Credit card company offering final settlement-can i demand a cheque?

confusedlittlebunny

Further to writing to my credit card company to dispute charges, they have written back offering me a "in full and final settlement" of £360.00. They say they will credit my account and will show on my next bank statement. I want them to issue me with a cheque, is this possible to request? Afterall,this is money that I was deprived of in the past, therefore, rightfully mine.... I wish to have my money back! I am happy to still pay my monthly payment and not worried about the suggestion of reducing my current balance.....

Dabooka

You might not be, but I bet they are! Is your account still open? Have they reduced your limit to nearer the balance figure at all?

I think you're stuck to having it aginst your account, but you could just spend £360 on the card that would otherwise be cash

ironlady2022

It will be quicker transferring to your account and then for you to withdraw. Isn't this the same thing but quicker?

confusedlittlebunny

Dabooka wrote: »

You might not be, but I bet they are! Is your account still open? Have they reduced your limit to nearer the balance figure at all?

I think you're stuck to having it aginst your account, but you could just spend £360 on the card that would otherwise be cash

I understand what you mean but can i argue the fact that I want a cheque as it is my money that I was "deprived" of in the past!! Thats the arguement I used to get this full and final payment......can they "object" to posting a cheque and credit my account? By account balance is up to the limit.....the balance I was I have accrued, this is seperate, this is money that is rightfully mine........does that arguement have enough strength when i reply to accept the payment?

confusedlittlebunny

mayling03 wrote: »

It will be quicker transferring to your account and then for you to withdraw. Isn't this the same thing but quicker?

No, because I near my limit! People are probally wondering why I wouldnt want my debt reduced but I need the money (to be honest!) and wondered what my right are with requesting a cheque?

Thanks moneysupermarket for the advice on reclaiming charges!!! worked for me!!!

ironlady2022

Sorry I meant money into your current account?

PNPSUKNET

if they are owed money, they have a right to apply against the account. Are you in arrears with your account?

chattychappy

In a negotiation you can hold out for whatever position you like. Since this is important to you, I would go back and insist on a cheque. Threaten FOS etc. They might just decide to pay out rather than have the hassle. Indeed they might be happy anyway - if you're a good payer then why reduce your balance? It might be they are not bothered anyway - just find it easier to credit the account. So it's worth asking.

If you haven't been a good payer - ie have breached the terms, just as you say they have - then if it ended up in court no doubt there would claim and counter claim and they'd be set-off.

Else my opinion is this. They didn't take the money from you. They simply added the charges to the account. You subsequently made payments against the account. It would be for you to show how much of those payments were because of the charges. For example, if your minimum repayment is 1% per month, the wrong charges were applied 2 years ago and you only pay the minimum each month, then it would be reasonable to say that you have actually paid 24% (24 x 1%) of those charges. So they should pay you 24% by cheque, and 76% as a credit to the account. Obviously I'm wildly simplifying the maths (ignoring interest for a start). But do you see my point? I think you can only insist on a cheque rather than a credit to the extent you can actually show you have paid them more than you would have done otherwise.

The principle is to establish what position you would be in now had those charges not been applied. You should be restored to that position. Well, it's all complicated and difficult to be sure. Hence negotiation...

gnaril

What you have recieved sounds like a full and final settlement I assume from some claim under Section 75 of the Consumer Credit Act. I send them out all the time:)

Yes is the simple answer you can have your money returned to you via cheque or bank transfer( depending on the bank they might not do this unless you have a bank account with them).

You are within your rights to ask for this. Likelyhood is they will refund your account in the first instance and then send the money to you and then debit your account. Thats how I work it anyways.

I have not had any problems in the past with the request that you have.

When you return your full and final mark down the bottom of it or attach a covering letter detailing what you want done, hopefully they can get it sorted for you.

confusedlittlebunny

mayling03 wrote: »

Sorry I meant money into your current account?

sorry, yes i mean me getting the money either by cheque or into my current account?....I just had a cheque on my mind for some reason, didnt think they did bank transfers ..

gnaril

Sorry I would add just saw the post above. if your accounts in arrears, default you got no chance.

CHeers.