Unfair charge on late payment of 65p on credit card bill!

jonnyb

StevieJ wrote: »

Agreed, I could not believe that ridiculous post.

I realise that humour does not transition very well to these type of forums. That's what the smiley icons are for.
I used a wink, a stick out tongue, and actually compimented the OP for learning from their mistake and getting a DD set up. I was not nasty and abusive, just a bit light-hearted.

StevieJ

jonnyb wrote: »

I realise that humour does not transition very well to these type of forums. That's what the smiley icons are for.
I used a wink, a stick out tongue, and actually compimented the OP for learning from their mistake and getting a DD set up. I was not nasty and abusive, just a bit light-hearted.

If that is you being jolly remind me not to get on the wrong side of you.

jonnyb

Stevie, I sometimes get very wound up by people posting threads with misleading titles and sob stories that are actually their own fault. See this thread, and the title: http://forums.moneysavingexpert.com/showthread.html?t=1110509

If these people take responsibility for their actions I applaud them, but if they come on here asking for sympathy and criticising the company involved, then I have little sympathy.

The OP in this case said he has been a customer for 6 years with his card issuer. If he did not know the terms and conditions, and if he had not set up a DD in all that time, what sympathy should he get ?

I have had charges in the past for missed payments, or an odd returned DD from the bank. Each time I have accepted responsibility, and quietly set about rectifying the situation, without resorting to coming on MSE and moaning about it.

Now lets all be happy again - it's friday and the weekend is here.;)

ShelfStacker_3

NickX wrote: »

ShelfStacker is referring to not paying off the balance before a 0% promotion expires, and yes you would only pay interest from the date of expiry of the promotion and NOT for the whole year. The sooner you pay it off the better.

Now, this is interesting. Is this true? I'm not asking because of the calculation (that was an illustration, but apparently wasn't very clear... but because I have a 0% deal I probably won't be able to pay off very quickly... so they won't charge me for the whole year, just for a month or so?

jonnyb

shelfy, as long as you keep making the min payments, all they can do is start to charge you the standard variable APR on the outstanding balance from the date that the 0% ends.

are you planning to try and move it to another 0% card, just before your current deal ends ?

ShelfStacker_3

jonnyb wrote: »

shelfy, as long as you keep making the min payments, all they can do is start to charge you the standard variable APR on the outstanding balance from the date that the 0% ends.

are you planning to try and move it to another 0% card, just before your current deal ends ?

No, my credit score (despite having a £1k limit with HSBC) isn't good enough. Hence my concern at the interest... but that's good news! Should take me a couple less months to pay off now Cheers.

NickX

ShelfStacker wrote: »

Now, this is interesting. Is this true? I'm not asking because of the calculation (that was an illustration, but apparently wasn't very clear... but because I have a 0% deal I probably won't be able to pay off very quickly... so they won't charge me for the whole year, just for a month or so?

Yes it is true, hopefully jonnyb has confirmed also.

You will start accruing interest from the end of the promotional period.

If you manage to clear it within 2 months, you will only pay 2 months worth of interest.

In your example of 20%, if you owe £1000 the interest would be approximately :

£1000 * 20% * (2/12) = £33 or thereabouts.

ShelfStacker_3

Wonderful.

And it's further good news, as I'm now going to be overdraft free, too

NickX

ShelfStacker wrote: »

And it's further good news, as I'm now going to be overdraft free, too

Well Done :beer:

They say good news comes in threes - you've got a new job at HSBC, no overdraft, and less interest to pay than you thought.

Happy Days.

jonnyb

ShelfStacker wrote: »

No, my credit score (despite having a £1k limit with HSBC) isn't good enough. Hence my concern at the interest... but that's good news! Should take me a couple less months to pay off now Cheers.

any chance you can talk you existing card provider into offering a life of balance rate, which should be much lower than standard variable ?

ring them and suggest that you are thinking about moving your remaining balance to another 0% - they won't know the truth. then ask if they have any life of balance offers.