One late payment 0% is lost.

penniestopounds_3

My partner has had difficulty in getting 0% BT as his credit rating 'could be better'.
But he was late with one payent by 5 days and so lost the 0% (now 16.9%) even though he has been paying between £100-£250 each well above the minimum payment of £5 at Alliance & Leicester.

I don't suppose there is anything that he can do to get the 0% back is there?
Can anyone recommend other companies who would offer 0% BT to my partner.
In the past year his finances and payments are greatly improved and hope his credit rating will be too.
My own credit rating is high but we won't have joint accounts as my rating will fall because of his.

nomoneytoday

Why doesn't he call A&L / MBNA and ask?

penniestopounds_3

I phoned on his behalf ,as he was away, and of course they were unable to discuss his account.
I asked as a general query if "someone opened an account with 0% BT facility and had one late payment (even though payments were way above min.)what happens to 0%".
I was told it would be lost and from then on the interest would be the normal rate.
Perhaps he may have more luck if he tries when he gets back.

grumbler

penniestopounds wrote:

... he was late with one payent by 5 days and so lost the 0% ...

Is it such a big problem to setup a DD for minimum payment?

penniestopounds_3

No of course that would have been the safest thing to do but he had been paying different amounts in so as to reduce the balance.
I know,I know he should have set one up and then paid in extra at other times. But he didn't and now has to pay for his mistake.

I just feel for him because he has really worked so hard to get his finances back to a stable situation.

What I don't want him to do now is apply for new credit cards with 0% BT,get refused and reduce his credit rating even more.

Clariman

Hi penniestopounds

It is in the A&L (MBNA) Terms and conditions and it is in all MBNA Ts & Cs, so it really emphasises the importance to us all of reading the contract and understanding what you have signed up to. I know that is not any comfort. There are other 0% cards out there, so it might be worth him applying for another (non-MBNA one) e.g. HBOS, HSBC etc etc

Clariman

penniestopounds_3

Yes he knew the terms etc, we just wondered if there was anything we could do to retrieve the 0%. After all you can't get if you don't try!
Thanks for your reply.
He won't make same mistake again.
He may have lost his 0% but I love him 100% and he'll always have that!

King_Of_Fools

Other people have had luck with contacting MBNA and asking to be put back on the 0% as a goodwill gesture if they have only missed one month so it is worth him ringing up and asking. He has nothing to lose by trying!

nickmack

I was one day late with MBNA on a promo rate and I called them to ask if it could be restored.

They said they wouldn't be able to, but would refund the late fee.

I said I would be transfering my balance to another provider and closing my account as their facilities were no longer competitive.

After a short consultation with a colleague, they backed down.

K9cuddles

penniestopounds wrote:

No of course that would have been the safest thing to do but he had been paying different amounts in so as to reduce the balance.

The safest thing to do is to set up the DD, and then make overpayments online or via there transaction slip they give you on the statements!!

King_Of_Fools

K9cuddles wrote:

The safest thing to do is to set up the DD, and then make overpayments online or via there transaction slip they give you on the statements!!

Of course, if you are on 0% it is far better to make these overpayments into a savings account until the end of the 0% period and keep the interest earned on them.