Charged Interest on the full balance despite paying most it off

tigaruk

Im using Aqua Card and despite paying off 95% of the balance for the month they have charge me interest on the full balance i had for that month.

They are charging me £115 for £48 still owing as i miscalculated the full amount that needed to be paid.

They have told me it's in their terms and conditions (3.5 of the payment section, so hardly front and centre) that they will charge interest on the full balance if the full balance isn't paid by the end of the month.

I've quoted to them the consumer rights act of 2015 about no information being hidden in terms and conditions but they won't budge, saying they believe they should be fine as they are regulated by the financial ombudsman.

So any advice, because £115 interest on a remaining balance of £48 is !!!!ing disgusting.

molerat

You have paid interest on the full amount for the time it was outstanding because you did not pay it off in full, exactly the same as any credit card would. Not hidden in the terms at all and undoubtedly clearly shown on the bill, all my 5 cards do.

Advice ....... learn from your mistake.

YorkshireBoy

Where should it be?...condition 1.1? But what about the existing condition 1.1?...where should that go to make room for it?

You can't blame the fact it's "buried" in the T&Cs. Because people don't read T&Cs they put important stuff like this in the summary box...

Aqua_Summary_Box wrote:

Interest Free Period

• Maximum 51 days for purchases if you pay the full balance shown on your previous and current statement on time.
• There is no interest free period on cash advances or balance transfers.

Interest Charging Information

We charge you interest on all transactions from the date we first charge the amount to your account. However, if you pay your total balance in full and on time each month, you will not be charged interest on your purchases. If you do not pay the total balance shown on your statement each month, we will add the interest charges to your next statement balance.

...because people always read the summary box don't they.

Look on the bright side...you won't get caught out again.

tigaruk

But im being charged interest on money i do not owe, as 95% of it was paid back to them. I should only be charged interest on any owed money.

As per citizens advice https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/credit-cards/the-costs-and-charges-of-credit-cards/
"If you pay less than the full balance due, you will be charged interest on what’s left, unless you have an interest free deal"

YorkshireBoy

tigaruk wrote: »

But im being charged interest on money i do not owe, as 95% of it was paid back to them. I should only be charged interest on any owed money.

And you were. Out of the goodness of their hearts they waive the interest if you pay in full (and paid the previous bill in full)...and you didn't. That's why they didn't waive the interest.

PeacefulWaters

tigaruk wrote: »

Im using Aqua Card and despite paying off 95% of the balance for the month they have charge me interest on the full balance i had for that month.

They are charging me £115 for £48 still owing as i miscalculated the full amount that needed to be paid.

They have told me it's in their terms and conditions (3.5 of the payment section, so hardly front and centre) that they will charge interest on the full balance if the full balance isn't paid by the end of the month.

I've quoted to them the consumer rights act of 2015 about no information being hidden in terms and conditions but they won't budge, saying they believe they should be fine as they are regulated by the financial ombudsman.

So any advice, because £115 interest on a remaining balance of £48 is !!!!ing disgusting.

They've not charged you interest on just £48. Your balance was significantly bigger than that.

prowla

That's the way all cards work.

derps

prowla wrote: »

That's the way all cards work.

:money::money::money::money::money:

tigaruk

PeacefulWaters wrote: »

They've not charged you interest on just £48. Your balance was significantly bigger than that.

I get that, but seeing as i paid them all the other money owed during the time limit (so they got it all back except £48 before the due date) i find it frustrating that im paying interest on money thats already been paid off.

Never had that on my other credit card, they only charge what is unpaid. Why does Citizens advice also contradict that?

eskbanker

tigaruk wrote: »

I've quoted to them the consumer rights act of 2015 about no information being hidden in terms and conditions

tigaruk wrote: »

As per citizens advice https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/credit-cards/the-costs-and-charges-of-credit-cards/
"If you pay less than the full balance due, you will be charged interest on what’s left, unless you have an interest free deal"

Why would you go around researching legislation (albeit misquoting it) and citizens advice but not bother to read the Ts & Cs of a product you signed up to?

tigaruk

eskbanker wrote: »

Why would you go around researching legislation (albeit misquoting it) and citizens advice but not bother to read the Ts & Cs of a product you signed up to?

Because having signed up to the card 2 years ago the exact terms and conditions are not exactly at the front of my mind. What a stupid question.

Having asked around outside this forum everyone else has also never heard of a credit card charging interest on the full balance even if most of it is paid off (only ever charging on the REMAINING balance), so i can only assume i've not explained myself well here or everyone here is happy with credit card companies screwing them over every time they don't clear the full balance.