Help needed

Clouseau_2

I transfered my credit card debt to an American Express 4.9% life of balance card which I veiwed as a cheap loan. I recently noticed on my statement that the interest rate being applied was in fact 19.5% and having looked back, had been for as far back as I could look online.
I contacted American Express, who agreed that the wrong rate had been applied at some point and said the correct rate had now been applied and that they would refund the extra interest I have been charged.
The thing is, I have absolutely no idea how to work out how much this should be and I'm sure I am going to receive a letter with a proposed settlement sum but no idea if this figure is fair or accurate.
Help!!!!!!!

onlypaddy

did you spend anything on the card or was it just the original transferred balance?

Clouseau_2

Didn't even register the card, and made all payments on time.
AMEX are not disputing my claim in any way and have told me I should still be on the 4.9% rate, and they will refund the interest overcharged. I just don't know how to work out how much they should be refunding me and don't particularly want to just take their word for it that what they refund me is correct.

onlypaddy

i've just tried to write down the formula on here to calculate it but i've realised its too complicated to write down...

if you PM me with the details and your email address I could do it in an excel file for you and send it to you (I dont want any personal details of course)

I would need to know:

1) The amount transferred onto the card and the date
2) the number of days between the date of that transfer and the first bill
3) Regular billing dates and the dates each of your payments reach the account (I'm hoping its a regular date otherwise its a bit more complicated)
4) amount you pay off the balance each month - again hoping this is regular

Also, if you have them you can read your statements and total up the interest you've been charged? Or ask AMEX to tell you?

Clouseau_2

Many thanks for your response Onlypaddy but I have had a figure calculated for me by a friend of a friend who works in a bank and will now wait to see what AMEX come up with.
I have to say that throughout this AMEX have been very helpful and that's what worrys me. Or am I just becoming very cynical?

neneromanova

Clouseau wrote: »

Many thanks for your response Onlypaddy but I have had a figure calculated for me by a friend of a friend who works in a bank and will now wait to see what AMEX come up with.
I have to say that throughout this AMEX have been very helpful and that's what worrys me. Or am I just becoming very cynical?

Virgin were very helpful with me when they had charged interest when my card had been stolen. It's just something they HAVE to do as it's their fault. Be happy that they're not argueing it