 Sears customers told to continue paying for worthless extended warranties Debt collectors are demanding Sears customers continue to pay for extended warranties even though the department store has gone out of business and will not honour them.Commentsview comments in forum Page 1 2 You need to be a member of CKA and be logged into the site, to comment on news. |
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Can anyone say "Class action lawsuit"
These people are being forced to pay for useless warranties by a goddamned collection agency?
But they financed it. If they hadn�t financed it they would have paid up front for warranties and would still be out money. The companies that bought the debt (yes for less than the debt) make a profit from the debt being paid off. They don�t have anything to do with the rest. I have worthless pieces of paper too but I had already paid for them before sears went under. They are still useless though. Sucks to be anyone with a sears warranty but doesn�t change the fact that they agreed to pay for it all over time.
So, since you and I are out money because we paid up front for our warranties means that that people who rolled their warranty payment into their appliance costs should lose out to?
I'm sorry but I can't agree. Take the Sears bankruptcy out of the equation and you can see that this is a predatory business practice that borders on fraud. The companies who bought the debt can go and take a flying leap at a rolling donut because there is no way they should be allowed to charge for a service they can't or won't provide which is what this amounts to.
Unfortunately you and I bought the warranties without knowing Sears was going out of business. As a matter of fact when we heard that they were going under I phoned their warranty service line and was ASSURED by some twit on the other end that no matter what happened Sears had made arrangements to honour their warranties. Well isn't that special. Not only did they lie to me and probably thousands of other customers but they sold their warranties along with their debt to companies that wouldn't honour them. I often wondered why they kept phoning me in the months leading up to the liquidation to ask if I wanted to extend my warranties for alot more money. Thankfully I didn't bite and lose anymore money to these blood sucking assholes.
But apparently there was some recourse we could have had if we'd known about it. We likely wouldn't have got any money but it would have at the least given us some measure of closure.
But even in that case, chances were that customers would see very little actual money.
https://ca.finance.yahoo.com/news/happe ... 32752.html
So if there is one chance in a million that someone someplace can take a measure of revenge against these predatory type companies who use and abuse people for the bottom line, then all I can say is go for it and I'll back them up 100%. BTW read the bottom paragraph of the article which I'm sure you'll find interesting.
I have NEVER bought extended warranty, from any company and for any product.
^^^
I have NEVER bought extended warranty, from any company and for any product.
Wise plan.
Just like Krusty the Clown said about cheques with his name on them, extended warranties will not be honoured.
But they financed it. If they hadn�t financed it they would have paid up front for warranties and would still be out money. The companies that bought the debt (yes for less than the debt) make a profit from the debt being paid off. They don�t have anything to do with the rest. I have worthless pieces of paper too but I had already paid for them before sears went under. They are still useless though. Sucks to be anyone with a sears warranty but doesn�t change the fact that they agreed to pay for it all over time.
So, since you and I are out money because we paid up front for our warranties means that that people who rolled their warranty payment into their appliance costs should lose out to?
I'm sorry but I can't agree. Take the Sears bankruptcy out of the equation and you can see that this is a predatory business practice that borders on fraud. The companies who bought the debt can go and take a flying leap at a rolling donut because there is no way they should be allowed to charge for a service they can't or won't provide which is what this amounts to.
Unfortunately you and I bought the warranties without knowing Sears was going out of business. As a matter of fact when we heard that they were going under I phoned their warranty service line and was ASSURED by some twit on the other end that no matter what happened Sears had made arrangements to honour their warranties. Well isn't that special. Not only did they lie to me and probably thousands of other customers but they sold their warranties along with their debt to companies that wouldn't honour them. I often wondered why they kept phoning me in the months leading up to the liquidation to ask if I wanted to extend my warranties for alot more money. Thankfully I didn't bite and lose anymore money to these blood sucking assholes.
But apparently there was some recourse we could have had if we'd known about it. We likely wouldn't have got any money but it would have at the least given us some measure of closure.
But even in that case, chances were that customers would see very little actual money.
https://ca.finance.yahoo.com/news/happe ... 32752.html
So if there is one chance in a million that someone someplace can take a measure of revenge against these predatory type companies who use and abuse people for the bottom line, then all I can say is go for it and I'll back them up 100%. BTW read the bottom paragraph of the article which I'm sure you'll find interesting.
