Card Balane Settlement Best Practise

timbo58

No it isn't on mine:
The card application they sent me was for a completely different product than the one I applied for, it even had a different name as the telephone support people confirmed.

The introductory rate was explained on the N/A and the card charge was indeed 21.9%!

However the heading of the letter and the first paragraphs stated quite clearly:
'You have been approved for your recent card application' -Not so!
I had been approved for something NOT applied for at all and so the letter was fundamentally incorrect.

it maybe a rant (and I am still furious) but not unwarranted at all.

YorkshireBoy

timbo58 wrote: »

The card application they sent me was for a completely different product than the one I applied for, it even had a different name as the telephone support people confirmed.

Which card did you apply for? And which card have they sent an agreement for?

BugsyBrowne

timbo58 wrote: »

No it isn't on mine:
The card application they sent me was for a completely different product than the one I applied for, it even had a different name as the telephone support people confirmed.

The introductory rate was explained on the N/A and the card charge was indeed 21.9%!

However the heading of the letter and the first paragraphs stated quite clearly:
'You have been approved for your recent card application' -Not so!
I had been approved for something NOT applied for at all and so the letter was fundamentally incorrect.

it maybe a rant (and I am still furious) but not unwarranted at all.

Balance of £1000 with your 21.9% card would only be £50 more than your card which is 14.9% paying back £100 a month for a year. i would not call that a loan shark card by any means.

timbo58

Actually I have two cards at present one is 6.9, the other 0% changing to 12.9 in 2 months.
£7k in total, therefore the 21.9% is considerably more than the 3% arrangement fee on the 0% for 15 months card I applied for.
I called that 'loan sharking' as when I request a product I expect to get that product especially when the paperwork coming from the Halifax stated quite clearly my application had been accepted and I should sign the form enclosed.

I have no problem whatsoever with being turned down for preferential products, but I do take strong issue with being sent paperwork for items that were not (and never would be) requested as they bear no relation to the product requested.
My main issue is that (correct me if I'm wrong here please) every time a credit product is requested 'credit scores' are made: I would rather these companies are upfront and honest with their offers of headline grabbing products rather than waste my time sending me 'alternative' products which are clearly not even a poor substitute for what was requested.

I also think that the less observant could well be fooled into thinking they were signing for the item they had applied for and not what the Halifax deigned to send them, ok little sympathy for those who agree to terms without reading them, but this is partially Halifaxs own fault when people fall foul of the wording and unexpected offers of inferior products IMHO.

The product applied for was:
A balance transfer credit card offer for qualifying current account customers that gives you even more time without incurring interest on balances transferred.
0% for the first 15 months on balances transferred in the first 90 days (with a 3% fee).
In addition, we'll give you 0% for the first 3 months on purchases
Typical 16.9% APR variable.

what was sent was:
The Clarity card is our newest credit card and has one simple interest rate of 12.9% APR typical variable, however or wherever you use it.
EXCEPT it was now 21.9%!

Not happy. However since (unexpected when I originally applied for the card) I am selling my house soon I will pay off the credit cards in full in any case, depending on Halifaxs response to my letter today I will consider whether I wish to use them for my mortgage, savings account or current account in future.

timbo58

just to add to the above: Halifax rang me today and said I had been declined what I had applied for (the 0% 15month balance transfer deal) as I didn't have the reward PLUS account.
However they now offered me the 13 month 0% deal instead.

I said I'd think about it.
Lets face it, 3% transfer fee on £7k is £210 to start with, plus I'm not at all happy with the Halifax at present, and hopefully I'll have my equity share from my house soon and will be paying off all the CC balance anyway.

I did state that automatically sending me forms for a grossly inferior product with a letter that purported to be an agreement for the card I'd requested was very poor indeed, and that I might wish to take this matter further even now.

I also stated that I found it hard to believe that if Halifax were serious about offering an alternative product they would have sent the 21.9% card instead of the 0% they were now offering, it was all a little bit strange to say the least.

Anyway: if the equity doesnt come off I'll see about this 13 month 0% deal, otherwise I'll probably be cutting my ties with the Halifax completely as they have bugg**ed up my current account also no less than 5 times in 2 months!:mad: