late payment fee

opinions4u

brown1950 wrote: »

In practice yes not difficult to substantiate but in reality i have not seen one
credit card company substantiate this fee ! Why ?

Egg successfully substantiated a £15 fee.

chattychappy

Thrugelmir wrote: »

Wouldn't be hard for NW to substantiate a £12 charge in terms of the cost of running their operation.

The charge has to be justifiable in terms of the particular case. Ie as a result of the OP's failure to pay £2.10 on time, how did they incur £12 of costs? Did they try calling or writing a letter?

Agree they MIGHT be able to. But until they do, it's simply arbitrary and statute does prohibit the use of such arbitrary penalties.

redpete

chattychappy wrote: »

Don't think DDs help. People get into trouble with those too.

There certainly can be problems with DDs - as the OP has said they have had problems before. In this case a DD set up for the minimum amount would have avoided this particular problem.

rj_uk

I can confirm that Nationwide have both stated their Terms & Conditions to why I incurred the charge..... but they also kindly refunded the £12.

I think everyone, but particularly the OP, is missing the root cause here...which is a failure to check the statement?

I agree with you here. I should of been more vigilant. In the day of online banking where you can find a tonne of data on your spending its easy to get distracted from the most important bit of information.

Can you not afford a little more every month? Minimum payments can take many years to clear - regular overpayments could slash the time it takes to clear.

Nationwide is 0% for a while yet (think 14 months left).

I have an outstanding balance on a 23% credit card that I am pushing all funds towards.

OP, if you have a 0% promotion still on the card (and you must have to be maxed out and only paying the minimum?) I think you'll have lost that too, so you might want to verify with them when you call...rather than wait for the statement, which is how they'll notify you (see what I mean about reading it?).

Thanks for the heads up. This could really throw a spanner in the works. I will look into it and update the thread.

rj_uk

YorkshireBoy wrote: »

OP, if you have a 0% promotion still on the card (and you must have to be maxed out and only paying the minimum?) I think you'll have lost that too, so you might want to verify with them when you call...rather than wait for the statement, which is how they'll notify you (see what I mean about reading it?).

Nationwide have confirmed the 0% APR promotion still stands despite the missed (incomplete) payment ...phew.

pqrdef

rj_uk wrote: »

Just changed the standing order to 1% of the credit limit which is £30 so should always be covered in future.

Of course late fees are themselves a common reason for minimum payments being higher than expected.

A380

Sorry to hijack the thread, but I've just copped a late payment fee with Barclaycard. I pay by DD and my payment went out at the beginning of July and another went out at the end of July as well. I didn't realize that they could possibly take out two payments in one month. Of course my salary went in the following day and my bank Nat West (who I've been with for over 10 years) bounced the payment due to insufficient funds et. The first I know of it is an e-mail from Barclaycard stating a missed/late payment charge etc. :mad:

Anyone with any ideas why this is so, at the moment the Barclycard phone lines are down!!! :mad::mad:

YorkshireBoy

A380 wrote: »

Anyone with any ideas why this is so

The statement date changed, slightly, meaning your payment due date changed, slightly.
You didn't check your statement when they sent it.

The way forward:

Read your statement!
Ask Barclaycard to change your statement date so it falls 'mid-month'...more accurately, 'mid-salary period'.
Arrange/extend an existing overdraft facility.

ic

Barclaycard's statement dates are on a fixed day each much, but will be delayed by a day or two if they fall on a weekend or bank holiday. The payment date for each statement is then a fixed number of days after the statement date, but again can be delayed if it then falls on a bank holiday or weekend.

It sounds like normally it always fell just after your pay day, and on this occasion the moons aligned such that it fell before your pay day. You can talk to Barclaycard and see if they can move your statement date - I managed this with some arguing after my Egg card was transferred to them. It was hard work. Being proactive about ensuring your payments are made on time should help you argue the case.

Otherwise as above, read your statement - part of the direct debit guarantee is that they will always inform you in advance of the date they'll take payment.