Pitfalls of zero rate interest credit cards

MrWillyWonka

It's the bank's job to enforce T&C and it's a legally binding contract so if payment is insufficient then the consequences are losing the 0% rate. If they let one person off they would have to let everyone else off.

However, saying that it seems odd to waive the £12 fee but not reinstate the 0% rate, it's sort of saying "it's not your fault so we'll waive the fee but it is your fault so you'll lose the 0% rate"... will they make their mind up? I would suggest giving them a ring and stating that it's the first payment, it's a slight mistake, please reinstate and please don't put me in a more difficult position when the point was to make finances easier for myself.

Good luck

Tixy

Other people have been successful in getting a 0% deal reinstated, by phoning up, apologising for the error, offering to set up a DD for the minimum payment each month going forward and generally a bit of grovelling for breaking the terms of the agreement that they signed up to.

People who phone up and moan/rant about how unfair the system is and how its not clear in the T&C or how its the bank's fault etc generally don't get the offer reinstated.

Maybe you friend could try again and see if they have any luck. If they don't then he'll just have to accept the error he made and either accept paying the interest or consider applying for another balance transfer credit card elsewhere to see if he can get accepted and move it to a new deal - and make sure he sticks to the T&Cs this time.

Dabooka

Tixy is spot on, if they call up and plead and agree to the DD in future they might be gracious enough. Best bet is to give that ploy a go, especially as they did waive the fee (as has been pointed out).

However, the other points are equally right; it's in the T&Cs. It might be a simple enough error, but it's a simple enough job too isn't it, sending a payment for a bill? Also, berating the banks for doing what banks do is also a little naive.

My big worry is why someone with £7k on a 0% deal is messing around making minimum payments.

basotho

MrWillyWonka wrote: »

It's the bank's job to enforce T&C and it's a legally binding contract so if payment is insufficient then the consequences are losing the 0% rate. If they let one person off they would have to let everyone else off.

However, saying that it seems odd to waive the £12 fee but not reinstate the 0% rate, it's sort of saying "it's not your fault so we'll waive the fee but it is your fault so you'll lose the 0% rate"... will they make their mind up? I would suggest giving them a ring and stating that it's the first payment, it's a slight mistake, please reinstate and please don't put me in a more difficult position when the point was to make finances easier for myself.

Good luck

Thank you very much. I printed out your reply showed it to my friend. They phoned just ten minutes ago and spoke to a very reasonable person, who reinstated the 0% rate.

Thanks to you and the subsequent posters who have restored my faith in this forum. Good advice given in a well mannered way.

2sides2everystory

Brilliant news :money:

Stick that in your pipes bankers and apologists

blisteringblue

basotho wrote: »

As I said, I am an honest man, who was looking for some help and guidance perhaps and not a bunch of smart alec remarks.

Glad you got the result in the end. This is the downside to this site I'm afraid.

While it is generally a friendly place there are a lot of "Keyboard Warriors" who need to get out more. They seem to take great pleasure in others misfortune.

noh

Dabooka wrote: »

...............................
My big worry is why someone with £7k on a 0% deal is messing around making minimum payments.

Why?
With a 0% interest rate paying the minimum maximises the benefit.

chattychappy

basotho wrote: »

As I said, I am an honest man, who was looking for some help and guidance perhaps and not a bunch of smart alec remarks.

Hmm.... your OP was:

basotho wrote: »

Somebody I know well had a zero percent credit card with Halifax, just over £ 7 000, the bill came to £ 74. The person sent £ 70. This morning they received a bill with £ 12 added and which stated that the account was now in arrears. They phoned Halifax and the operator cheerfully said that they would waive the £12 charge but now they would need to pay interest of over £ 90 per month for the foreseeable future.

This person made a slight mistake - severe punishment. Banker makes mistake - bonus.

Doesn't look like you were looking for help or guidance to me. Looks like you were just using the situation to make a "smart alec" remark about bankers' bonuses.

Dabooka

noh wrote: »

Why?
With a 0% interest rate paying the minimum maximises the benefit.

Assuming they're into stoozing or such like. Bearing in mind that a stoozer wouldn't make such a school boy error as to messing up the payment and risk the 0%, I'm guessing it's not the case. How many times have we seen on here posters panicing as their 0% comes to an end and they're stuck paying normal APRs on a balance they ahven't reduced?

Although I take your point, and I am making one hell of an assumption!

basotho

chattychappy wrote: »

Hmm.... your OP was:

I don't know what OP means?


Doesn't look like you were looking for help or guidance to me. Looks like you were just using the situation to make a "smart alec" remark about bankers' bonuses.

My remark is that bankers' bonuses are too big, maybe not many people agree but that is my opinion.

I treat other people as I would like to be treated.

I would like to leave it there but if not, Play away!