Missed payment by one day

Consumerist

PrettyFlower90 wrote: »

. . . I have never in my life missed a payment for anything, and don't know how it happened . . .

If I had penny for every time I've heard of this _ _ _

Anya, learn from this kind of mishap that can happen to all of us. Busy people sometimes forget even some of the important things. Set up a Direct Debit straightaway for at least the minimum payment.

YorkshireBoy

chattychappy wrote: »

It is often said here to "offer" to set up a DD in these circumstances. I wonder what difference it really makes.

It does make a difference, according to many posts on here going back years, and that's why I suggested it.

When you're in the wrong, it pays to admit it and go in apologetically IMHO, rather than aggressively...or challenging them on points of law.

Thrugelmir

chattychappy wrote: »

It is hardly an "inconvenience" to receive a payment a day late - particularly if they have the chance to apply charges/interest.

Be no purpose in setting due dates. Customers should be allowed to pay whenever they wished. You'd be up in arms if your employer paid you late. Same principles apply. Both parties have agreed to contractual terms.

chattychappy

YorkshireBoy wrote: »

It does make a difference, according to many posts on here going back years, and that's why I suggested it.

I'm not sure. The many posts fall into the same pattern - people miss a payment, get advised to ring up and offer to set up a DD, they get the charges refunded (though not always the BT deal fully reinstated). That doesn't mean setting up the DD was relevant. I think the CCs just have a policy of letting off first time "offenders" - as they did with my mother.

YorkshireBoy wrote: »

When you're in the wrong, it pays to admit it and go in apologetically IMHO, rather than aggressively...or challenging them on points of law.

I agree that there is no need to be aggressive. You can just tell them what happened, why, say you're sorry and ask them for the remedy you want - a refund.

You may well indeed be "in the wrong" - and no point hiding it. But only the courts can impose fines or penalties. CCs can only charge you what the breach costed them, whether or not the T+Cs say otherwise. Withdrawing promo deals is another matter.

So, if you don't get what you want, then people should look to regulation. You might be wrong to miss a payment, that doesn't mean the charges or other consequences are reasonable. You can certainly challenge the lawfulness of something without being rude or aggressive.

Remember - if people didn't "challenge them on points of law", we'd still have PPI miss-selling, still have default fees of £25, perhaps still a negative payment hierachy.

YorkshireBoy

chattychappy wrote: »

I think the CCs just have a policy of letting off first time "offenders" - as they did with my mother.

Many lenders have moved from "we may remove" to "we will remove" promotional rates, so I'm not sure that's the case. It certainly puts them in the driving seat, and should encourage complainants to be more apologetic.

CCs can only charge you what the breach costed them, whether or not the T+Cs say otherwise. Withdrawing promo deals is another matter.

I can see the day when, if they're not allowed to discourage late payments by existing means, they start to implement 'close off' like they do when they rate-jack customers and prevent them from using the account...not for first time offenders perhaps, but for those people who don't learn the first time.

Remember - if people didn't "challenge them on points of law", we'd still have PPI miss-selling, still have default fees of £25, perhaps still a negative payment hierachy.

None of which ever affected me, but I take your point.

chattychappy

YorkshireBoy wrote: »

Many lenders have moved from "we may remove" to "we will remove" promotional rates, so I'm not sure that's the case. It certainly puts them in the driving seat, and should encourage complainants to be more apologetic.

They certainly want people to think they're in the driving seat. Personally I think it is questionable whether removing promotional rates is enforceable - particularly where there has been an upfront fee. It is quite onerous if one month you pay, say, a 3% fee to do a balance transfer, and then miss the first payment by a day and lose the benefit of the deal. There are two issues: 1) it looks like a disguised penalty; and 2) it might be considered unfair. You or I might think it's perfectly fair, but "treating people fairly" is fashionable amongst regulators who don't like "gotcha" type situations. There hasn't been an intervention by regulators yet (to my knowledge) but I can see it coming. If I were a CC, I certainly would be reinstating deals if people bothered to complain.

YorkshireBoy wrote: »

I can see the day when, if they're not allowed to discourage late payments by existing means, they start to implement 'close off' like they do when they rate-jack customers and prevent them from using the account...not for first time offenders perhaps, but for those people who don't learn the first time.

I think that that would be fairer. They are certainly entitled to refuse future lending, make reports to agencies and charge fees to cover their costs. Those are ways to discourage late payments.

Perhaps the real problem is that it is part of the business model that people "mess up" with promo deals. Lenders can offer long 24 month, say, deals knowing that a proportion will fail. There is a cross-subsidy. Having put the deal in place, they need to look for chances to cancel it.

KennethHardy

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. 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.

Caz3121

KennethHardy wrote: »

As already suggested, apply for a new balance transfer card ASAP.

as per post #6 OP has applied for, and been accepted for a new card

[Deleted User]

Good old KennethHardy is one of our long term spammers. His post is just a copy of post #4.

gingercordial

It is worth asking if you can keep the 0% rate. My boyfriend did this recently with a 0% BT card with Sainsbury's - thought the due date was always on the same day of the month whereas occasionally it was a day earlier - he had his own standing order set up for the date he thought as he wanted to pay a set amount per month rather than just the MP (I have since persuaded him of the merits of a DD). He phoned and asked nicely and they allowed him to keep the promo rate. Just be as nice and apologetic as possible and it might be OK.