Capital One and Accumlative Intrest Charge

queenbeeno1

Hi Everyone I am new to this but wanted to know if anyone could give me some advice. My OH and I incurred £20 late payment fees on our credit cards, we disputed the amounts and the intrest charged (the payment had been received on time by them - we know this because it was a two post dated cheques for the full amount- and they wrote saying they couldn't accept post dated cheques (something they had done in the past) - but in both cases they didn't apply the money until after the due date) Anyway Capital one sent us bog standard letters and refunded the £20 fees, they did not however, refund the interest that they charged each of us. The following month we cleared our accounts in full again minus the interest fees and sent a letter advising this is what we had done and requested that they "suspend" any further interest charges whilst we dispute these amounts. We have again received our statements (no reply to our letter!) and further interest charges. I have written again but does anyone know where we stand. I don't want to end up with huge interest charges as each month its getting bigger because its interest on interest! We have both stopped using the cards now and we are going to get different cards instead but I don't want my credit rating affected and I do not want to pay them any intrest either, they make me so Mad they make out they are such a great credit card company but they are dreadful, I don't even bother calling them anymore because it an offshore call centre and they just don't listen! :mad: HELP PLEASE

Bloke_with_a_simple_life

The use of "post dated" cheques seems to have been your down fall here. I think Cap 1 are quite reasonable in refunding the late fees but not the interest.

My advice? Pay up the interest and clear your balance, learn the lesson that you should not send post dated cheques and move on.

YorkshireBoy

You don't say how long this has been going on, but I have Capital One statements going back to May 2005 and on the reverse of every one of them (under "How to make a payment to your account") it clearly states...

Capital_One wrote:

Please do not send cash or post-date your cheque.

My advice, like the previous poster's, is to pay the interest as soon as possible.

I don't want my credit rating affected

Capital One will probably have already marked your CRA file with a late payment indicator. You might want to check your file to see the extent of the damage.

queenbeeno1

When I said the cheque was post dated i meant it was for the full amount and dated for the date the payment was due. My OH and I have had these cards for years and I always send payment this way, this was only indicated as a problem in March this year and since then the payments have been sent a week before they're due witth cheque being dated a week before payment is due. The thing is they have not addressed the interest issue with us at all, they just keep adding further interest each month. I can't understand the amount they are adding either, maybe I am a bit dumb but my OH had an orginal intrerest amount of £8 added and since March this has gone up to almost £27! despite us paying everything but the interest on time each month!?

Bloke_with_a_simple_life

Queenbeeno1...

If you are continuing to use the card and not clearing the balance off everymonth, you will probably be paying interest on all the transactions you are making from the instant you make the trasnaction.

This is probably why your interest charges are going up and up!

If you want the payments to come out of your bank account on the date when the payments are due, why not set-up a direct debit with Capital One if at all possible?