Finance, Investments loan agreement not realized

[copycat]

I recently agreed to finance half of a large plumbing contract. The terms were fixed monthly payments for principal and interest (9.9%). The financial institution that would supply the loan instead sent me a credit card with credit limit equal to the amount of the loan that I signed up for. The interest on the card account is 26.99%. I did not activate the credit card and called the contracting company to explain the mix up. I left a message to the person in charge. That was 2 weeks ago and I have not received a reply form the contracting company of any correction from the financial institution. I would gladly forget the loan and let things go, especially since I was grossly overcharged for the job in the first place. But am I setting myself up for more trouble if I do nothing? When they realize their mistake, will I be liable for more than I agreed to initially?

 

[army judge]

I recently agreed to finance half of a large plumbing contract. The terms were fixed monthly payments for principal and interest (9.9%). The financial institution that would supply the loan instead sent me a credit card with credit limit equal to the amount of the loan that I signed up for. The interest on the card account is 26.99%. I did not activate the credit card and called the contracting company to explain the mix up. I left a message to the person in charge. That was 2 weeks ago and I have not received a reply form the contracting company of any correction from the financial institution. I would gladly forget the loan and let things go, especially since I was grossly overcharged for the job in the first place. But am I setting myself up for more trouble if I do nothing? When they realize their mistake, will I be liable for more than I agreed to initially?

You can simply send them a letter, with the SHREDDED credit card enclosed, declaring you never wanted a credit card, simply a line of credit.
Make sure you send it certified or registered (return receipt requested).
Keep copies for later disputes.
You're right, there is a difference.
If you use the card, you're on the hook for that exorbitant interest rate.