Overpaid on 2 credit cards 30 January 2015 at 8:17PM edited 30 November -1 at 1:00AM in Credit Cards 5 replies 1.6K views

ricky43_2

Hi guys,

I've had a massively patchy credit rating through the years to say the least.

I've been using high interest credit cards for 5 years to try and rebuild it and slowly worked my way out of around £15k's worth of debt.


I'm now in a position where my credit rating appears really good, And moneysupermarket, experian etc said I can get most credit cards.

I went straight for the Barclaycard 0% BT for 35 months. Got accepted, happy days.

In my excitement, and being an absolute tool. I managed to duplicate my balance transfers from my high interest cards.

Capital One: I overpaid by £1000
Vanquis: Overpaid by £1300.

Barclays have happily paid these, and by the time they appeared on my statement, it was too late to reverse them. They advised that I contact my card providers:

I contacted Capital One - they say my account was £1000 in credit and asked me for my bank details to transfer it back(acc no, sort code) I don't have those details for my Barclaycard, only a 16 digit card number, so I gave them my santander account. they said they happily refunded it and it'll be in my account via fasterpayments within 1 working day (I find this all very odd - money laundering?) - anyway, if they do it, cool. No money in my account yet, but i assume now it will be monday.

I then contacted Vanquis who weren't as understanding. They have blocked my account as I have breached there T&C's by going into credit and asked me to provide proof to them of where the money came from - they should know this, shouldn't they? Can't they just "reverse" it? Anyway, I've emailled them the closest thing I have to a statement(The account being new, I only have recent transactions - which does show the £1300)

Anyway, just wondered, has anyone else had experiences like this? Should I be worried? And is there any outcome here where I've potentially lost my money?

Thanks guys!

guesswho2000

I've overpaid before (sometimes marginally, in error, sometimes slightly more, in order to "mule" the money to a current account!) and never had a problem.

While it is technically against the T&Cs, it won't normally hurt. Some lenders are stricter than others, money laundering rules and all that, but either way you won't lose the money permanently - at worst it'll be in limbo for a while.

bengal-stripe

ricky43 wrote: »

I then contacted Vanquis who weren't as understanding. They have blocked my account as I have breached there T&C's by going into credit and asked me to provide proof to them of where the money came from - they should know this, shouldn't they? Can't they just "reverse" it?

"Reversing", returning the money to where it came from (Barclaycard) would be the correct procedure and is most likely the method Vanquis will use. You definitely will not lose the money, but you might lose the transfer fee on £1,300 (3% or whatever it was).

Making the same mistake twice, sounds a bit like "accidentally on purpose" - doesn't it?

jimmy*c

Can't comment much but as to the T&Cs about being in credit... I was in credit after i'd come into a good payday... No problems with refunding the money in the end (other than a delay).

ricky43_2

bengal-stripe wrote: »

"Reversing", returning the money to where it came from (Barclaycard) would be the correct procedure and is most likely the method Vanquis will use. You definitely will not lose the money, but you might lose the transfer fee on £1,300 (3% or whatever it was).

Making the same mistake twice, sounds a bit like "accidentally on purpose" - doesn't it?

Lol, yeah. In my defence it was at the same time. During signup, I did the 2 transfers - they both appeared on the account for a day - then disappeared, so I did them again.

Barclays have said they will happily refund the transfer fee when the money is returned.

It is a bit odd that capital one were happy to transfer the cash to my bank account? If they're not talking poop(The money isnt in there yet) - then effectively I've just got a £1000 loan at 0%...

guesswho2000

ricky43 wrote: »

Lol, yeah. In my defence it was at the same time. During signup, I did the 2 transfers - they both appeared on the account for a day - then disappeared, so I did them again.

Barclays have said they will happily refund the transfer fee when the money is returned.

It is a bit odd that capital one were happy to transfer the cash to my bank account? If they're not talking poop(The money isnt in there yet) - then effectively I've just got a £1000 loan at 0%...

If they've said they'll send it, it'll turn up, might take a few days though. It's not uncommon, most providers will refund to a bank account.

As for it being a 0% loan, not really - the transfer fee, remember - Barclays won't refund it if you've got their money sitting in your account . But it's as good as, nearly three years for the fee, you may as well stick it in a current account paying 5%, Nationwide Flexdirect, perhaps!