Lost 0% promotion due to interest tipping me over limit, during payment holiday

bobbytal

Village idiot mistake I know- do you think they will sympathetic (for my head being up my backside perhaps)?

Basically I was close to my credit limit on my 0% Sainsburys card during the pandemic, I asked for the 3 month payment holiday so I did not have to make the minimum payment, and they agreed. Stupidly I just thought because I was on a 0% offer there wouldnt be any interest added on during the months of the payment holiday.

Didn't give it another thought until logging in today (nearing the end of the 3 month holiday) to see that the interest accrued during this holiday time pushed me over the credit limit I had with them just - and therefore made me lose the 0% offer I had 18 months left on, doh!

Schoolboy error I know...

 

MinuteNoodles

Nobody knows for sure but what is certain is you're in debt crisis and should be posting on the debt free wannabe board, not here. Those who weren't in debt crisis didn't need to take the payment holidays because they had sufficient emergency funds to use. They most certainly don't run their cards anywhere near the level you have done.

Ebe_Scrooge

You can certainly phone them up and ask them - historically, most lenders are quite sympathetic to the occasional transgression if you ask nicely.  But do be aware that they're under no obligation to refund you anything or reinstate your 0% deal.  And in the current climate, banks may be being a bit stricter than usual.

However, something sounds a bit odd.  Many people have been caught out by not understanding that interest still accrues during a payment holiday.  But if you're on a 0% promotional rate, you shouldn't have had interest added - unless it was a condition of the payment holiday that interest would be levied at their prevailing APR for that period.  You need to confirm what was agreed as part of the payment holiday.