novice investor in a dilemma!

Advice please - I recently had some money to invest & decided to
purchase 1oz gold American Eagles.

I contacted a company, and despite the rep's refusal to waive the $100
charge for postage and insurance, placed the order. I might add that
they required me to provide a credit card number despite the fact that
I was to send a certified check for my purchase.

Having second thoughts, later that day I found a different company and
the rep waived shipping & insurance charges - an added bonus was that
the price of gold had gone down slightly and I was able to purcase an
extra coin for the same amount of money.

Here is my problem. Within 48 hours I emailed the first company and
cancelled my order. This is an excerpt of their reply: "As the price
of gold has gone down since you placed your order, if you cancelled
now, policy would oblige me to charge you the difference we would lose
per ounce. The price when you booked was $437.72. It is now at
$432.55. The difference per oz. is $5.17. Multiply this by 40, and the
charge is $206.80..."

Since I had given the rep the number to a rarely-used credit card, I
immediately closed my card account. I have not responded to the first
company's reply, and don't really intend to.

The advice I'm seeking concerns my responsibility to the first
company. As a consumer, do I have the right to change my mind and
cancel an order? How can they enforce collection when they don't have
my SSN (all they have is my home address, phone number & email
address), and the credit card account is closed?

I appreciate all suggestions and advice.

On 24 Feb 2004 13:23:54 -0800, (shirl76053) wrote:

The advice I'm seeking concerns my responsibility to the first
company. As a consumer, do I have the right to change my mind and
cancel an order? How can they enforce collection when they don't have
my SSN (all they have is my home address, phone number & email
address), and the credit card account is closed?

I won't advise you on you legal rights, but from an ethical positions you
are an absolute jerk. This was a commodity transaction, which are
standardly pegged down right to the second. It was your responsibility to
know the terms and stand by them. Frankly, I would have hung the phone up
on you the moment you tried to get free shipping. What a moron!

Don't you realize that the company may have just made a bullion order
themselves to cover your shipment? Imagine explaining that to the boss:
"Uh, I just ordered $18,000 worth of gold and the guy doesn't want to pay
for it. And oh, the price just went down. Of course, the dealer probably
already has money on account with the wholesaler, so he can't get his money
back. Instead, he has to sell it back to them at the new, lower, gold
price. This is why you were requested to pay the difference.

The reason you later found a better price was because the market had gone
down since you placed your first order. Instead of taking the hit like
everyone else does, you tried to skip out on it. Shame on you.

So, then you cancel the credit card so you don't have to pay. One, it was a
rotten thing to do. Two, you will probably be sued for the difference, if
not the whole amount. Three, for providing a now-bogus credit card order,
you may be subject to some criminal action too if they cared to press it.

Please never try to buy any bullion from me.

BLReed

To email me click he http://tinyurl.com/nd66
For collector coins and supplies at fair prices: http://tinyurl.com/pt9r
Cool things: http://www.byronreed.com/byrons_collections/default.htm
Talk bust coins: http://www.byronreed.com/phpBB2/index.php

I have to agree. We're all adults and we have a responsibility to follow
through when we make deals.

In the matter of the closed credit card account, the charges will probably
be charged to the card anyway. In taking the order the rep most likely got
an approval on the charge, and the credit card company would honor the
approval and the account holder will still be responsible for payment. I
know from experience. I put a magazine subscription on a charge card once
and they renewed without asking me. I let it go for the year but cancelled
the card. Got a bill from the credit card company the next year for yet
another renewal because the magazine still had an approval number. I fought
that one.

Ken


"Byron L. Reed" wrote in message
...
On 24 Feb 2004 13:23:54 -0800, (shirl76053) wrote:

I won't advise you on you legal rights, but from an ethical positions you
are an absolute jerk. This was a commodity transaction, which are
standardly pegged down right to the second. It was your responsibility to
know the terms and stand by them. Frankly, I would have hung the phone up
on you the moment you tried to get free shipping. What a moron!

Don't you realize that the company may have just made a bullion order
themselves to cover your shipment? Imagine explaining that to the boss:
"Uh, I just ordered $18,000 worth of gold and the guy doesn't want to pay
for it. And oh, the price just went down. Of course, the dealer probably
already has money on account with the wholesaler, so he can't get his
money
back. Instead, he has to sell it back to them at the new, lower, gold
price. This is why you were requested to pay the difference.

The reason you later found a better price was because the market had gone
down since you placed your first order. Instead of taking the hit like
everyone else does, you tried to skip out on it. Shame on you.

So, then you cancel the credit card so you don't have to pay. One, it was
a
rotten thing to do. Two, you will probably be sued for the difference, if
not the whole amount. Three, for providing a now-bogus credit card order,
you may be subject to some criminal action too if they cared to press it.

Please never try to buy any bullion from me.

