Devastated!!!

Forward_thinking

Totally devastated!!!

Two months ago I cleared my Barclays account and then contactd them to see if I could do a balance transfer. They offered me a promotional rate of 1.68% instead of our old 20% interest and told me it would be on-going. I asked if they could send it to me in writing but they told me they couldn't but it would be for a long period of time (can't remember exact time but definitely over a year). So I transferred over all our debts of 13k. That was in May.

I've just logged on and seen that they are charging us 20% interest. So that's about £750 I'm now paying each month : (

Husband says I was crazy to believe them - that always do things like this.

Was I really so stupid? Is there nothing I can do??? I really can't afford this extra interest and was so happy at their offer!! Gullible???

SnowTiger

Forward_thinking wrote: »

Totally devastated!!!

Two months ago I cleared my Barclays account and then contactd them to see if I could do a balance transfer. They offered me a promotional rate of 1.68% instead of our old 20% interest and told me it would be on-going. I asked if they could send it to me in writing but they told me they couldn't but it would be for a long period of time (can't remember exact time but definitely over a year). So I transferred over all our debts of 13k. That was in May.

I've just logged on and seen that they are charging us 20% interest. So that's about £750 I'm now paying each month : (

Husband says I was crazy to believe them - that always do things like this.

Was I really so stupid? Is there nothing I can do??? I really can't afford this extra interest and was so happy at their offer!! Gullible???

Complain. They will have a copy of the telephone conversation you had with them.

https://www.barclaycard.co.uk/personal/help-and-support/complaints

You can ask them to listen to it to confirm the deal. And/or you can request a copy of it.

tempus_fugit

Are you sure the 1.68% wasn't actually a balance transfer fee rather than the interest rate? As I haven't ever seen a credit card with such a low rate unless it's 0%. Just a thought. You probably need to dig out the original agreement to check the terms and conditions of the transfer.

surreysaver

You can ask for a copy of the telephone conversation under the Data Protection Act.

BoGoF

That's a very unusual rate, you sure that wasn't the monthly rate?

[Deleted User]

Hi,


agree with above 1.68% x 12 = 20.16%.

MEM62

Forward_thinking wrote: »

Was I really so stupid? Is there nothing I can do??? I really can't afford this extra interest and was so happy at their offer!! Gullible???

Gullible? Perhaps not. Mistaken? Possibly.

I think you may have misunderstood what was said in the phone call. As has been suggested, ask for a transcript of the call as it will clarify one way or another.

Forward_thinking

Gutted and husband is furious : ((

I was mistaken - I cleared off all the balance to hope for a 0% balance transfer. They said they couldn't offer that but were happy to offer an interest rate of 1.68%. Turns out it was monthly which was exactly what I had before - 20%.

They totally tricked me but yes I was stupid. I have never heard of monthly apr and oversaw it.

So I'm now paying around £200 a month on this loan after working so hard to get it to £0 to try and get a good interest rate.

Off on holiday today and husband is fuming. Says I'm stupid. I guess I am : (

Happy days.

[Deleted User]

No one tricked you - did you ask for clarification, seeing as it was too good to be true?

Can you not apply for another BT card from elsewhere?

Forward_thinking

I didn't really think it was too good to be true as I have heard of many people getting a 0% interest offer after clearing their card. I actually thought it wasn't very good.

Oh well, it's certainly given me the kick to get going. I spent ages getting that card to £0 so I could reduce the interest rates from other cards. Am too scared of trying to get another credit card in case I am turned down : (( Lots of cards, all at high interest rates. I worked hard to clear one so I could try and get all this interest away : (

Learning curve and definitely got the fire in me to clear these bloody cards!!!!!

LMG1305

Can you just see if you can get a 0% deal on another credit card? Try the eligibility calculator on here.