Can I claim interest???!!

smartie50

I have just found out that I have an amount owed to me from an old credit card from 2003 with the Nationwide. I am in the process of applying for a 0% card but was turned down due to have an existing, unknown account. The Nationwide has never sent me a statement and therefore they have held onto my cash for 11yrs. If I had owed them this amount then they certainly would have come for it. They are sending a cheque for this amount but can I claim interest for them borrowing my money? Please advise anyone.

Hazzanet

No..........

smartie50

You say no - but for what reasons?

shortcrust

You could have got your money back at any time so it was effectively your choice to leave it on a credit card where it clearly wasn't going to earn interest. Nationwide aren't to blame for you losing track of your cash.

Out of interest, why did statements stop for the credit card?

grumbler

smartie50 wrote: »

...If I had owed them this amount then they certainly would have come for it.

So could've you, but you had not until now.

eskbanker

smartie50 wrote: »

The Nationwide has never sent me a statement

Are you saying that you were using a card a number of years ago and at no stage (even back then) did you ever receive a statement?

smartie50

shortcrust wrote: »

You could have got your money back at any time so it was effectively your choice to leave it on a credit card where it clearly wasn't going to earn interest. Nationwide aren't to blame for you losing track of your cash.

Out of interest, why did statements stop for the credit card?

Statements never came. Didn't know why

Hazzanet

smartie50 wrote: »

You say no - but for what reasons?

Nationwide credit cards do not pay interest on credit balances.

grandplonker

Uncomplicated principle of money management. It is always your responsibility to chase anybody who owes your money.

Supposing you owed £10 on a credit card, but for some reason they didn't lift the money from your bank account - even though you had a direct debit? You wouldn't do anything about it. Of course you wouldn't.

On a wider note, you should always cancel credit cards you don't use. It improves your credit worthiness.

YorkshireBoy

grandplonker wrote: »

On a wider note, you should always cancel credit cards you don't use. It improves your credit worthiness.

More accurate to say it may improve it.


Sometimes (ie with high credit utilisation) closing an unused card can actually have the opposite effect.

iAMaLONDONER

smartie50 wrote: »

Statements never came. Didn't know why

Chalk this to experience and move on. In future chase up anything that isn't right!