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Somethings a bit fishy
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icy75
Posts: 18 Forumite

On 6th January 2012 I accidentally sent a £1400 payment to my credit card account instead of paying someone on my list of payments from my current account, the credit card one was underneath the person I wanted to pay.
When I realised my mistake I called the bank (all accounts with the same bank)
They said they would send the payment back to my current account, however ever since then I have been hit with balance transfer interest, and the BT balance has been constantly growing ever since, as has the interest on the "transfer balance"
Something else which doesn't make sense is the BT interest is stated as 1.873% yet even with my card balance consistently dropping every month sometimes the interest has been higher than the previous month, I rejected a proposed interest rate rise and was offered the chance to close the account pay the balance off at the previous rate which I accepted, so my interest rate should never change now, I don't see how the interest can change so much on a solid rate, it doesn't appear to follow my balance. With the balance transfer interest the rate has never changed from 1.873 however there seems to be no sense to the amounts compared to the balance, sometimes its higher than previous month and sometimes lower
The "balance transfer" has risen every single month the amount was originally £1400 and now the transfer balance is £2017.22 with over £550 already paid in balance transfer interest and the transfer outstanding balance has risen to £2017.22 that's over £1000 more than the amount that they put back to my account.
I was never at any point told that this would happen, I was told that they would transfer the amount I had occidentally sent to my card back to my current account, both accounts are with Santy.
Basics are I accidentally paid it in, they paid it back out again to my current account, and now I have an outstanding balance transfer balance for something they havent actually paid out for all they did is return my money from one of their account number to another (and this is all this is about - numbers). I simply asked them to recall the payment I had made in error.
I vaguely remember being told there would be a fee to move this money back and this is reinforced by the Feb 12 statement where it says balance transfer fee £42 then there was a credit for balance transfer fee and it looks like the £42 was then added onto balance transfer balance if that makes sense, and as such that is now also subject to interest.
Foolishly when I received statements I file them, I check online often but that only shows a total interest which looking at the statements is actually normal interest and balance transfer interest added together, it is not split down separately on online banking
It gets better, I have added all transaction and payments on my statements and they look to have been compounding interest, as they have been charging interest on total balance which includes the "balance transfer" interest
I have no idea how to work out how much regular interest I have paid on this amount on top.
The balance transfer interest amount rises month on month
Looking through the spreadsheet I have removed the amount for the balance transfer and just used payments in and out, and tbh it makes no sense, I have found the monthly interest on my statements, and the monthly rate does not change at any point during the account from 1.873 the letter informing of interest rate rise states going from 24.9% to 29.9% as of 1/4/13 however the interest charged seem to fluctuate quite a bit and does not seem to correspond with the previous months balance.
I really cant get my head around this at all, the regular interest charged doesnt seem to correlate to any amount, it is as if the interest amounts have been made up.
I desperately need someone to look at this spreadsheet who really understand interest rates fully, I feel I am out of my depth here, I know somethings not right but I cant figure out what it is
Can someone please help as I cant get my head around this, is does not make any sense.
When I realised my mistake I called the bank (all accounts with the same bank)
They said they would send the payment back to my current account, however ever since then I have been hit with balance transfer interest, and the BT balance has been constantly growing ever since, as has the interest on the "transfer balance"
Something else which doesn't make sense is the BT interest is stated as 1.873% yet even with my card balance consistently dropping every month sometimes the interest has been higher than the previous month, I rejected a proposed interest rate rise and was offered the chance to close the account pay the balance off at the previous rate which I accepted, so my interest rate should never change now, I don't see how the interest can change so much on a solid rate, it doesn't appear to follow my balance. With the balance transfer interest the rate has never changed from 1.873 however there seems to be no sense to the amounts compared to the balance, sometimes its higher than previous month and sometimes lower
The "balance transfer" has risen every single month the amount was originally £1400 and now the transfer balance is £2017.22 with over £550 already paid in balance transfer interest and the transfer outstanding balance has risen to £2017.22 that's over £1000 more than the amount that they put back to my account.
I was never at any point told that this would happen, I was told that they would transfer the amount I had occidentally sent to my card back to my current account, both accounts are with Santy.
