Mis sold credit card?

tocs23

Ok... I will try to cut a long story short here :mad:

I have had a Halifax credit card for a number of years. £7.5k limit and zero balance. Kept open as I believe it is seen as a positive marker to have held accounts for a period of time.

I also have a Barclaycard (£5k balance) which is on 0% interest about to expire. Will be applying for a mortgage soon so - rather than put another application on my file - called Halifax to ask about a balance transfer. Was given a promo rate but told I would need to go into any Lloyds Banking Group branch to update account name to my married name before they could process (fair enough).

Did so last Thursday- local Bank of Scotland. Because of a fault with their scanners, the form wasn't sent for processing until Monday. Branch tell me they had several unsuccessful attempts but that the docs eventually went through and all ok as far as they can see. Halifax CS tell me the system shows that name change was "rejected" at branch and I would need to resolve with them. First issue.

Made appointment with Banking Advisor on Tuesday. Was told in advance that they still believe change of name request has gone through and therefore that BT would be done during appointment. System did not allow (because of BoS/Halifax differential apparently). Therefore 20 minutes into appointment was no further forward. Advisor suggested alternative would be to apply for a BoS card (better rate, transfer fee etc than Halifax) and BT would be guaranteed to go through overnight.

Was reluctant but priority was to get BT done, so went through application and got £5k limit approved. Adviser took Barclaycard details for BT and again confirmed funds would be transferred during overnight processing.

Concerned about credit search and upcoming mortgage application, I was further advised to keep Halifax CC open but reduce balance to help paint a more favourable picture to mortgage lender. I did so, online, that evening.

Current situation:
Name has still not been updated on either account
Balance transfer still has not been processed

I called Halifax CS this morning to complain. Was advised that they could process the BT (aaarrrrggghh) but as I have now reduced my Halifax limit to £2k that creates another layer of complication.

So... I now have three credit card accounts. I would not have applied for the BoS card if I hadn't been told BT would be done pretty much immediately. I didn't need it (had enough credit with Halifax, albeit their inability to process my name change made BT impossible) and it didn't really fit my needs for a £5k BT (as only 95% allowed).

Complaints team are looking into this and have admitted fault in several areas. "Mis selling" was mentioned as a concern (by them) over the phone this morning. When asked what my ideal outcome is I said I just want the balance transferred as priority so I don't incur interest charges from Barclaycard.

Where do I stand? Should I be seeking any other form of compensation or reparative action?

Thanks in advance.

[Deleted User]

What are your losses?

jonmoneybags

I think you are due at least £1,000,000 from them. Just hop aboard the choo choo train, first and only stop the compensation station.

Marcio45

No credit card that i have dealt with so far do/process balance transfers immediatelly. They always take at least two working days before the money shows on the other card. I dont really understand the emergency. Is it because you will pay a few days interest? A few pounds? That wont be the end of world.

And although your bank have messed you about the name change i can only guess the advisor at the local branch was trying to help you. A new card always have a better BT deal than an existing one. One credit search wont do that much harm on your mortgage, but available credit might, but you sorted that one already by reducing limits on one of your cards.

Money_Rollercoaster

It's only Thursday and you were expecting the Bank Transfer by Weds. I don't think that's a huge delay. Playing devil's advocate you could have updated your details to your married name and applied for a card to transfer your Barclays balance to earlier, no?


I would focus your efforts in getting it resolved ie. the BT completed and then complaining about the farcical handling. Get clear answers about what is happening and by when, making clear notes about anything you are told or promised.

Marcio45

Thinking further about this, actually some cards only process the balance transfer when you receive your card (up to 7 days) and activate it. And then the BT progresses. And no, i dont think you have had damages to entitle you to compensation. But the bank might give you a token payment for messing you about or giving you incorrect info. But is it worth the hassle? Only you can judge.

tocs23

Thanks for the replies. I am seeking genuine advice here as I am actually quite upset that I essentially now have a credit card (and corresponding search on my file) that I essentially don't need and - being on SMP currently - try to manage my finances well to avoid any unnecessary costs (such as CC interest).

Appreciate that it has only been a couple of days since the new application, however this morning Halifax told me that the name change still hadn't been resolved (branch saying one thing, their system saying another) and that the new account is therefore 'stuck' in processing as name has to match Barclaycard. So things are not progressing, and have not progressed since last Thursday when I took my ID into branch.

Yes... arguably could have started the process sooner, however thought two weeks would have been enough time (and was assured by staff from that both 1. Name change would only take 3 days to process, and then 2. BT would be done overnight).

It may well be a case of tough titty but I am annoyed at the time, trips to branch, calls, and now potential interest charges when it has been confirmed this morning that there remains a broken link between the branch and main system which is preventing the name update and therefore any straightforward BT to my existing or now new card.

Nasqueron

Just bung in a complaint and they'll give you money to go away, probably £50 or £75 if you explain the interest due to their mistake. Halifax gave me £25 purely because I paid in 2 cheques at an ATM and they only actually cashed one and left the other in the envelope, didn't even ask, they just offered it

jonesMUFCforever

Marcio45 wrote: »

No credit card that i have dealt with so far do/process balance transfers immediatelly. They always take at least two working days before the money shows on the other card. I dont really understand the emergency. Is it because you will pay a few days interest? A few pounds? That wont be the end of world.

And although your bank have messed you about the name change i can only guess the advisor at the local branch was trying to help you. A new card always have a better BT deal than an existing one. One credit search wont do that much harm on your mortgage, but available credit might, but you sorted that one already by reducing limits on one of your cards.

I recently did a BT from Barclaycard on a Sunday night and both sides of the transaction were showing by Monday evening.

Marcio45

Hi Jones,
In some cases the transactions did show as pending, but it is at least two working days before it is cleared. I guess with the faster payments system in full swing, things ate getting done faster.

redpete

You mention the affect the searches might have on your upcoming mortgage application. A couple of searches will have such a minor impact they are really not worth bothering about.