HSBC's way of making money or my mistake?

Daston

I am a little bit annoyed at this

I admit in the past I have been rubbish with missing payments but I have learnt from it and got my act together. I recently got a HSBC card out as it had a nice long 0% balance transfer limit.

However 3 months in and all is not well. My payment due date for last month is the 4th (normaly the 14th) and I get paid on the last working day of each month. So I pay over my min payment on payday. However this month HSBC received my payment on the 2nd but it wanst processed till the 5th meaning I missed the payment date.

My question is

1) can they change my due date without telling me
2) is it my fault that it took them 3 days to process my payment and should I be charged for it?

This now means I have lost my 0% interest as well

CLAPTON

you need to read the T&Cs about paying but you usually need to leave 4 working days....

set up a DD

sarahs999

You could ask them to let you of thehook as a goodwill gesture. And also to explain why they changed your payment day by 10 days, and explain about your salary arriving last day of the month. I tmight work if you get a human on the end of the phone. Be nice though....

YorkshireBoy

Daston wrote: »

However this month HSBC received my payment on the 2nd but it wanst processed till the 5th

You 'sent' your payment on the 3rd (banks don't work Sat/Sun). It then spent two days in the 'system', before being received by HSBC and applied to your account on Wednesday 5th. Standard practice I'm afraid.

1) can they change my due date without telling me

You were told your payment due date on the statement...weren't you?

2) is it my fault that it took them 3 days to process my payment and should I be charged for it?

It didn't take them 3 days. You didn't allow the necessary 3/4/5 days as detailed on your statement.

You now have 3 issues...

1. A possible late payment marker on your CRA file.
2. A £12 late payment charge.
3. The loss of your 0% rate.

You need to call customer loyalty and plead your case. If you have to 'give' anything, I'd suggest conceding (1) & (2) to retain (3) is most beneficial to you.

TrickyDicky

YorkshireBoy wrote: »

You now have 3 issues...

1. A possible late payment marker on your CRA file.

There are no late payment markers, just missed payment ones ie. you didnt pay at all until the next statement.

YorkshireBoy

TrickyDicky wrote: »

There are no late payment markers, just missed payment ones ie. you didnt pay at all until the next statement.

I was quoting from Experian's 'Your credit report explained' booklet...

What do the status codes mean?

Every credit account includes a list of ‘status codes’. These show whether you have made your credit repayments on time, over the past three years (36 months). The last 12 months’ payments are shown in full (the most recent is shown first). Underneath the status codes is a summary of payments, unless the status code shown is 8 (which is a default). The summaries of ‘number of status 1-2’ and ‘number of status 3+’ show how many times payments have been late (by up to three months or more than three months) within the last 36 months (or since the account was opened).

The table below explains what the status codes shown in your status history mean. The code shown against settled accounts relates to the period before these accounts were settled.

0 - Payments are up to date.
1 - Payments are up to one month late.
2 - Payments are up to two months late.
3 - Payments are up to three months late.
4 - Etc.

http://experian.metafaq.com/resources/experian/Downloads/Credit_report_explained (page 11)