Basics are I accidentally paid it in, they paid it back out again to my current account, and now I have an outstanding balance transfer balance for something they havent actually paid out for all they did is return my money from one of their account number to another (and this is all this is about - numbers). I simply asked them to recall the payment I had made in error.
I vaguely remember being told there would be a fee to move this money back and this is reinforced by the Feb 12 statement where it says balance transfer fee £42 then there was a credit for balance transfer fee and it looks like the £42 was then added onto balance transfer balance if that makes sense, and as such that is now also subject to interest.
Foolishly when I received statements I file them, I check online often but that only shows a total interest which looking at the statements is actually normal interest and balance transfer interest added together, it is not split down separately on online banking
It gets better, I have added all transaction and payments on my statements and they look to have been compounding interest, as they have been charging interest on total balance which includes the "balance transfer" interest
I have no idea how to work out how much regular interest I have paid on this amount on top.
The balance transfer interest amount rises month on month
Looking through the spreadsheet I have removed the amount for the balance transfer and just used payments in and out, and tbh it makes no sense, I have found the monthly interest on my statements, and the monthly rate does not change at any point during the account from 1.873 the letter informing of interest rate rise states going from 24.9% to 29.9% as of 1/4/13 however the interest charged seem to fluctuate quite a bit and does not seem to correspond with the previous months balance.
I really cant get my head around this at all, the regular interest charged doesnt seem to correlate to any amount, it is as if the interest amounts have been made up.
I desperately need someone to look at this spreadsheet who really understand interest rates fully, I feel I am out of my depth here, I know somethings not right but I cant figure out what it is
Can someone please help as I cant get my head around this, is does not make any sense.
0
Comments
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what was the balance before you accidentally paid in 1,400?0
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It sounds as if the repayment may have been treated as a cash withdrawal.0
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bouncydog1 wrote: »It sounds as if the repayment may have been treated as a cash withdrawal.
But it wasnt a cash withdrawal, it was a mistake and I asked them to recall the payment, this costs them nothing, they should not use it as a money making exercise surely.
they are treating it as if I have borrowed the money, it was my money to start with0 -
LA_Wedding_Cars wrote: »But it wasnt a cash withdrawal, it was a mistake and I asked them to recall the payment, this costs them nothing, they should not use it as a money making exercise surely.
they are treating it as if I have borrowed the money, it was my money to start with
Seems a bit odd. It happened two year ago. What happened to the £1,400 you incorrectly transferred?0 -
so you had a debt of 1,040 on the credit card
then accidentally paid 1,400 so a credit of 360
and then arranged for 1,400 to be recalled or BTed or whatever
leaving a debt of 1,040 again
then what happened over the next 2 years?0 -
Seems a bit odd. It happened two year ago. What happened to the £1,400 you incorrectly transferred?
Why?
As I have already stated I regularly checked my account online, this has no mention of any balance transfer, because I check it online all the time when I get my statements they go straight into the filing cabinet, I happened to look at the one that came last week and noticed there was a balance transfer on it it was then that I got them all out and started studying them.
They refunded the £1400 back to the current account it came from.0 -
Not much help now - but as soon as you realised they were treating it as a balance transfer instead of a mistake correction you should have spoken to your bank.
I had a large credit on my card, due to a refund for a faulty fireplace, but by speaking to a manager, they agreed to transfer the credit out without treating it as a withdrawal, so no charges were incurred.0 -
so you had a debt of 1,040 on the credit card
then accidentally paid 1,400 so a credit of 360
and then arranged for 1,400 to be recalled or BTed or whatever
leaving a debt of 1,040 again
then what happened over the next 2 years?
the account was used as normal paying more than the minimum payment back each month until March 2013 when I received a letter informing me they were increasing the interest rates and offered me the option to close the account and continue to pay off the balance as long as the minimum payment was received each month, it has always been more than the minimum.0 -
JournalGirl wrote: »Not much help now - but as soon as you realised they were treating it as a balance transfer instead of a mistake correction you should have spoken to your bank.
I had a large credit on my card, due to a refund for a faulty fireplace, but by speaking to a manager, they agreed to transfer the credit out without treating it as a withdrawal, so no charges were incurred.
This is the first time I have noticed it, I strictly check all my accounts online very regularly, however online only shows a total interest and nowhere is there any mention of any balance transfer or interest for balance transfer.0
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