Missed payment by one day

Anya15

Hello everyone,

I have a Bank of Scotland credit transfer card and I've always been making sure that I paid much more than the minimum payment by the due date each month.
As the promotional 0% ends soon, I've started thinking about transfer the remaining balance to a new CT account.

Now, here is the problem:
Last Friday, I realised with a horror that I missed the payment by one day (the due date was on Thursday) :eek: I hurried to the local branch first thing in the morning to make the payment

Am I going to be penalised for this oversight? I know it's my fault but are they going to withdraw the 0% rate with an immediate effect? My current balance is almost £2,700 so I dread to think about the interest they might charge me... And it's probably going to make it more difficult to apply for the new CT

Should I consider applying for a new CT as soon as possible? Or wait for the statement form Bank of Scotland?

Good advice much appreciated.

daftsod11

Apply NOW or ASAP.

YorkshireBoy

Call BoS in the morning and plead! Because it was only one day they may be lenient...in terms of the 0% deal (but perhaps not in terms of reporting the transgression to the CRAs?).

Offer to set up a DD for the minimum payment during the call to show willing (so as not to inconvenience them in future!).

But above all else, get another application in elsewhere now, as suggested above. Depending on how soon "soon" is, you'd have been transferring anyway shortly...may as well do it now, especially as 1-2 months interest charge (if you have lost the 0% deal) will be far more than the current plethora of fee-free and low fee BT cards available would cost you. Not only that, you want to get the application in before any late payment is put on your CRA file!

Consumerist

Anya15 wrote: »

. . .Good advice much appreciated.

Define "good"

As already suggested, apply for a new balance transfer card ASAP. Since your payment was only a day late it is possible it will not appear on your credit file at all but, in any event, it would take a while for it to appear. Time is of the essence.

You could have a word with them to see what leniency they may show towards you but, I fear, the 0% promo deal is likely to be withdrawn from the beginning of the statement month in which the missed payment occurred. But don't take any chances and get another card applied for - like yesterday.

chuckley

for future reference Faster Payments clear almost instantly.

Anya15

Thanks so much for your advice everyone.
I've just applied for a Virgin Credit Transfer Card - 32 months 0% and have been approved: with a credit limit of £9000.00.
Does that mean that all £2,700 from my Bank of Scotland will be transferred over? Or do I need to wait for an additional approval?
Again, many thanks for your help .

Consumerist

Anya15 wrote: »

. . . I've just applied for a Virgin Credit Transfer Card - 32 months 0% and have been approved: with a credit limit of £9000.00.
Does that mean that all £2,700 from my Bank of Scotland will be transferred over? Or do I need to wait for an additional approval? . . .

If you have requested the balance transfer as part of the application then it should happen automatically. Otherwise, you'll need to request the transfer as soon as you have online access to the account. You may be able to request it by phone.

Anya15

Consumerist wrote: »

If you have requested the balance transfer as part of the application then it should happen automatically. Otherwise, you'll need to request the transfer as soon as you have online access to the account. You may be able to request it by phone.

Yes, I requested the transfer as part of the application process.
So that should be sorted
But I will still have to pay for my mistake if Bank of Scotland decides to withdraw my 0% offer and charge me interest. Will this be interest on the whole post-statement balance (£2,700)? Apologies for these questions - I've never been in a situation like this..:(

YorkshireBoy

Anya15 wrote: »

Yes, I requested the transfer as part of the application process.
So that should be sorted

Don't rely on it. Give them a few days and call them to check. The last thing you want is no transfer, or 2 transfers (should you get impatient and request it again)!

But I will still have to pay for my mistake if Bank of Scotland decides to withdraw my 0% offer and charge me interest. Will this be interest on the whole post-statement balance (£2,700)?

If they remove it, you'll be charged interest on your statemented balance at the start of this month, ie the statement which demanded payment you were late making. Very roughly, this will be £2,700 x APR% / 365 x 25...so if your APR is 18.9% the charge will be £35 (plus £12 default fee, so £47 in total).

PrettyFlower90

I had this exact problem a year ago. I had a balance transfer and was making payments every month. I have never in my life missed a payment for anything, and don't know how it happened but I missed one payment by less than 24hours. Paid immediately and phoned up to see what was going to happen (my partner missed a payment one time and when he rang up they decided not to charge late payment fee and let him off with it so to speak as he paid immediately).

My 0% was immediately taken away and I began to pay interest. The most they could do was lower the interest rate, which I accepted. But I then immediately applied for another card and did a balance transfer to get back to a 0% deal. So I think it all depends on who the credit card provider is..

chattychappy

YorkshireBoy wrote: »

Offer to set up a DD for the minimum payment during the call to show willing (so as not to inconvenience them in future!).

It is often said here to "offer" to set up a DD in these circumstances. I wonder what difference it really makes. It is hardly an "inconvenience" to receive a payment a day late - particularly if they have the chance to apply charges/interest. By offering to set up a DD, what you're saying is "please let me off the charges/interest and in return I'll make sure you never get the chance to get charges/interest" in the future.

My mother missed a Barclaycard payment a few months ago. She phoned them up to argue the charges, saying she forgot to make the payment. I think, being helpful, they suggested a DD. She told them no way - she didn't believe in them. They refunded the charges anyway, but said that they would only do it one time. (I think that's common.) My mother told them that next time, she would phone again anyway!