Charges reversed - but

richard_3095

I'm poor, but have a credit rating of 999. When I made a balance transfer a while ago, it was with 18 months interest free on the transfer balance. The minimum payment is about £25 per month. I always paid £50.

This March I honestly erroniously forgot to pay the minimum charge. And this is what Santander did:

* Removed the 0% interest
* Charged me £22.50 in interest.
* Charged the £12 late payment fee.

What a wicked set of actions, just because I made a mistake in March of not paying off the monthly minimum.

I've managed to have MBNA (Virgin) reverse their actions.

But, does this not show that the banks are still money grabbing, feeding on the poor? I think it does.

[Deleted User]

richard_3095 wrote: »

does this not show that the banks are still money grabbing, feeding on the poor? I think it does.

I think it merely demonstrates that you should ensure you pay the minimum repayment on your credit card each month if you want to avoid the penalties.

Thomas_Hardy

No, it shows they are keeping to their side of the contract.

You do understand that banks are in the business of making profit?

richard_3095

Moneyineptitude wrote: »

I think it merely demonstrates that you should ensure you pay the minimum repayment on your credit card each month if you want to avoid the penalties.

And I think your answer demonstrates your utter contempt for what is right and just.

So you think it's just to remove the 0% interest for this one mistake? Boy, if that's what most people think, this country deserves to sink into oblivion.

paulineb_2

Set up a direct debit for the minimum payment, the same thing has happened to me before, a direct debit will stop it happening again

[Deleted User]

richard_3095 wrote: »

And I think your answer demonstrates your utter contempt for what is right and just..

"Right and just" is that you ensure you pay the minimum repayment each month.

"Right and just" is that you keep to the terms of the legally binding contract you voluntarily signed.

The Bank have withdrawn the penalties imposed on you for your "mistaken" lack of payment, so what exactly are you moaning about?

richard_3095

Thomas_Hardy wrote: »

No, it shows they are keeping to their side of the contract.

You do understand that banks are in the business of making profit?

Do you understand that for one lousy mistake the public don't expect a bank to remove the 0% interest? Budgeting was predicated on there being 0% interest. So, it's a very serious issue to have removed that 0% interest level.

Heck, the bank was up on it's collections, I was paying twice the minimum amount.This makes all the difference in the world. It does to those who understand that it's not all about the letter of the law.

[Deleted User]

paulineb wrote: »

a direct debit will stop it happening again

Exactly. Allowing it to happen again, of course, will result in the Bank actually imposing the penalties they have this time withdrawn.
The OP should treat this as a warning, not an indication of banking "greed".

richard_3095

paulineb wrote: »

Set up a direct debit for the minimum payment, the same thing has happened to me before, a direct debit will stop it happening again

Yes, I've done that.

[Deleted User]

richard_3095 wrote: »

Do you understand that for one lousy mistake the public don't expect a bank to remove the 0% interest?

They haven't actually penalised your "one lousy mistake", so what exactly are you complaining about?
What has the "public" to do with your personal finances?

richard_3095

Moneyineptitude wrote: »

Exactly. Allowing it to happen again, of course, will result in the Bank actually imposing the penalties they have this time withdrawn.
The OP should treat this as a warning, not an indication of banking "greed".

People don't mind warnings. But there was a better way in my opinion.

Making those changes, etc, amounted to bullying. A large organisation throwing it's weight about.