My life time balance transfer rate has been hiked

marktheman

Thanks for that boost of motivation.

The manager sounded reasonable and honest, his hands were tied by Cap One.
He's given me his extension and promised to listen to the calls and let me know.

I've kept my conversations polite with no swearing - very hard when they toe the party line.

When I get the confirmation that I was promised LOB I'll write to the white chief providing 2 options.

1 - reinstate my LOB to 7.89% refunding any over charged interest.

2 - accept a cheque for £7000 in full and final settlement of the account. I'll owe £7986.17 on 19/11, less £150 BT fees charged in June plus £836.17 compensation for time, stress and additional fees in borrowing £7,000.

No comply - then Ombudsman.

Moggles_2

marktheman wrote: »

Apparently, my account has had a standard variable balance 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'm not surprised, tbh.

It's not unusual to be offered a special LOB rate as a sweetener to attract new business. It's not often that a lender offers to extend the deal to existing transactions though. In fact it's almost unheard of.

Still, CapitalOne's staff are paid to know this, presumably. It shouldn't be up to consumers to point this out to them.

If you were promised a LOB deal three times, you have every right to complain

During any dispute with a card company, it's advisable to keep up the minimum payments required, until agreement is reached. Provided that you continue to meet the minimum payments, your credit rating is not affected.

Very best
M

marktheman

Thanks - I'll keep paying each month.