credit card underpaid by 1 pence

TBeckett100

The fit and proper rule applies in a scenario where a financial services professional is heavily in debt and there fore may be doing things I.e. Selling more to earn more which may be unethical

A 1p underpayment, provided you can show you had 1p spare will be more human error than unfit

A lot of financial services people have dire finances. Relax and sign the declaration

pcworks

TBeckett100 wrote: »

A lot of financial services people have dire finances. Relax and sign the declaration

That partly explains the problems in Britain's banking sector for the past few years then.

Aquamania

creditwhizz1978 wrote: »

Hi


I am at my wits end I accidently underpaid my Natwest credit card back in July by one pence - yes one pence.
the following statements min payment included a £12 charge for this making my min payment £12 more than usual
I rang them, explained my error and they removed the £12 fee, SO I thinking effectively its now gone, done and dusted, I paid the usual monthly minimum payment showing on statement minus the £12 as that had already been paid back by the refund
OR SO I THOUGHT
the following statement showed an even bigger min payment showing the last months min including the first £12 plus another £12 ,
I immediately rang them to sort and again got the further £12 refunded ,BUT was told I MUST still pay the min payment on the statement even if I had had late payment credited back??!!!! anyway I did think meaning ive now overpaid £24 off my balance!
I checked my credit profile last week and they have slammed a late/missed payment indicator on my profile linked to the £12!!!


I work in financial services and must 'be fit and proper' with no adverse credit
I rang Natwest and explained all of the above, they have insisted there is nothing they can do!
im at my wits end as may lose my job and have no access to further credit for some time just when I may need it
I rang the ombudsman and they agreed that no common sense was being applied here by Natwest. NatWest seem happen to have to pay £500 and let me take the complaint to the ombudsmen, ALL OVER £0.01 pence!!!


has anyone else had a similar issue, if the ombudsmen don't upload my complaint I am doomed in everyway possible ((


please no condescending comments about paying more than the minimum, not all of us have that luxury im afraid,


Many thanks

Any chance of you posting a clear image of your previous bill showing the minimum payment due, and then the next bill showing the payment you actually made and the charges accrued as a result? And then the next bill showing the refund of the charge?

:cool:

(Do remove personally identifiable information first)

Bartelmy

Unfortunately, you were in the wrong here.

You did not make your minimum pymt on time and received a late fee. The difference in the amount is totally irrelevant.

Natwest refunding two late fees - despite it being your error and not theirs - is a goodwill gesture, not something you are entitled to.

Finally, refunds do not count as payments, which is why the minimum payment was not lowered by the amount refunded. The reasoning for this is to prevent debt spirals; on older Amex cards refunds did count as payment so it was possible to buy and return a number of goods and avoid the minimum payment in that manner without actually paying off any off the capital, which is the point of a minimum payment. Customers who did that would end up sinking further and further into debt, hence why this loophole is closed for most credit cards.

Also, since you did fail to make the minimum payment it has to be reported on your credit file. Natwest aren't being mean, they're just refusing to break the law for you. You're entitled to add a note explaining the exact circumstances of that late payment to your credit report, and if it is a one-off it shouldn't have nearly as big an effect as you seem to think it will. I hope that's reassuring.

Note: I work for a credit card company, and our system works in the same way.

creditwhizz1978

Thanks all for the various replies

jegudiel

Hello!

I just wanted to add, as a consultant who has prior worked for the FCA and as someone who is an 'approved person', there is no way that your employer would see this minor issue as cause to see you as incapable of offering financial advise. Typically, the FCA are more interested in intentional efforts to manipulate the system or exposure to very high risk investments or high volumes of debt that may influence their behaviours, not a couple of missed credit card bills.

Hope that helps.

msallen

jegudiel wrote: »

there is no way that your employer would see this minor issue as cause to see you as incapable of offering financial advise.

I'm sure you're right, but would you want financial advice from someone who doesn't know how credit cards work?

creditwhizz1978

Well just to let you all know that despite some rather negative comments and feedback on here. The Ombudsman could saw exactly where I was coming from and the mark was removed from my credit file.