Payment dates v Statement dates

Notimpressed

Hi all,

Hope you are all well.

I am with Vanquis and this month I noticed that they had added a "Billed Deferred charge" to my account.

They made me aware that this charge is added if you have an amount on your account when your next statement is printed even if you have already paid your bill in full.

Eg:

Payment date is 12.03.12
Statement date is: 20.03.12

So I pay my bill in full £60 and it reaches my account on the 11.03.12.

I then use my card on the 14.03.12 and spend £20 with a zero balance, but I am charged a fee of £20 when my statement is printed on the 20.03.12.

Is this allowed, to have to different dates and that you will always be charged a fee as the payment date and statement dates are different?

Has anyone else heard of this or do all companies do this??

So confused, as I thought paying my bill in full every month was the right thing to do, and I would not be penalised for it.

Thanks

EycplUK

I am confused as well ! where does the "fee" bit come into the line of fire ?
If you have a zero balance and then spend 20 pounds that`s a purchase showing on your next statement surely ?

rartherinv

if you forget about the payment date and just think about the statement date as the end of the period, you are ending the period with £20 owed, so you are not clearing the account in full and therefore you should expect about £1 interest if you are on the 60% APR

dont know what all this deferred stuff is about though

redpete

You've either not told us the full story or misunderstood what Vanquis have told you (or both).

Presumably you're actually talking about dates in Feb not March.

Did you pay off the full amount on your Dec statement by the payment date? (to avoid interest you have to have paid in full for 2 consecutive months)

What was the outstanding balance, minimum payment and payment date on your Jan statement?

Was the £20 the only spending on the account between the Jan statement and the Feb statement?

Does your Feb statement show a total of £40 owed?

Is this allowed, to have to different dates

yes

and that you will always be charged a fee as the payment date and statement dates are different?

no

Notimpressed

Hi,

Thanks for all your replies.

I'm confused too.

So I have spoken to FSA, and they have advised me to write and complain and ask them to explain the charge, and how its worked out. Following on from that if I still feel I have an issue to take it further with OFT.

Millie_Millsters

I found this thread on another forum, don't know if it's correct though...

http://www.consumeractiongroup.co.uk/forum/showthread.php?319784-Vanquis....Billed-Deferred-Interest-Charge

"I have worked out what the BILLED DEFERRED charge is, Vanquis have increased my interest charge without telling me from 40% which would be around £80 a month on my current balance which is what i expected to 59% and they are charging me interest at 40% then adding the shortfall as billed deferred charge to make it up to 59%."