What Happened with Tally and What to Do If Your Account Gets Shut Down

Tally’s Shutdown

Tally had a pretty solid run helping people manage their credit card payments by offering lower-interest credit lines and automating the whole process. They raised $172 million from big-name investors like Andreessen Horowitz and Sway Ventures, but things started to go south earlier this year when they announced a shift from focusing on individual users to a more business-oriented model. That plan never really took off, and soon after, customers started reporting issues like missed payments and hiked-up interest rates.

On Monday, August 12th, CEO Jason Brown took to LinkedIn to announce the shutdown, calling it a “difficult and sad decision.”

What to Do If Your Account Gets Shut Down

So, what should you do if you were using Tally and now find yourself in a bit of a bind? Here’s a quick guide:

1. Check Your Account ASAP: Log in to your Tally account (if you still can) and take a look at your credit lines, payment history, and balances. It’s a good idea to take screenshots or download any important info.
2. Try Reaching Out: Even though the company is shutting down, it’s worth trying to contact Tally’s customer support to get the lowdown on your account and what to expect next. If you’ve stopped making your payments, they may have sent your account into collections.
3. Keep an Eye on Your Credit: The shutdown could mess with your credit score, especially if payments got missed or if your account was sent to collections. Keep tabs on your credit report to make sure everything’s in order and that your accounts are properly updated.
4. Set Up New Payments: If Tally was handling your payments, you’ll need to jump in and set up new arrangements directly with your credit card companies. This will help you avoid any late fees or unexpected interest rate increases.
5. Get Legal Advice if Needed: If the shutdown has caused serious issues for you—like missed payments or a hit to your credit score—you might want to talk to a lawyer. There could be a class-action lawsuit in the works, and you’ll want to know your options.
6. Explore Alternatives: Now’s a good time to look at other tools or services that can help with debt management. Think about things like debt consolidation loans, balance transfer cards, credit counseling services or apps like Debbie.

Do You Still Need to Pay Tally Back?

Yes, you’re still on the hook for any money you owe to Tally. Just because the company is shutting down doesn’t mean your debt disappears, unfortunately. If you had a credit line with Tally, those obligations are still active, and it’s crucial to get them in order.

If your payments are missed or your account goes into collections, it could seriously mess with your credit score. To avoid this, reach out to Tally (if possible) to confirm your balance and make arrangements to pay off what you owe. It’s better to deal with this now rather than wait until it’s sent to collections, which could make the situation even more difficult to manage. If you think your balance is incorrect, make sure to confirm the details with them.

So, What’s Next?

Tally’s closure is a tough break, especially if you relied on them for managing your finances. Take it as a reminder that while fintech companies can offer some great services, they’re not immune to the ups and downs of the market. Having a backup plan and staying on top of your financial situation can help you bounce back when things like this happen.

For now, focus on taking control of your credit card payments and exploring other options that might work for you. With a bit of effort, you can get things back on track and keep moving forward.

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