Natwest Credit Card Balance Disappeared?

colorblind86

Hey,

I had/have a natwest credit card (gold) and I changed it to a new credit card (the world one) so as to get points etc from spending... Rang them up, asked them to transfer the balance and credit limit onto the new one and close the old one down... All fine!

Few days later, letter arrives saying sorry you're closing your account etc, and the acceptance of the new larger merged credit limit on my other new card. Everything worked, old account disappeared from online banking and the new one updated with the new limit.... HOWEVER, the old balance on my old credit card has disappeared and not been transferred to my new account. Does not exist anywhere, haven't been sent a bill/statement or anything? VERY odd, almost too good to be true, but it has now been two weeks and still nothing has updated... I am sure as hell not going to ring them to remind me to charge me...

Do things like this ever happen? Will it eventually catch up with me!? Tempted to shut the account down and run away....? It's not an issue if it does eventually transfer, but hey, everyone likes a win against the banks... has this ever happened to anyone else? Two weeks is a fairly long time!

[Deleted User]

As long as you can keep running for 6 years and never put your address down on anything for 6 years, you should be fine. You might be able to hide out in someone's barn if you're lucky.

Tixy

Two weeks is a tiny amount of time.
Its likely they will correct it within the next few weeks.
It could take them longer to discover - but you will presumably be charged interest in the meantime, and possibly missed payment charges.

If its not corrected in a couple more weeks I would contact them, otherwise they may be registering missed payment markers on your credit file.

colorblind86

I agree... two weeks is a tiny amount of time! I can't be charged interest though, the balance was supposed to be transferred to my other account and as it doesn't exist anywhere, I can't pay it? Therefore I can't be penalised surely for late payment, when there isn't any opportunity to pay it? I am sure it will come in eventually, it's all just a bit odd... If the account has been closed (which it has) and the transfer not happened, it may have been a clerical error and it's been assumed that the amount has been settled maybe?

Fun to dream though isn't it....

YorkshireBoy

colorblind86 wrote: »

I can't be charged interest though

I wouldn't put any money on it.

the balance was supposed to be transferred to my other account and as it doesn't exist anywhere, I can't pay it?

Firstly, the balance does exist. It's just that you can't 'see' it.

Secondly, there will be a condition in your agreement that states you must still make a payment even if they don't send, or you don't receive, a statement.

Therefore I can't be penalised surely for late payment, when there isn't any opportunity to pay it?

The "opportunity to pay it" starts with a phone call from you to them to ascertain what's going on. Such an approach from you will be looked on favourably by them when they're considering whether to a) charge a late payment fee and b) whether to report such late payment to the CRAs.

colorblind86

Ah yeah that's a point... I may just give them a ring and enquire about the status of the bill and see if everything is ok with the closure of the card... I checked my credit report and the account is def closed and has been given a settled code by the bank with a balance of zero... That information is sent by the bank so I really can't pay something that doesn't exist...

The opportunity to pay bit may be true though, I may need to ring them, but if they say there is nothing on the account and it's settled then maybe I might be lucky?

Tixy

colorblind86 wrote: »

but if they say there is nothing on the account and it's settled then maybe I might be lucky?

Maybe - but I don't believe it will happen. They'll spot it soon. Or at the year end maybe. Or at somepoint. Even if it takes them 5 and half years to notice the error you would still be liable to pay.

colorblind86

Oh i don't dispute the fact I will more than likely have to pay it... It's just the issue of interest and charges etc. If i have been told it's settled and I ring them and they have no records of it, then if they ring me up in 6 months etc and say actually you owe us money, I can go fine, but pay the amount owed minus any interest and late fees... If I have tried to pay and can't through them losing the records, then surely they can't charge me any fees/interest? I wouldn't mind not paying it for a few months.....