Apmex Collections agency question

I had placed an order with APMEX and canceled it the same day, and called my bank reported my debit card card as lost. I am now told I need to pay $250 market loss fee for the canceled order. I have seen reports on other sites that say they will report to a collection agency to attempt to collect the money if I do not pay.

I have a very good credit rating FICO score and would like to keep it.

I would like to know from others who have been down this road before, if APMEX turns my account to a collection Agency and I do not pay, will this affect my credit score?

They do not have my Social security number, dont companies need my SS to make reports to the credit bureaus?

 

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So did you place the order and later cancel it OR did you lose your debit card and someone found it and placed the order using your lost debit card?

You weren't by any chance under the influence of Ambien when you placed the order, were you?

 

I placed the order first.

 

No, all they need is your name and address, but seeing as they have your credit or debit card info, they have more than enough info.

 

Then you are bound by the terms of the agreement. Did you read the terms of the agreement before you placed your order?

APMEX has a very good reputation. They are one of the leaders in the PM market. They are not known for making money by screwing over customers by charging baseless fees. I am guessing that you placed an order and later that day the spot price of silver or gold (or whatever you ordered) dropped so you canceled the order. Is that what happened?

 

Let me get this straight.
You made a purchase and used your debit card to pay for it.
Your debit card was then lost.
You cancelled the original order.
You cancelled your debit card.
Is this correct?
If so, you are responsible for the order.
APMEX has a clause in their contract making you responsible for any reduction in value of the product between your purchase and your cancellation. You agreed to this when you made the purchase.
Yes, they can put this info on your credit report without having your SSN. Your debit card number is just as effective.

 

I just now went to APMEX's web site and clicked on FAQ.

Surely you read this before placing your order:

Looks to me like you're on the hook for the market loss plus the $35 cancellation fee. I hope you learned your lesson.

 

I did learn a lesson .... And I would not mind paying the fee, its just i feel this is very steep fee to pay for nothing! No way they lost $215 in market loss.


Has anyone actually been down this road with them before? Sounds like everyone commenting has not.

 

What, exactly, did you buy?

I really doubt that APMEX is fudging any losses on this.

 

We need to know exactly what you ordered and the quanity?

So from what I can understand...

You placed an order
Canceled the order
Then called your bank and canceled your card?
And lied to the bank about you losing it

Is that how it went?

 

If you cancelled it is the ethical thing to follow the terms. Still though I personally would call APMEX and have them explain the amount to my satisfaction. Metals have been going down so a $215 loss is possible.

 

I ordered 10 bars of 1 oz Credit Suisse Gold Bars .9999 Fine (In Assay)

Yes I lied to the bank about losing my card, that's how it went down.

 

Does Apmex offer a Market gain payout if the price is higher when you cancel? Also to the op why didn't you call them and see if you could get the order changed to a different form of payment?

 

If you ordered 10 1oz gold bars, then a loss of $215 is minor. that's only a drop of $21.50 in the gold price that day- and we all know that the market can swing much more than that in a day.
Lying to a bank is not a good practice.
What would Daisy say?

 

.

 

Yeah I admit, I fudged up! But WoW you make it sound like I stole something from you personally. Shot dead for canceling an order and lying/canceling my bank card. You have never told a lie before in your life? You must be a saint! LOL

Good thing you are not the ruler of the world or we would all be in caskets.

 

Sarcasm, boy, sarcasm. Calm down.

 

What a ridiculously absurd comment.

 

I'll admit that I'm no saint, but somewhere between "never told a lie before in your life" and "looking for advice on how to follow through on bank fraud", there's a line I'm not comfortable crossing.

 

This was not bank fraud ...The debit card had not even been charged yet. How am I defrauding the bank out of money when nothing was even charged to the card yet. Fraud implies I had something of value to gain from doing so. Some people like to use strong words completely out of context and over the top.