Another rip off by banks.....action needs to be taken

Deals_2

i called up my abbey credit card and told them i wanted to pay off my credit card so could they give me the amount. then i sent a cheque off, stopped all standing orders and thought that was the end of it. The next thing i know i am still receiving statements with penalty notices for not paying. i called up but waiting so long that wrote in . got no reply. still kept getting letters. wrote a second long letter. still no reply. so after now - the figure is now £90 - I called up but got a woman on the phone insisting i owed that money.

I told her that i had paid everything off so did not understand why i would not have to pay for this. i think either the lady on the phone originally got the wrong amount or as confirmed by one of the ladies today at abbey in feltham london that banks use this as a con. they tell you an amount but dont tell you that they have not yet added all of their interest so that you get conned. she had this happen to her when she wanted to do a bank transfer. what would you now do as they are now threatening me...thanks

dmg24

Sounds like you asked for the balance of account. You needed to ask for the settlement amount.

Surely you received statements showing an outstanding amount?

Milarky

I'd say you have to make a formal complaint. That's the only way Abbey will have to look at this. If they don't offer resolution within eight weeks you can go to the ombudsman. If they do, but you are dissatisfied you can also go to the ombudsman.

The best you could hope for, I'd suggest, is that they agree to waive any interest on the original interest (and late payment fees.) But that initial interest was properly owing and you should have paid it once you were asked to do so. That you did not was your choice (they did not 'con' you as such) and that's the problem.

If you (or anyone) want to clear a credit card completely that they are paying interest on you should ask for a 'settlement' figure. Failing that you should pay more than the current balance to cover the interest due and if necessary put the card into a small credit balance after the interest is deducted at the next statement. You then spend the balance or - if closing the account - request a cheque be sent for that amount.

Deals_2

amount so i could get my card to 0. so i cannot understand how she could not have understood this. what do you suggest? yes the term you use sounds a good one to use in the future ...if that still guarantees that they wont try to rip us off.... i find it a bit strange that their own bank staff who has worked for them for 10 years has had the same issue...!!!

dmg24 wrote: »

Sounds like you asked for the balance of account. You needed to ask for the settlement amount.

Surely you received statements showing an outstanding amount?

dmg24

Strictly speaking, the advisor told you the information that you had asked for, as at the time of your call, the amount would have taken your balance to 0. However, you would think that they would have the common sense to advise you that it would not include interest to be added on in the future.

Deals_2

when i asked their staff....and paid off the amoutn the lady said to me. i could not understand why they will still sending me stuff through - never had an issue with any of the other banks that i settled at the same time. are you saying it is my fault for believing the person on the phone?????!!! i had not even used the card in months (maybe 6 months!!!!)

Milarky wrote: »

I'd say you have to make a formal complaint. That's the only way Abbey will have to look at this. If they don't offer resolution within eight weeks you can go to the ombudsman. If they do, but you are dissatisfied you can also go to the ombudsman.

The best you could hope for, I'd suggest, is that they agree to waive any interest on the original interest (and late payment fees.) But that initial interest was properly owing and you should have paid it once you were asked to do so. That you did not was your choice (they did not 'con' you as such) and that's the problem.

If you (or anyone) want to clear a credit card completely that they are paying interest on you should ask for a 'settlement' figure. Failing that you should pay more than the current balance to cover the interest due and if necessary put the card into a small credit balance after the interest is deducted at the next statement. You then spend the balance or - if closing the account - request a cheque be sent for that amount.

Deals_2

try to con you this way ...maybe it is some kind of daily fee. actually i know someone who used to work for abbey so will get my partner to ask her....and get back to you. thanks!

dmg24 wrote: »

Strictly speaking, the advisor told you the information that you had asked for, as at the time of your call, the amount would have taken your balance to 0. However, you would think that they would have the common sense to advise you that it would not include interest to be added on in the future.

CLAPTON

Usually when you pay a CC off 'in full' that has been charging interest there will be a further interest payment needed the following month... its how all CC system work.
As interest is charged daily its not really possible for a person to give you a 'settlement figure' as they dont really know when your cheque will arrive.

Did you receive a bill after the payment will a small interest charge or indeed anyother monthely bills? If you didn't pay the bill they would then start making a late / missed payment charge.