Reclaiming over payment interest

Andydoodles

Hi Guys!

MBNA has owed me money from an over payment for some time, they've jut made contact to pay it back, should they also owe interest?

Ebe_Scrooge

No................

bigadaj

You could try and charge them a late payment fee.

McKneff

Don't be daft........ lol

grumbler

What is your APR? Charge them the same rate and report to CRAs if the don't pay...:think:

Andydoodles

Just a thought, I don't think I'm being daft though. In my mind (admittedly not a financial one) they've been gathering interest on that amount. They've had my bank details or could've sent a cheque so It's not like they have a reason to keep it.

[Deleted User]

When did you first ask for it back?

Ballard

The terms and conditions of credit cards often prohibit running a credit balance on the card so you may have broken them.

Presuming that you are on top of your finances and realised that you had a credit balance, why didn't you contact them for repayment? Why should it be up to them to get in touch with you?

chattychappy

Mate of mine got into trouble with MBNA and set up a repayment plan, paying by direct debit. The balance went positive and he went on paying for another three years. Eventually he rang them up and they sent him a cheque. He asked if they could restore the card... "I paid back everything I owed you, and lent you money for 3 years which is longer than how long you lent me money for". They sent him a cheque and of course denied him the card. They added £20 for goodwill.

So if you're keen, ask for a "goodwill" gesture.