Credit Card Interest....advice please

[Deleted User]

Hi

My husband has taken out a very low interest loan (5.9%) to pay off the credit card at 19.9% - of £9,869.96 - which is going to save us a lot of money and also paid off in 5 years (if not less as we can now save some money)

...ok...we paid off our bill we had last month, well within the cut off time in full but we received another statement this month which we were expecting it to be zero but we have to pay interest for £34.19 - no other transactions on the bill as we have been trying to pay it off every month and cut up the card. Is this just accruding interest and should receive a zero balance next month, or will this continue for a few months. I feel a little cheated that they send us a statement but not showing the true balance, just feels like they are just trying to squeeze more out of us.

mrmajika

The figure you have on your latest bill will be the interest charges for the last billing cycle, up until the point you paid it off. If you clear this in full this month and on time, you'll have a zero balance next statement.

[Deleted User]

MrsBrownBear wrote: »

I feel a little cheated that they send us a statement but not showing the true balance, just feels like they are just trying to squeeze more out of us.

The statement does have the true balance, but for the day it is created.

They can't guess how much more you will spend, or when and if you will make another payment in the future.

[Deleted User]

mrmajika wrote: »

The figure you have on your latest bill will be the interest charges for the last billing cycle, up until the point you paid it off. If you clear this in full this month and on time, you'll have a zero balance next statement.

Thank you, I did think this but it felt so good to finially get rid of this card, will have to wait next month to get the zero balance on the account statement.

neets

I have the same issue, have just cleared off my credit cards and none of them charged remaining interest apart from Virgin. I was disappointed that after I had thought I'd cleared everything that I had yet more interest to pay.

Is it worth pursuing a request with Virgin to see if they would wipe this interest as a goodwill gesture? Has anyone any previous experience of similar success? I guess it does no harm to ask...

neets

Result! Just as an update to my last post, rang Virgin and asked if they would consider waiving the final interest (of £52 ish) so I could close the account. After initial refusals I asked if I could speak to a manager to consider it - being polite the whole time of course! I did get cut off, grr, but after I called back they agreed to waive the interest and my account is now closed. Thanks Virgin! All CC's now closed, scary but :T

MrsBrownBear - worth a try?!

fozmcfc

MrsBrownBear wrote: »

Thank you, I did think this but it felt so good to finially get rid of this card, will have to wait next month to get the zero balance on the account statement.

Chin up girl, you've made the main first step of deciding to get yourselves debt free, it starts to get better from here on in :money: