In Bankruptcy Information, Bankruptcy News

Thank you readers for your questions about Schubach Jewelers. While I don’t have all the answers, I do appreciate hearing from you.

Today, I’m answering a question posed by Jessica. She asks, “What if you bought on store credit? How do you pay the payments?”

Great question Jessica. First, try calling the number on your statement for billing questions to try to find out if anyone is still manning the phones. If you can get a live person, great. Ask them that very question: where do I pay? Then do whatever they tell you. If you can’t get a live person, just continue to make your payments as before.

Regardless of whether you talk to anyone or not, it’s very important that you keep accurate records of the payments you do make. I recommend you pay by check so that you can show a cancelled check if a dispute every arises. Put your account number on each check along with a notation about which payment, for example “July 2019 payment.” Make a copy of both the invoice and the check. You might even consider sending your payments by certified mail, return receipt requested, so you have a record that your payment was received.

If you were set up for automatic withdrawals each month, continue that but be sure you keep a copy of each month’s bank statement showing the withdrawal.

Either way, you should also consider making a ledger listing each monthly payment, the amount of the payment, the date it was made, and the method (check, automatic withdrawal etc.). Keep track of your balance, both as shown on your monthly statements, if you receive them, or calculate your own balance.

The liquidation of a large company such as Schubach’s provides ample opportunities for errors and things to slip through the cracks. Your account might be one of these.  You need accurate records to prove that you have made your payments.

You might be tempted to play the odds that yours is one of the accounts that slips through the cracks. I’ve seen it happen where one company takes over another and the accounts of the company taken over get lost or misplaced, and, as a result, the customers end up not having to pay. But that’s rare. If you decide to play that game, don’t be surprised if a bill collector comes knocking, demanding the full amount owed immediately.

If you have credit issues, please contact us.

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