Is it possible for a C/C company to take too much money from you?

dtaylor84

If you have a Direct Debit set up for the minimum payment, it will often be taken regardless of any other payments you make.

Some companies will cancel the direct debit if you make payment by other means (if there is time), others won't. This is probably mentioned in your terms and conditions.

You will be sent a statement which should show your account as in credit. You should phone Tesco CC and ask them to return the money to you - as you have closed your account they may do this automatically.

malcolmffc

Did you take cash out on the card? If so you'd pay interest on that even if you paid the card off in full as there's no interest free period

Nine_Lives

Tixy - it wasn't the Nationwide thread. That was my very first C/C which was taken out solely to build a bit of credit history really & paid in full each month. Tbh i can't remember the exact thread it was & i'd even be willing to hold my hands up to say i misunderstood someones reply. It was just my understanding that i wouldn't be charged interest if i conducted things the way i did.

noh - i'll have to wait for my final Tesco statement to come through. I've chopped up my card & binned it, so i don't even know my long number I'm hoping that my paper statement does still come through though


Also, i never took any cash out on the card. I never used it for paypal. I never used it for gambling (williamhill). I ONLY used it for things such as fuelling up, supermarket shopping, buying goods online etc.

If this is all correct, then working it out, it's absolutely a waste of time using this to stooze. I'm fully aware that you can't stooze these days the way you used to - profits are slow and minimal compared to days gone by, but i was aware of this at the beginning & accepted this. If you get (for example) a £43 extra charge stuck on the end of it, then you're either making EXTREMELY little profit, or you're actually worse off (i can't work out which would apply).

Just hope i get a paper statement through.

Nine_Lives

I'm just looking at my gf's statement now as she also had this credit card. The only difference being her limit was higher than mine. We paid the card off on the same day, the same way, using the same bank.

Her most recent statement after the pay-off read:

New Balance = £0.00-

It showed the payment which paid off the full balance

Summary of balances read:

Purchase monthly interest rate: 0.000%
Interest included above & outstanding balance read: £0.00

Cash monthly interest rate: 1.873%
Interest included above & outstanding balance read: £0.00


So i have no idea why hers has gone smoothly, yet mine hasn't. Other than perhaps what dtaylor said (as our D/Ds were taken on different dates as i set my C/C up first):

If you have a Direct Debit set up for the minimum payment, it will often be taken regardless of any other payments you make

pqrdef

With Tesco, if your statement says they will take a certain amount by DD on a certain date, they always do exactly that, whether you still owe the money or not.

Nine_Lives

pqrdef wrote: »

With Tesco, if your statement says they will take a certain amount by DD on a certain date, they always do exactly that, whether you still owe the money or not.

Thanks for this.

As it's difficult to tell how a post is meant just by reading the text - are you bitter towards Tesco for some reason, or do you actually know the above for 100% certain?

Not to cause offence, so hopefully you understand where i'm coming from.

olympian

It's true - with my Tesco card any overpayments (ie more than the minimum payment) each month DO NOT reduce or cancel the direct debit.

In your case I believe you've paid off the full balance but then the direct debit has still been taken as your previous statement would have indicated would happen.

You've NOT been charged any more interest or fees, but you've effectively paid them back too much and are now in credit. Since you've closed the account, all you should need to do is ring them up and ask for a refund of your £43 back. You should also now contact your bank and cancel the direct debit mandate since you no longer need it.

Nine_Lives

Aye i cancelled the D/D last night online. Did the same for the gf too.

Found my last statement reading 18 June so my next one is going to come in a couple weeks hopefully. Don't know if i want to wait that long so i may call them up today. Hopefully they'll refund the fee in cash & not do something stupid like Tesco vouchers.

Nine_Lives

What a load of crap.
I just called Tesco off this link: http://www.tescobank.com/personal/finance/creditcards/contact.html which states they're open 24/7.

Go through the menu to be told i'm £43 in credit. Select an option to get put through...

sorry we're out of hours. 8am-8pm Mon-Fri, 8am-1pm Sat.

MsAnderson

I thought you'd be happy, you are £43 in credit. Call tomorrow and they will refund the money.