Paying Card Balances - Being Fobbed Off?

frankie4fingers

Hello,

I am trying to pay large balances off two credit cards (Egg and MBNA) with a concolidation loan i have obtained.

I have phoned them both to pay everything off and close the cards, but i can't help but think they are fobbing me off somewhat, to squeeze a bit more money out of me. :mad:

MBNA told me that my DD had already been called for, and so i need to make a payment for the balance less that. However, as im near my statement date my DD will just about cover my interest next month, and so i could pay my balance in full, let the DD be collected, which should then cover me next month for interest.

Egg told me a similar crock. Maybe i'm getting cranky, but surely they calculate interest on a daily basis (they sure enough know how much you ow them!), so couldn't they simply say pay us £x today, let the DD collect, and then we can close your account.

It's just by making payments but leaving some for the DD, it seems they'll be draggin it out for another month, accuring a bit more flesh!!!

Should i kick up on the phone, or can't they honestly tell me how much they want today?

Any advice would be gratefully received.

A very stressed F4F

Any

Are they saying that they won't let you make the full payment??
Or that they are advising you?

And calm down. Absolutely no reason to be stressed.

CLAPTON

You need to pay the full statement amount for two consecutive months before interest stops.
So they are unable to give you a final balance on the phone
Just pay this months balance in full
and then wait until next month and pay the 'trailing' interest in full
and then you can close the cards

all credit cards work that way

nomoneytoday

I read that as they said to pay the balance, minus the DD amount already requested.

frankie4fingers

Sorry for the rant, just quite stressed trying to get everything sorted, i needed to vent my anger somewhere!!!

I did wonder if there would be straggling interest, and was kinda hoping that i could it all sorted today. I assumed they had the computer power to project interest so i could do it all in 1 lump sum!

Nevermind, thanks to everyone for your responses, they are much appreciated. :T

F4F

CLAPTON

There are other reasons why they wouldn't actually close your acrd online
-there may be a pending purchase that hasn't yet reached them (obviously you know there isn't but they don't)
-your debt card payment may fail..insufficient funds
-debit card transactions aren't immediate so they funds have to clear.