My life time balance transfer rate has been hiked

marktheman

Yorkshire boy - I'll pen a complaint after picking up some welcome advice from this forum.

TFD - that's what I think - glad you are on my wave length - I assume they will have a recording of my telephone conversation. I'll buy you a drink if this is the issue.

Mark

ILW

Sounds like they have mucked up then.
Do you have anyting which states the LOB rate?
Have you missed or had any late payments?
If all is in order tell them to sort it.

YorkshireBoy

OK, lets step back for a minute here.

Have you actually calculated what your monthly interest payment equates to? Or have you simply assumed (incorrectly...but you won't be the first, or last, on here to do so) that you're now paying circa 15% APR?

What was the LOB balance on your last statement and how much interest was charged?

marktheman

ILW - Never missed a payment with any credit card company, 100% all the time.
Sadly nothing to state it was LOB, bottom of July statement just quotes rate as 7.89%.
I hope they keep telephone converstaions as I asked them at least twice if not three times, "is this definitely LOB".
So if they agree that they should have put me on LOB but made an error, am I out of the woods?

marktheman

YB- OK I've done the calculation - they haven't put me on the 15.1, they are charging 14.4% - £98.71 interest on balance of £8221.26

YorkshireBoy

Looks like it's time to pen that letter then.

However, I'm amazed they let you shift an existing balance with them from 15% to 8%...just like that. Was it large? Normally the better deals are reserved for 'new debt'.

YorkshireBoy

marktheman wrote: »

YB- OK I've done the calculation - they haven't put me on the 15.1, they are charging 14.4% - £98.71 interest on balance of £8221.26

You've multiplied by 12 to get 14.4%. That's the annual non-compounded rate, ie the simple rate. Once compounded, you'll find the rate is circa 16.something% APR.

NickX

TFD wrote: »

I don't agree that they should (or would intentionally) change a LOB rate. It seems more likely that they've not set it up as LOB.

I agree. If the deal was specifically LOB, then they are contractually obliged to honour this rate provided you stay within the Terms and Conditions.

You are in the right, I would complain and put the account into dispute.

Good Luck and let us know how you get on.

marktheman

Hi everyone,

Spoken to Cap One manager.

He will listen to the telephone conversation I made on 2 June and let me know what was said.

If it was verbally agreed that the rate was LOB he can't do anything about it, my new rate of 15.18% stands. He did say from a personal level that it wasn't fair.

Apparently, my account has had a standard variable bal transfer rate of 7.89% since 1999 when I opened the account - my balance transfers were moved to this rate, but, the operator informed me in error that I was being placed on a LOB.

I need to write to James Bell in the executive office to take it further.

I can obtain a transcript of the call.

So guys, if the transcript of my call confirms that I was led to beleive it was an LOB despite no such offer being available, do I have a case?

NickX

marktheman wrote: »

So guys, if the transcript of my call confirms that I was led to beleive it was an LOB despite no such offer being available, do I have a case?

Definitely YES.

Verbal agreements are every bit as legally binding as Written agreements.

If they do not honour this they are breaking the law, you can go to FOS, Trading Standards, Office of Fair Trading.

I would push and push on this, and I really hope they didn't "accidently" fail to record the call in question.

Good Luck.