Closed account - Still owe interest?

sonicmouse

Hi

I need some advice. I closed my Capital One account as I needed it in times of need but I balance transferred it and closed the account as the interest rate was laughable. I closed my account, destroyed the card forgetting that I would obviously owe a small amount of interest.

The trouble is, I want to pay off this bill but I can't get in contact with Capital One. They cannot 'find me' on their systems as the only information I can give them is my name and address..

Any ideas anyone?

shaunnnny

did they send you a final statment after your balance transfere? also on your credit file is the cap 1 account showing as settled?

sonicmouse

No all my statement were online. I checked that it was fully transferred before I closed my account. I havent got a credit search account to be honest as I don't really want to pay for one.

sharpy2010

sonicmouse wrote: »

No all my statement were online. I checked that it was fully transferred before I closed my account. I havent got a credit search account to be honest as I don't really want to pay for one.

You can get one for £2. Probably worth paying for it when a ve3ry possible alternative is a trashed credit file for 6 years.

triffid123

I hate to say this but they did exactly the same to me.
I paid off the balance, called them to close the account and i could no longer access the online statements. 2 months later i received a letter saying i was now £32+ in arrears so i called them to be told there was an interest addition of around £7 and 2 late payment fees of £12, and they put on my credit file that i had missed one months payment.
When i called they agreed that this should have been resolved better and as a "goodwill gesture" they reduced the balance to zero and closed the account for good, but they refused to amend the credit record which i had to put a note on to explain the late payment (this was not hard to prove really though as it only showed a late payment of £7 and the previous balance was around £1500 showing as paid).
Capital One are notorious for doing this, always keep a credit card open for a couple of months after final payment to be sure.

triffid123

once other thing, you can get a free trial of experian to search your credit file for one month so see if they have closed it or showing you as missed payments.

simax

... another reason as to insisting on paper statements...

StuC75

Why not sign back in to the online account checker - if you received your statements by that method, has that stopped working?

chattychappy

I think I would "cover" myself by writing to them demanding to know if a final balance is due (in which case you will pay forthwith) and unless they reply to that effect or otherwise provide you with a statement (or access to a statement) then you be entitled to assume that the account is clear. For the record, remind them that you have tried to obtain this information from them previously by phone. The paranoid would do this by recorded delivery.

Then if it does go pear shaped later, you have some ammunition when it comes to disputing charges/negative reports to credit agencies.

I've noticed that residual interest isn't always applied to CC accounts even when the T+Cs provide for it. I recently had a LOB running on Barclaycard. About 3K at 6.9% APR. About a week after receiving my May statement I paid the balance as shown on that statement. So I should have had a weeks' interest showing on the June statement, about £4. But June showed zero.

I sometimes wonder if CCs write-off interest in some circumstances to pre-empt any moans they get from cardholders. A few years ago a CC (forget which one) told me they always write off interest of less than £1 if that was all that was on the statement even though the T+Cs didn't provide for it. The phone op thought it was because it cost them more than a £1 to process the incoming payment (hmmm).