0% Payments

scoobie1

Just transferred a balance to a 0% for 12 mths. I was on holiday and missed a payment by 1 day. It has defaulted to the standard rate. Can I get the 0% reinstated. They have offered me 9.9% for the remainder of the term as they said the 0% was now unavailable. Is this the norm?

noelphobic

scoobie1 wrote: »

Just transferred a balance to a 0% for 12 mths. I was on holiday and missed a payment by 1 day. It has defaulted to the standard rate. Can I get the 0% reinstated. They have offered me 9.9% for the remainder of the term as they said the 0% was now unavailable. Is this the norm?

It is normally part of the conditions of these offers that if you are late or miss a payment then the standard rate kicks in. You can ask them to reinstate the 0% offer as a goodwill gesture but they are under no obligation to do so.

SCO

What company is it?

If you have not missed payments with others before say this was a genuine mistake and unless they re-instate the 0% you will leave and close the account.

bengal-stripe

SCO wrote: »

......unless they re-instate the 0% you will leave and close the account.

Which means the OP will have to pay-back the outstanding balance immediately. - No doubt, that will please the CC.

That's rather "Cutting off the nose to spite the face".

fozmcfc

You could approach them and agree to set up a direct debit for the minimum amount, so you won't miss payments again (providing you have the money in your bank account obviously).

That may encourage them, that you are taking steps to ensure it won't happen again.

scoobie1

Thanks for the replies. It is with MBNA. I explained that its the first time a payment was missed and also the holiday factor. The goodwill gesture was given with the 9.9%. There seemed to be no option with reinstating the 0%. Is there a better route to go down rather than speak to the call agent that answers my enquiry?

stephane_2

If they've said no already then unfortunately I doubt very much that hey are going to change their mind....the mistake was of your own making. You should consider yourself lucky to get 9.9%.... probably best now to be looking for another card....