If I understand the situation correctly, then I actually don�t see why the debt collectors wouldn�t be entitled to collect the full amount
When I boughty last car from Mazda, it was financed through Scotia bank. Scotia paid Mazda up front therefore I had to repay Scotia the agreed-upon amount. Scotia is not responsible for serving the vehicle in any way, they are only the lender and if Mazda had suddenly gone out of business that would have nothing to do with Scotia or the payment I owe them I don�t see why they should give me a discount and eat the cost.
Sears was a poorly managed company that screwed over its customers. But if you borrowed money to shop at sears, you owe that repayment to whoever lent you that money , they shouldn�t have to take the loss for you.
But they financed it. If they hadn�t financed it they would have paid up front for warranties and would still be out money. The companies that bought the debt (yes for less than the debt) make a profit from the debt being paid off. They don�t have anything to do with the rest. I have worthless pieces of paper too but I had already paid for them before sears went under. They are still useless though. Sucks to be anyone with a sears warranty but doesn�t change the fact that they agreed to pay for it all over time.
So, since you and I are out money because we paid up front for our warranties means that that people who rolled their warranty payment into their appliance costs should lose out to?
I'm sorry but I can't agree. Take the Sears bankruptcy out of the equation and you can see that this is a predatory business practice that borders on fraud. The companies who bought the debt can go and take a flying leap at a rolling donut because there is no way they should be allowed to charge for a service they can't or won't provide which is what this amounts to.
Unfortunately you and I bought the warranties without knowing Sears was going out of business. As a matter of fact when we heard that they were going under I phoned their warranty service line and was ASSURED by some twit on the other end that no matter what happened Sears had made arrangements to honour their warranties. Well isn't that special. Not only did they lie to me and probably thousands of other customers but they sold their warranties along with their debt to companies that wouldn't honour them. I often wondered why they kept phoning me in the months leading up to the liquidation to ask if I wanted to extend my warranties for alot more money. Thankfully I didn't bite and lose anymore money to these blood sucking assholes.
But apparently there was some recourse we could have had if we'd known about it. We likely wouldn't have got any money but it would have at the least given us some measure of closure.
But even in that case, chances were that customers would see very little actual money.
https://ca.finance.yahoo.com/news/happe ... 32752.html
So if there is one chance in a million that someone someplace can take a measure of revenge against these predatory type companies who use and abuse people for the bottom line, then all I can say is go for it and I'll back them up 100%. BTW read the bottom paragraph of the article which I'm sure you'll find interesting.
If I understand the situation correctly, then I actually don�t see why the debt collectors wouldn�t be entitled to collect the full amount
When I boughty last car from Mazda, it was financed through Scotia bank. Scotia paid Mazda up front therefore I had to repay Scotia the agreed-upon amount. Scotia is not responsible for serving the vehicle in any way, they are only the lender and if Mazda had suddenly gone out of business that would have nothing to do with Scotia or the payment I owe them I don�t see why they should give me a discount and eat the cost.
Sears was a poorly managed company that screwed over its customers. But if you borrowed money to shop at sears, you owe that repayment to whoever lent you that money , they shouldn�t have to take the loss for you.
They may have been a poorly managed company but that doesn't negate the fact that the customers who purchased appliances or other items though Sears still received those products.
What's happening now is the problem. Nobody said people shouldn't pay back what they owe for the appliances that they actually took possession of. What they're saying is that they shouldn't have to pay for a non existent warranty. TBH Sears should have eaten the warranty's like they expected all of the people who bought their product with a warranty to do. But, I guess that would have cut into the amount the Bank and finance company would be willing to pay for their equity which, in turn would have cut into the executives bonus for bankrupting what was once a viable company.
Promised bonuses were only supposed to be paid in full if the company found a way to survive. However, Sears got court approval on Wednesday to continue paying retention bonuses to key staff such as executives and managers who will now steer the retailer through the wind-down and liquidation process.
In total, Sears will end up paying up to $6.5-million in bonus payments to head office staff from the time it filed for insolvency in June until it closes for good.
Final liquidation sales at Sears Canada begin after retailer fails to find buyer
Meanwhile, more than 16,000 employees have recently lost or will soon lose their jobs without receiving any severance, and many of them will likely collect reduced pensions.
https://www.cbc.ca/news/business/sears- ... -1.4360811