0% credit revoked due to accidental missed payments - should I balance transfer or suck it up?

Lannerz

So I have a 0% credit card on which I owe about £850 on . Stupidly, I hadn't set up a direct debit for the minimum monthly payment (I know, naive!) and I've made two late payments in a row meaning they've revoked my 0% interest, not because I don't have the money.

Should I suck it up and pay it off asap (I could probably achieve this in 2 months max)? or should I balance transfer to another 0% / low interest card?

Advice would be appreciated

[Deleted User]

Contact them and explain.

They would have been more inclined to reinstate the offer after the first missed payment - it!!!8217;s not very likely they!!!8217;ll reinstate it after 2 consecutive missed payments

jonesMUFCforever

As above - one late payment and almost certainly they would reinstate your promotional period but 2 consecutive - you may have to suck it up and either pay interest or balance transfer to a new card.

onlyfoolsandparking

Definitely agree with the replies, I did the same on a fairly big balance 9K!!!! and missed one payment, I rang them blamed my bank asked them very very nicely if they could reinstate and they did (Halifax).


One missed payment maybe mistake etc, 2 missed payment, stupidity lol.


Also I wouldn't B/T to a new card I would suck up the interest (not gonna be fortunes on £850) and show them you can afford the debt AND you've learnt from your mistakes.

breaking_free

I had the same thing happen to me with my Sainsbury's credit card - two missed payments. They reinstated my 0% promotional offer after I spoke with them on the phone and politely explained how I'd goofed by not setting up the DD. Definitely give them a go; nothing ventured, nothing gained.

onlyfoolsandparking

breaking_free wrote: »

I had the same thing happen to me with my Sainsbury's credit card - two missed payments. They reinstated my 0% promotional offer after I spoke with them on the phone and politely explained how I'd goofed by not setting up the DD. Definitely give them a go; nothing ventured, nothing gained.

I think you were lucky there but well done for getting it and your right you don't ask you don't get:beer:

guesswho2000

onlyfoolsandparking wrote: »

I think you were lucky there but well done for getting it and your right you don't ask you don't get:beer:

The majority of companies are quire reasonable if the missed payment or overlimit is a one off, but you have to call them, it won't happen automatically (after all, it's their income stream, and the majority of people won't bother to question it).


But do it again, and you probably won't be so lucky (mean 'you' as in cardholders in general, not 'you' specifically!).

ICan'tStandIt

Write a letter of complaint and ask for Financial Ombudsman Rights (FOS) rights.

The lender may decide that reinstating your promotional rate is better than the risk of an FOS fine.

onlyfoolsandparking

ICan'tStandIt wrote: »

Write a letter of complaint and ask for Financial Ombudsman Rights (FOS) rights.

The lender may decide that reinstating your promotional rate is better than the risk of an FOS fine.

Your not serious? surely the OP broke the T & C,s off the offer by making 2 late payments the FOS I'm sure would agree with the Lenders decision to revoke the offer and then to make matters worse the OP has upset the lender in the process. Bad move me thinks