Interest refund on missed cc payment

kangoora

Just thought I'd throw this out there. My wife recently forgot to pay our balance off in full (she handles all the cc payments) and we were hit with a £12 late payment charge and £38 interest.

She rang up to complain (nicely) and the customer services rep. looked at our history and refunded the £38 interest - result!

This isn't going to help people who live in their credit card debt but if, like us, you make a one-off mistake it is possible to get some money back out of them.

We've had this credit card for around 10 years and I think we've only not paid the balance in full twice (now) in that time.

Oh, and we've now set up a direct debit to pay the full balance each month.........

Hope this helps someone

[Deleted User]

Why would she ring up to complain?

You breached the T’s and C’s of your agreement and as such were penalised correctly.

It’s not really a complaint....

kangoora

!!! wrote: »

Why would she ring up to complain?

You breached the T’s and C’s of your agreement and as such were penalised correctly.

It’s not really a complaint....

The whole point of the post really flew straight by you, didn't it?

She was querying (I suppose complaining was the wrong word) the amount of interest for 2 days and ended up getting a refund on the interest.

It goes to show having a good track (credit) record with an organisation means if you make the occasional mistake you can, sometimes, earn yourself enough goodwill to help you out.

Nasqueron

kangoora wrote: »

The whole point of the post really flew straight by you, didn't it?

She was querying (I suppose complaining was the wrong word) the amount of interest for 2 days and ended up getting a refund on the interest.

It goes to show having a good track (credit) record with an organisation means if you make the occasional mistake you can, sometimes, earn yourself enough goodwill to help you out.

Most lenders will allow a single one off gesture of good will if you ask nicely. Agree with Gary though, why did she ring up and complain about your misunderstanding of the interest side and getting charged for not fulfilling your obligations?

The interest is charged on the whole balance if you don't pay off in full, it's not just the 2 days, that's why it's so high, read the terms and conditions of cards

[Deleted User]

The amount of interest you agreed you would pay in your credit agreement? That interest?

You’re lucky they let you off - don’t expect it all the time.

YorkshireBoy

kangoora wrote: »

She rang up to complain (nicely) and the customer services rep. looked at our history and refunded the £38 interest - result!

I'd be more concerned about the application of an arrears marker on my CRA file. If you regularly check yours, please do come back in a couple of months or so and update the thread as to whether you get one or not.

[Deleted User]

YorkshireBoy wrote: »

I'd be more concerned about the application of an arrears marker on my CRA file. If you regularly check yours, please do come back in a couple of months or so and update the thread as to whether you get one or not.

Despite it being an accurate marker I’m sure it will be another thing for OP to “complain” about despite it being factually correct

chattychappy

No doubt in the days it was £25 for a missed payment, Gary and co wouldn't have complained about that either, because it was in the T+Cs?

[Deleted User]

chattychappy wrote: »

No doubt in the days it was £25 for a missed payment, Gary and co wouldn't have complained about that either, because it was in the T+Cs?

Correct.
If you agreed to it then adhere to it

kangoora

I only had a vague idea of what a CRA file was until a few minutes ago when I looked it up on google. I don't care at all what they put on there, even if 'factually correct'.

I may look at it in a couple of months to see if I have an arrears marker and post back. Although, going by the general tone of responses to this thread I'm considering whether to bother.

This approach worked on overdraft charges with my bank about 4-5 years ago when we went overdrawn once by mistake. As we had never been overdrawn for over 20 years with the same bank I decided to ring them up and (nicely) asked them if they would make an exception - they did.

The point of this and the original post was that if you make a rare mistake and otherwise have a good track record with an organisation you may, in certain circumstances, get a refund of an otherwise legitimate charge - not to be lectured upon about T&C's.

Nasqueron

kangoora wrote: »

I only had a vague idea of what a CRA file was until a few minutes ago when I looked it up on google. I don't care at all what they put on there, even if 'factually correct'.

I may look at it in a couple of months to see if I have an arrears marker and post back. Although, going by the general tone of responses to this thread I'm considering whether to bother.

This approach worked on overdraft charges with my bank about 4-5 years ago when we went overdrawn once by mistake. As we had never been overdrawn for over 20 years with the same bank I decided to ring them up and (nicely) asked them if they would make an exception - they did.

The point of this and the original post was that if you make a rare mistake and otherwise have a good track record with an organisation you may, in certain circumstances, get a refund of an otherwise legitimate charge - not to be lectured upon about T&C's.

A missed payment on its own is unlikely to have severe consequences but does make you a little less attractive to lenders e.g. if you want a loan/mortgage, car finance etc

You're are posting like it's some major revelation, bank staff are human, they have discretion, if you make a mistake and admit it you'll probably get the refund, the issue will be whether they (correctly) report to the CRAs that you have missed a payment.