. The sent me a collections settlement offer for half of the principal amount a few months ago. When I would call to find out what was going on, they would put me on hold for hours. I don’t know what to do with this summons, my wife was in a bad wreck two weeks ago and broke her neck, now this.
I just served with papers from Conn’s yesterday. It was very alarming. This is outrageous what they are doing.
I know the investigation is closed, but it needs to be reopened. They have lied to me about the payoff amount, the amount of payment that I have made to them in their system, and I feel that I am paying into a bottomless hole. What is more infuriating is that they demand I provide proof of the payoff amount!!!!! They denied being able to view my account balance and history. What kind of place is this?!? They have never sent me statements, nor can I view a detailed statement online!!!! I have “payed off” my account twice and still on my credit report as owing 200!!!! This is pure deceptive practice!!!!!
How can I get involved in this lawsuit? I am going through H*LL with them right now! Sent defective furniture and will not return. Thank you!
They are beating me and got me paying high I interest. They work in deception.
This particular investigation is no longer active. We will let our viewers know if a class action settlement is reached!
I would like to get involved with the conns furniture class act
This particular investigation is no longer active. We will let our viewers know if a class action settlement is reached!
Sorry, but how can I get involved in the lawsuit?
I am not that if this can be applied, but I had two accounts with Conn’s Home Plus. One account I purchased a Sectional sofa, stove, refrigerator, washer and dryer. On the other I purchased an Kindle Fire tablet. I believe that I may have paid interest that should not have been added to my account due to the fact that they offered, I believe it was 36 months interest free on the appliances and led me to believe that if I financed everything together that all the items would be interest free for the 36 months as well. Additionally, I paid several $100 on the insurance plan for the sectional sofa, refrigerator, stove, the washer and dryer. Several months before the end of the insurance I attempted to call Conn’s repair service, but when I did I received an answering machine because no one would monitor the lines for service. After several attempts at leaving voice mails requesting a call back to have my sofa reupholstered, my fridge to be checked because it was making a really loud buzzing sound that was keeping us up at night, and the Dryer that went out and would not even power on, I contacted customer service for help, but they stated that the only thing that they could do for me was to request that the repairs department contact me because there was no other way for the repairs to be requested. I was patient, but no call, no service. Also, on the account involving the Kindle Fire I paid it off in 2015, but they have been reporting to the credit bureaus that I was in collections for $34. I contacted them and they stated that it did look to be paid, but couldn’t help me at the time so they entered a complaint to receive more info about why I was showing to still owe a debt. I was supposed to receive a call within 24 hours, but never did. Eventually I would call back, but couldn’t get past the complaint and wait for answers again. For the past two years I have been attempting to clear up an account in collections which was paid in full. I never received a letter showing paid in full because as I recently learned, they mailed to an address in Albuquerque, New Mexico. I was told that my address was changed to the New Mexico address and that my letter was sent there. Still as of today, 08/18/2017, it is still reporting to my credit that I owe this amount, yet as I just spoke with someone from Conn’s Customer Service that they see that the account has been paid, but are waiting to have it cleared. I have been patient and endured enough from this company that truly lives up to their name, Conn’s because that is all they have done to me. I would like to seek reimbursement for the insurance plans that I paid and see about the interest that I paid. Note: I have called Conn’s many times over the last two years to have this account resolved, but they still have not cleared it up and won’t even send me a letter showing the account is paid in full. One last thing is that on several occasions that Conn’s has called me and at times when I have called them they would begin discussing my account information without acquiring additional information besides my name to validate that I am who I say I am. They would then discuss my account with me without validation and I believe that this is how my address may have been changed without my knowledge because they spoke with someone other than myself and they changed my address.