"missold" 0% credit

chambta

gata.org wrote: »

It went into my bank account.

He realises that.

What did you then do with it and without this cash how would you financed whatever you did?

In other words in may very well still be reasonably cheap overall.

The lesson learnt is to read the small print.

gata.org

CLAPTON wrote: »

why ?

what are the figures
what did you do with the 0% transfer?

OK flight was 398
Cash transfer was 2000
handling fee was 40

So they've charged me standard interest on the balance of 438 i guess, and will continue todo so until the entire balance is cleared, so they've basically got about 47 quid out of me for lending me 2000 for a month, which works out about a 24% APR .

It's not so much the money i'm !!!!ed off about as the underhand way they've duped me into giving them this money, when i rang them up to complain the adviser even slipped up and said that I'd fallen into the "payment trap" .

I don't think I'll be making any more phone calls to them, just very strongly worded letters sent via recorded delivery.

YorkshireBoy

The "0% for 6 months on money transfers (2% fee applies)" is a standard introductory offer with this card, not a special offer made to the OP.

Virgin (MBNA), if challenged, will agrue they were simply reminding the OP of the card's features.

The interest on the purchase will be around £35 over the 6 month intro period. If the money transfer makes/saves you more then all the better.

Probably best to chalk it down to experience?

CLAPTON

I understand your anger ..I was only asking about what financial disadvantage you suffered.

So your plan was simply to leave £2,000 in your current account until april 2010 without any financial advantage and you were content to pay £40 for that privilege?

dfh

This is a common trap credit card companies use.I think they will have covered themselves in the T and C's.Remember Martin's golden rule-never ever spend money on a card you have transferred a balance to.

chattychappy

gata.org wrote: »

In fact as stated above I requested repeated reassurances that I wouldn't have to pay "any interest" until April 2009 as long as I didn't miss a minimum payment.

If the OP put it those terms, the reassurance was given and on that basis the transfer was done, then I feel a deal was done. Yep (almost certainly) the T+Cs give a payment hierachy, but if the phone rep agreed to something different through ignorance or otherwise then the OP is entitled to "his deal". No doubt MBNA would want to claim that by "any interest" the rep meant on the transfer only, not "any interest at all", but I don't think that's a fair interpretation.

Enforcing it will be a tough one, but hopefully a compromise is possible.

gata.org

Quick update for anyone who cares.

2 written complaints later, I've now been refunded all charges and interest.

Good outcome.

MBNA took the tack that they didn't record all their phone calls so couldn't comment on what was offered over the phone.

td_007

gata.org wrote: »

Quick update for anyone who cares.

2 written complaints later, I've now been refunded all charges and interest.

Good outcome.

MBNA took the tack that they didn't record all their phone calls so couldn't comment on what was offered over the phone.

Well done....another example that making a complaint pays

HouseHuntr

gata.org wrote: »

hi,
Quick question, I took out a virgin atlantic credit card about a month ago (MBNA), paid for a flight with it, then a bit later phoned up to make a payment.

At this point they sold me a 0% promotional credit which I transferred into my bank account, paying a modest 2% handling fee. I was repeatedly told that I would pay no interest until April 2010.

Anyway I made payments before the deadline for the flight I'd booked + the cash handling fee. Was a bit surprised then to find an interest charge on this months statement. Phoned up to query it and was told that I'd fallen into "the trap"; what they explained is that it would basically be impossible to pay off the flight without also paying off the full balance of the interest free credit. To say I'm not happy is a bit of an understatement.

Obviously I should've read the small print, and I underestimated quite how underhand a company MBNA actually are in their dealings. Can they actually do this ? I feel I've been sold this credit under false pretences, i.e. missold. It was not explained to me when I agreed to this that I wouldn't be able to pay off the flight balance before the interest free credit. In fact as stated above I requested repeated reassurances that I wouldn't have to pay "any interest" until April 2009 as long as I didn't miss a minimum payment.

Is there much I can do here apart from pay it off and learn from it ? I'm planning to make an official complaint at the very least.

Thanks for Reading.

Joe

You screwed up, you didn't read the T&C's and failed to understand anything else so STOP your !!!!!ing and whinging troll.
Suddenly refunded or should that really mean you've had enough of talking S H I T E !!

Debt_Free_Dreamer

Can't see MBNA giving back a 100% refund. They just don't do it in the main!