Regular Payments off a Credit Card Discussion

sman_uk

I have just recently been a victim of the dreaded CPA.

Credit card companies are out to make money and their business model is, frankly, pretty good even if it is unfair. Make money off the buyer (me) as well as make money off the business that I buy from.

The travesty lies in the customer’s inability to cancel all payments being made to a card by simply telling the card provider not to let anymore payments be taken.

Is it partially due to our acceptance of such practices that this continues?

What is the correct method to make such unfair practices a thing of the past?

PennyPincher_L

I had a problem that someone tried to access my card and the company blocket it. and didnt bother to inform me about it.. i wasnt able to purchase anything (including food and shopping :P ) for whole 2 days

cherry82

Hello. I wonder if anyone can help. I've tried to search through the forums but I can't find my answer. If it has already been posted in detail, I apologise and only ask someone point me in the right direction..

I've just found out my partner has been paying a regular monthly fee to AOL for the 3 years. It started as £14 but has since raised to £20. This is all from a Barclays Debit Card.

Here's the thing: He can't remember ever paying for anything or even asking anything from AOL and has raised the issue repeatedly with his bank.
He's even cancelled his card and had it re-issued but the amount is still being taken.

Barclays have been no help at all - promising repeatedly to send out Fraud declaration forms but they do not ever appear. And since reading this thread I'm starting to wonder if it's a CPA.

Can anyone advise the best way to stop these payments?
Any help gratefully received.

CannyJock

cherry82 wrote: »

Can anyone advise the best way to stop these payments?

Letter to AOL with address and card details they're charging - explain no account reference because he doesn't/has never had an account with them to his knowledge. Explain too that he's been pursuing this without any success with his bank's Fraud Dept over an extended period of time before deciding to contact them directly.

Request a full refund of all monies taken from his card, with interest for the past 3 years.

I'm pretty sure they'll have a reason not to refund the 3 years worth, but it should at least stop any further charges.

cherry82

Thank you very much, CannyJock - that's very helpful! Fingers crossed!

cherylc

Hi please HELP

I am new to this so bit confused......

I am currently paying approx £30 a month off my credit card (£1,000 debt) but £17 of this is interest!!!

Should I pay the whole amount next week when I get paid, cancel all direct debits and standing orders then pay these same bills using the same credit card, but as I will have 30 days interest free, I can pay the full £30 off the debt so paying twice as fast?

Any replie, please private message me as can't work out if I have any replies or if anyone has even seen this!!!! Sorry

Thanks for your help
Cheryl

Julash

Hi.

I'm looking into getting a Vanquis credit card to start to build a credit history (and to go travelling with). I'm pretty new to this credit card stuff

In the Terms and Conditions it says that " Interest is calculated on the daily outstanding balance on your Account and, except in respect of Purchase Transactions where you have paid off two or more consecutive current statement balances in full each month, is debited to your Account at the end of each statement period."

Does this mean that I will pay interest on it daily, totalled up at the end of the month when I have to pay it off? To avoid the interest could I pay off what I have used in a particular day instantly over the internet?

Thanks in advance

CannyJock

Julash wrote: »

Hi.

I'm looking into getting a Vanquis credit card to start to build a credit history (and to go travelling with). I'm pretty new to this credit card stuff

In the Terms and Conditions it says that " Interest is calculated on the daily outstanding balance on your Account and, except in respect of Purchase Transactions where you have paid off two or more consecutive current statement balances in full each month, is debited to your Account at the end of each statement period."

Does this mean that I will pay interest on it daily, totalled up at the end of the month when I have to pay it off? To avoid the interest could I pay off what I have used in a particular day instantly over the internet?

Thanks in advance

If you pay your bill in full and on time, you won't be charged interest. Interest is added on a daily basis from the date of the original transaction if you don't pay the bill in full and on time.

_MarkC

I just had to join so that I could post this!

I was just on the phone to LloydsTSB as I needed to swap a mobile phone onto the insurance policy that comes with the Select account.

As part of the sales talk, I was asked if I would like to take out a loan to refinance my Lloyds card. The balance is approx £5000 (yes, I know), but this was a balance transfer deal made in the days when banks were doing well! The rate of interest is approx 5% and I cancelled insurance cover.

I'm currently paying out approx £27 per month in interest with a mininmum repayment of £100 (I know, I sometimes pay more off).

However, the advisor was recommending a loan at 12% approx over a period of 84 months (7 YEARS!!) at about £89 (not including insurance). I told them I would sleep on it.

I've just done a calculation and, if I even paid off the minimum amount per month on the card, it would be cleared in 56 months. I was pretty sure this would be the case in view of the rates of interest being quoted. But this is about 2 and a half years earlier than I would have committed myself to if I'd decided on the loan/refinance option.

I'd therefore recommend people be very wary when being offered a refinance option on a card that has a promotional rate. I am quite lucky in that my rate is permanent (not just temporary) and circumstances will be different for those on standard credit card interest rates.

Nonetheless, I am very annoyed that this was being touted as a good option for me - when, evidently, it wasn't.

Makes me trust the banks even less now (if that was possible):D

CannyJock

_MarkC wrote: »

Nonetheless, I am very annoyed that this was being touted as a good option for me - when, evidently, it wasn't.

They're sales people, pure and simple. Glad you didn't fall for their pitch.