Somethings a bit fishy

JournalGirl

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.

CLAPTON

how is the interest for balance transfer different from the interest incurred if it wasn't a balance transfer?

icy75

Something else which is very odd that I have just noticed, I have just logged in and my estimated interest next month is £91.58 yert the minimum payment is £69.94 which is apparently from my last statement details, yet when looking at my last statement it shows next months estimated interest to be £44.93

Last months interest charged was £43.16 on a balance of £2435.86, the current balance is £2375.67, there is no sense to these amounts, it is as if they have just used random amounts that mean nothing.

It further confuses things,

icy75

CLAPTON wrote: »

how is the interest for balance transfer different from the interest incurred if it wasn't a balance transfer?

I have explained everything, I requested a refund of the amount paid from one of their accounts back to another which it came from due to mistakenly paying the wrong payee, the person I had to pay wasnt a business and as such obviously wasnt in a position to receive payments by card otherwise I would have just paid it on my card, a balance transfer is when a bank pays money out to another bank , store card etc to clear the balance and loads this balance onto the account they hold and rightly so they charge interest on this borrowed money as they have paid it out, on this occasion they never paid any of their own money, they simply moved my money from one of my accounts to another, how can they then call this a balance transfer THEY HAVE NOT PAID A SINGLE PENNY OF THEIR OWN MONEY, this is my issue, I was never informed that I would be paying interest forever more until the card was paid off, with the amount escalating month on month, it is a simple few clicks to return the money to where it started from so I can pay what I had originally tried to pay.

this is more than doubling the amount of interest I pay each month. My actual interest this month is £7.65 then there is a balance transfer interest of £39