Credit card payment held

ajnicho

Hi folks

just looking for a bit of help here

I made a payment off my credit card last month on 3rd march (Thursday) online via debit card. The payment was due on 7th March. They said it will take between 2-3 days to clear, 3 days if paid after 5pm. The payment was made at 5.55pm

Now Virgin state payment was not received until the 8th. They charged me a late payment fee plus removed my interest free payment period and charged me the subsequent interest. Approx £40 for last month and this.

I disputed this as my bank statement shows the payment was taken on 7th and this is the date the money was claimed.

They've agreed to reinstate the interest free period and refund the late payment charge but are insisting the £40 of interest charges stand.

Is this correct? If my bank says the payment was cleared on 7th, is this the date they would have received it and have they 'held' on to it in order to charge me?

Thanks
Andy

Tixy

It will say on your statement to allow 5working days for payment to reach your account, you didn't leave enought time. They are within their rights to charge you can cancel your interest free period. I'd be pleased that you have got them to re-instate the 0% period.

ajnicho

It actually says 2-3 days by debit card

fozmcfc

3 working days, as you paid after 5pm, you basically paid too late.

Friday would be the first working day the 4th, next working day Monday 7th, third working day Tuesday 8th.

They have therefore been very generous to reinstate the 0% and the late payment charge.

A direct debit is the way to ensure that the payment will be taken as late as possible to ensure it reaches your account.

Or if both your bank and Virgin take part in faster payments, it may have been possible to pay via your bank on the Friday and for it to have reached the account by Friday.

End of the day, if you sail close to the wind with payments, particularly when you are on a 0% offer, you are asking for trouble.

ajnicho

To be honest. I had a dd set up however they closed my account for inactivity and the dd along with it. I asked them to reinstate so i could take advantage of their offer. I didn't realise and just assumed it would continue and when I checked online and noticed it hadn't , I immediately made the payment and set up dd for future payments