BLReed

To email me click he http://tinyurl.com/nd66
For collector coins and supplies at fair prices: http://tinyurl.com/pt9r
Cool things: http://www.byronreed.com/byrons_collections/default.htm
Talk bust coins: http://www.byronreed.com/phpBB2/index.php

I find it hard to believe anyone can be this clueless, must be a troll
post.

In the event it's not:

check here,
http://www.hyperdictionary.com/dictionary/integrity
You'll find your answer under number 2.

In article ,
(shirl76053) wrote:

The advice I'm seeking concerns my responsibility to the first
company. As a consumer, do I have the right to change my mind and
cancel an order? How can they enforce collection when they don't have
my SSN (all they have is my home address, phone number & email
address), and the credit card account is closed?

First, your asking questions better asked of an attorney.

Second, your integrity is in the toilet. You ordered a commodity that is
bought/sold in seconds, thus likely creating a debt on the books of the
company you ordered from who are responsible for ordering bullion on the
spot market.

Third, even though you closed the account it was likely charged before
you bailed out and you'll be reponsible for the debt.

Fo[u?]rth, the least that will likely happen is the company you
cancelled the order on will ding your credit report. As they should.

Scot Kamins
---
RCC's Resident Newbie

You owe the money. Same as if you called your broker and ordered stock,
then
cancelled the order when the price fell.

--
RARE COIN AUCTIONS NO MINIMUMS http://www.frankcoins.com
Ebay Powerseller FRANKCOINS Texas Auction License 11259
Board member of Texas Coin Dealers Association, Fort Worth Coin Club.
Member: Texas Numismatic Assoc, American Numismatic Assoc.

"shirl76053" wrote in message
...
Advice please - I recently had some money to invest & decided to
purchase 1oz gold American Eagles.

I contacted a company, and despite the rep's refusal to waive the $100
charge for postage and insurance, placed the order. I might add that
they required me to provide a credit card number despite the fact that
I was to send a certified check for my purchase.

Having second thoughts, later that day I found a different company and
the rep waived shipping & insurance charges - an added bonus was that
the price of gold had gone down slightly and I was able to purcase an
extra coin for the same amount of money.

Here is my problem. Within 48 hours I emailed the first company and
cancelled my order. This is an excerpt of their reply: "As the price
of gold has gone down since you placed your order, if you cancelled
now, policy would oblige me to charge you the difference we would lose
per ounce. The price when you booked was $437.72. It is now at
$432.55. The difference per oz. is $5.17. Multiply this by 40, and the
charge is $206.80..."

Since I had given the rep the number to a rarely-used credit card, I
immediately closed my card account. I have not responded to the first
company's reply, and don't really intend to.

The advice I'm seeking concerns my responsibility to the first
company. As a consumer, do I have the right to change my mind and
cancel an order? How can they enforce collection when they don't have
my SSN (all they have is my home address, phone number & email
address), and the credit card account is closed?

I appreciate all suggestions and advice.

I don't think you would want to read my suggestion, but I do have a request. Please
provide us with your Ebay handle if you have one. I'd like to block you from bidding on my
auctions.

--
John

Visit the RCCers favorite coins web page
http://mywebpages.comcast.net/jcarne...ns/rccers.html

"Scot Kamins" wrote in message
...
In article ,
(shirl76053) wrote:

The advice I'm seeking concerns my responsibility to the first
company. As a consumer, do I have the right to change my mind and
cancel an order? How can they enforce collection when they don't have
my SSN (all they have is my home address, phone number & email
address), and the credit card account is closed?

First, your asking questions better asked of an attorney.

Second, your integrity is in the toilet. You ordered a commodity that is
bought/sold in seconds, thus likely creating a debt on the books of the
company you ordered from who are responsible for ordering bullion on the
spot market.

Third, even though you closed the account it was likely charged before
you bailed out and you'll be reponsible for the debt.

Fo[u?]rth, the least that will likely happen is the company you
cancelled the order on will ding your credit report. As they should.

Scot Kamins
---
RCC's Resident Newbie

Bravo! I hereby proclaim you a non-newbie.

--
John

Visit the RCCers favorite coins web page
http://mywebpages.comcast.net/jcarne...ns/rccers.html

In article ,
"John Carney" wrote:

"Scot Kamins" wrote in message
....


Fo[u?]rth, the least that will likely happen is the company you
cancelled the order on will ding your credit report. As they should.

Scot Kamins
---
RCC's Resident Newbie

Bravo! I hereby proclaim you a non-newbie.

I blush. But while I still consider myself a newbie, I shall accept a
small promotion.

My mother weeps with pride.

Scot Kamins
---
RCC's Resident Newbie First Class

I don't think you would want to read my suggestion, but I do have a
request. Please
provide us with your Ebay handle if you have one. I'd like to block you
from bidding on my
auctions.

--
John

Visit the RCCers favorite coins web page
http://mywebpages.comcast.net/jcarne...ns/rccers.html


Speaking of eBay, I noticed that the high bidder on your RCC Ember is now
NARU'd. Do you know what that is about?

Jack