What are my rights if I financed an item but have been unable to use it?

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What are my rights if I financed an item but have been unable to use it?

I purchased a ring while on a cruise using their credit card – 6 months interest free. I am having trouble getting the ring back from them. It has been sent back twice because the diamonds keep falling out. I have been paying for something that I can no longer wear. What actions can I take about this? Will it hurt my credit if I stop paying on the card since they have my ring and I can’t seem to get any answers from them concerning this problem?

Asked on February 20, 2011 under General Practice, North Carolina

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you simply stop paying, yes, it will hurt your credit--and you may be sued. You don't need to pay for merchandise that is defective and not as billed--you can expect repair, replacement, or refund. However, if the seller will not voluntarily provide the compensation, the way to go about things is to sue them, and during the lawsuit you may be able to stop payment (a lawyer can advise you as to the procedures and your options). But do not simply stop payment without initiating legal action, and bear in mind that if the problem is due to something you're doing (e.g. wearing the ring while playing sports), then the seller is most likely not responsible for that or for compensating you.


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