I stupidly didn't pay in full!!!

becominganobsessivesaver

I pay my M&S card by direct debit (minimum payment) then pay the rest. Stupidly this month I got my sums wrong by a whole £1 meaning that I'm going to suffer £15 interest! I've spoken to them tonight and asked if there's anything they can do as a gesture of goodwill. They're going to talk to a supervisor and call back tomorrow. What are my chances? (All of my ISAs are with M&S and I use their card regularly for most of my purchases)

chuckley

why would the interest be £15?! do they charge interest on the whole amount?

Maisie11

I suspect they do charge interest on the whole amount. However if you speak nicely to them and say how sorry you are and that it was a simple mistake bearing in mind your excellent payment history they will probably let you off.

Just be nice!

CLAPTON

chuckley wrote: »

why would the interest be £15?! do they charge interest on the whole amount?

if you dont pay in full you pay interest from the day you spend the money to the day you pay it off....

123oleary

all you can do is ask nicely. if they still charge you you can transfer your isas and cancel the card. customer services will probably ask why you want to cancel and the satisfaction you get from telling them will be £15 well spent.

prowla

The poor souls have to be allowed to make a profit somehow, don't they?

simon_templar_2

What if they had got their sums wrong by £100, could you phone them and see, if as a goodwill gesture you would not have to pay the interest?

rb10

123oleary wrote: »

all you can do is ask nicely. if they still charge you you can transfer your isas and cancel the card. customer services will probably ask why you want to cancel and the satisfaction you get from telling them will be £15 well spent.

As it's such a tiny mistake by the OP, I would hope that M&S do see it as such, and refund the interest.

But if they do charge, then I don't agree at all with what the quoted post has said. Transfer your ISAs and cancel the card? Because you made a mistake?? It's not M&S's fault at all, they would only be refunding the interest out of goodwill. No reason to leave them over it. (Unless you can get a better ISA rate and/or better credit card elsewhere, of course )

becominganobsessivesaver

Thanks for all the comments.

They were lovely on the phone and have refunded the interest - I've also set up a full payment Direct Debit!!!