Interest added during payment holiday

cymruchris

Well I'm glad everyone jumped on the bandwagon to tell you how wrong you were about not having interest applied, but as the letter you've shown demonstrates, it does say that they won't charge you interest, so you were right to query it. Where it says 'Below we've set out how we will help you' - did the letter come in response to you requesting the payment holiday - or did it come just randomly and without your asking for it? Was there anything written above the comment I've just quoted? Was there a mention of anything you had to do to get the help they were offering? Or was it simply - here's what we are going to do - and it seems like they haven't?

molerat

cymruchris said:

Well I'm glad everyone jumped on the bandwagon to tell you how wrong you were about not having interest applied, but as the letter you've shown demonstrates, it does say that they won't charge you interest, so you were right to query it. Where it says 'Below we've set out how we will help you' - did the letter come in response to you requesting the payment holiday - or did it come just randomly and without your asking for it? Was there anything written above the comment I've just quoted? Was there a mention of anything you had to do to get the help they were offering? Or was it simply - here's what we are going to do - and it seems like they haven't?

But we can only go by what is written on their open to public view COVID-19 web page which is as I posted earlier. 

You would not need to make a payment to us during the three months and you would be able to continue to use your account as normal. Where relevant, interest will be charged during the Payment Freeze on your current balance, new transactions and any interest accrued. This means it may cost you more and take you longer to repay your balance.

OP seems to have a different set of not widely available to public view terms where the card is blocked and no interest charged which no one here had knowledge of.  If OP had shown those terms earlier maybe the responses would have been different.

Definitely worthy of a complaint.

bigadaj

Malkytheheed said:

More and more we are seeing people in a pickle who opted for the various payment holidays, when they didn't really need them! 

and why wouldn't you if you get an interest free period?

floppydisk1

bigadaj said:

Malkytheheed said:

More and more we are seeing people in a pickle who opted for the various payment holidays, when they didn't really need them! 

and why wouldn't you if you get an interest free period?

 For one - if you don't need payment holidays, even with no interest added debt has to be paid, if I can afford it the best  way is  to clear the debt as soon as possible , as opposed to payment holiday ( with nasty surprise or without ) , no matter what anyone says about interest on saving, juggling money etc. At the end of the day credit card debt is a short term, high interest debt, as soon as there is a way to clear it - it should be done. So I see it very clear - payment holidays should be used as a very last resort only, not as a convenient way postpone a payment that has to be done anyway.l

comeandgo

bigadaj said:

Malkytheheed said:

More and more we are seeing people in a pickle who opted for the various payment holidays, when they didn't really need them! 

and why wouldn't you if you get an interest free period?

Because it is noted by the relevant bank or agency and can cause problems if you are trying to get further loan or mortgage.  You are showing you have no plan B and no money for unexpected life events.

Malkytheheed

bigadaj said:

Malkytheheed said:

More and more we are seeing people in a pickle who opted for the various payment holidays, when they didn't really need them! 

and why wouldn't you if you get an interest free period?

Because the holidays were for those in finnancial difficulty due to the coronavirus pandemic. I say again FINNANCIAL DIFFICULTY. 

It's not just a "free break for all". Peoples files are now rightly being marked (directly or indirectly) that they were in finnancial difficulty if they took the holiday. Oops. No such thing as a free lunch! 

etienneg

Malkytheheed said:

bigadaj said:

Malkytheheed said:

More and more we are seeing people in a pickle who opted for the various payment holidays, when they didn't really need them! 

and why wouldn't you if you get an interest free period?

Because the holidays were for those in finnancial difficulty due to the coronavirus pandemic. I say again FINNANCIAL DIFFICULTY. 

It's not just a "free break for all". Peoples files are now rightly being marked (directly or indirectly) that they were in finnancial difficulty if they took the holiday. Oops. No such thing as a free lunch! 

Whilst I agree with the point you are making, if you are going to use a word three times and particularly if you are SHOUTING it, please learn to spell it correctly. 'Financial' contains the letter 'n' twice, not three times.

Malkytheheed

etienneg said:

Malkytheheed said:

bigadaj said:

Malkytheheed said:

More and more we are seeing people in a pickle who opted for the various payment holidays, when they didn't really need them! 

and why wouldn't you if you get an interest free period?

Because the holidays were for those in finnancial difficulty due to the coronavirus pandemic. I say again FINNANCIAL DIFFICULTY. 

It's not just a "free break for all". Peoples files are now rightly being marked (directly or indirectly) that they were in finnancial difficulty if they took the holiday. Oops. No such thing as a free lunch! 

Whilst I agree with the point you are making, if you are going to use a word three times and particularly if you are SHOUTING it, please learn to spell it correctly. 'Financial' contains the letter 'n' twice, not three times.

Pulling someone up for spelling... on an internet forum....
Ok.

bigadaj

I don't agree with a free for all but that is how some have interpreted it and in instances like this where the lender appears to have slipped up and made the payment holiday interest free then it is beneficial in cash terms. The Nationwide CEO was widely criticised for saying that payment holidays should be marked on credit reports, I don't see why they shouldn't be as it is a case of if you don't need them you shouldn't be using them and it's often recommended to have three to six months income/ expenditure available. Even where not marked explicitly the payment holiday will be there on peoples records and available for lenders to see.

Shakin_Steve

Malkytheheed said:

etienneg said:

Malkytheheed said:

bigadaj said:

Malkytheheed said:

More and more we are seeing people in a pickle who opted for the various payment holidays, when they didn't really need them! 

and why wouldn't you if you get an interest free period?

Because the holidays were for those in finnancial difficulty due to the coronavirus pandemic. I say again FINNANCIAL DIFFICULTY. 

It's not just a "free break for all". Peoples files are now rightly being marked (directly or indirectly) that they were in finnancial difficulty if they took the holiday. Oops. No such thing as a free lunch! 

Whilst I agree with the point you are making, if you are going to use a word three times and particularly if you are SHOUTING it, please learn to spell it correctly. 'Financial' contains the letter 'n' twice, not three times.

Pulling someone up for spelling... on an internet forum....
Ok.

You'll also get a lesson in paragraphs and punctuation if certain members are online.