Vanquis interest and finance charges for refund?

Kyle323

The february statement was paid in full though, the letter in the post said the due date for the feb statement was 22nd march. The refund went in on the 15th March, I only bought the item on 20th Feb. It wouldn't make sense to have 2 days to pay the balance in full.

michael1983l

Kyle323 wrote: »

The february statement was paid in full though, the letter in the post said the due date for the feb statement was 22nd march. The refund went in on the 15th March, I only bought the item on 20th Feb. It wouldn't make sense to have 2 days to pay the balance in full.

You did not make a payment that month though and as there was transactions then the minimum payment would have to be met, despite the account not being in a negative balance. Like has been stated already, a refund does not count as a payment.

Kyle323

Sorry if I'm being stubborn about this, just rang them and they said its because the balance was on my account for 2 statements now not that it was a refund,

Feb statement:
Balance carried forward £0.00
Credits to your account £0.00
Debits to your account £487.99

March statement:
Balance carried forward £487.99
Credits to your account £487.99
Debits to your account £340.95
Statement balance £340.95

I'm really confused because with capital one I always use my 56 days interest free credit, where as Vanquis have charged me interest even after crediting the account in under 28 days.

SnowTiger

Kyle323 wrote: »

Sorry if I'm being stubborn about this, just rang them and they said its because the balance was on my account for 2 statements now not that it was a refund,

Feb statement:
Balance carried forward £0.00
Credits to your account £0.00
Debits to your account £487.99

March statement:
Balance carried forward £487.99
Credits to your account £487.99
Debits to your account £340.95
Statement balance £340.95

I'm really confused because with capital one I always use my 56 days interest free credit, where as Vanquis have charged me interest even after crediting the account in under 28 days.

If you pay the statement balance in full every month I don't think you should be charged interest. I can't think, off the top of my head, why you would be.

But it has to be the statement balance you pay. Not what you think it should be. The statement balance should be shown on your statements.

Your February statement was for £487.99, which matches the credits to your account in March. Did you pay all of that yourself or does some of that credit to your account include the refund?

Refunds don't count towards the payment of the previous statement. They are deducted from the next statement. I know that seems unfair, but that's generally how credit cards work.

Kyle323

SnowTiger wrote: »

If you pay the statement balance in full every month I don't think you should be charged interest. I can't think, off the top of my head, why you would be.

But it has to be the statement balance you pay. Not what you think it should be. The statement balance should be shown on your statements.

Your February statement was for £487.99, which matches the credits to your account in March. Did you pay all of that yourself or does some of that credit to your account include the refund?

Refunds don't count towards the payment of the previous statement. They are deducted from the next statement. I know that seems unfair, but that's generally how credit cards work.

The whole £487.99 was what I paid to google and what they refunded back to me.

SnowTiger

Kyle323 wrote: »

The whole £487.99 was what I paid to google and what they refunded back to me.

Oh, I see.

I think technically, as crazy as it sounds, you should have paid the statement balance yourself, however this would have obviously put your account in to credit.

It's a difficult one. I think common sense loses here.

However, as has already been suggested, putting this in a letter to Vanquis may see common sense win the day.

Kyle323

SnowTiger wrote: »

Oh, I see.

I think technically, as crazy as it sounds, you should have paid the statement balance yourself, however this would have obviously put your account in to credit.

It's a difficult one. I think common sense loses here.

However, as has already been suggested, putting this in a letter to Vanquis may see common sense win the day.

Yeah it's absolutely baffled me. Have you got a suggestion on how I should word the letter? The people on the phone don't seem to understand where I'm coming from.