Settling bill but still hit with interest - Illegal?

Pauvre_Tom

Thanks for the last two posts which were especially helpful. As indeed were some of the others. However, some - especially those who made the snide comments on the use of the word "illegal" - should consider the meaning of the word "courtesy" that Martin insists on in his introduction. If you have nothing useful to say, say nothing!

Techno

I have had the same prob with RBS and likely to have it with PO! Had 6 months 0% with both - no estimated interest on either and I forgot when the RBS was due to end so ended up paying interest. The PO one ended on boxing day so will pay off straight away but even so it's a little unkind of them not to warn you - but then again I have saved rather a lot on these deals - they must be desperate to make money out of me some how!!!!!!!

magyar

Pauvre_Tom wrote:

Thanks for the last two posts which were especially helpful. As indeed were some of the others. However, some - especially those who made the snide comments on the use of the word "illegal" - should consider the meaning of the word "courtesy" that Martin insists on in his introduction. If you have nothing useful to say, say nothing!

As someone who did 'agree' above with the point about illegality, I'd just like to make two points:

1) It really is the case that word 'illegal' is overused on this board. Illegal means that someone has broken either criminal or civil law (sorry to state the obvious) and is often used when people mean 'unfair' or somesuch (it's unlikely the credit card company said "hey, let's just chuck interest on there - maybe they won't notice" - it was likely to be either a mistake or within their terms and conditions); and

2) Realaledrinker, being the first to mention this, did also make the point that you need to read the Terms and Conditions and see if it's within them. I thought Nomoneytoday's comment was rather pointless, as no-one knew whether it was in the Ts and Cs or not.

You're perfectly right to expect courtesy but equally, a slightly off-topic comment is not necessarily 'snide'.

magyar

ejones999 wrote:

Or where it says on the bottom of the statement the estimated interest for next month will be £x.xx - add this amount to your payment.

That's an interesting point I never considered; I always pay my credit card bill off in full, so I always assume that means "estimated interest if you don't pay in full".

jonesMUFCforever

This should only be done if you do not consistantly pay your credit card in full.

If you do this then there is no need.

jojo1978_3

What exactly was your balance made up of?
If it was purchases then normally if you clear it in full there is no interest, whereas with balance transfer and cash balanmces then the interest will accrue daily. So as stated above, there will be interest accruing from when you saw the balance on your statement to the day that its paid, its always best to phone up the company and ask for a settlement figure, hope that helps.

nearlyrich

As another poster has mentioned it could be a genuine mistake by the CC company, maybe worth a call to ask for an explanation, you might get a goodwill refund.