Potentionally misold 0% balance transfer - What to do?

cts_casemod

Hi all,

Recently I applied for a 0% transfer through my barclay card.
A couple months later, I started to be charged roughly 0.5% on the remaining balance. Tried to send them a message through the app and was told they could not see my account. No payments missed. Fast forward, I was finally able to get hold of someone by phone and they claim I signed for a 6.9% offer, hence the interest. I also paid 3% upfronf for the balance transfer fee, which represents the biggest portion of the fees so far... 

Where it gets off is that I can't see in my statments any acceptance offer or agreement with the bank on this. So neither myself or them can provide a document explaining what I actually signed in for. I would ideally like to claim back the balance transfer fee charge as I think I have been missold.

I have decided to pay off the balance in full and I am waiting on their feedback on what actually happened, before closing the account. Any advice on where I stand now in terms of claiming anything back? Or best to forget it and move on?

Thanks

eskbanker

What have your statements said over that period about the interest rate applicable to the transferred balance?

Olinda99

As it is a credit agreement, Barclays have a legal requirement to provide you with a document stating the terms of the credit agreement - including, amongst other things, the interest rate.

If they haven't given this to you then raise a complaint with them.

martinbainbridge1975

when the application went through did you not get an email with a copy of terms / offers?  I vaguely remember when I set my last card up with Lloyds I got a number of emails with this on 

as eskbanker rightly states on your statement it should show details of promotions, possible listed under all of the transactions with a breakdown of the balance

MalMonroe

Hi, when you say you can't see anything pertaining to this credit card, are you looking at your online account or on an app? Both should have details of your balance transfer, somewhere.

Although you say you are going to pay the balance off - I think that's the best move as this card seems to be very messy - I would definitely chase it and find out what has been happening. I'm not a person who ever 'forgets it and moves on' because - would they? No, they wouldn't. They'd chase you every step of the way if the position were reversed.

If they won't or can't sort this matter out for you then I'm with Olinda99 above and I'd write an official letter of complaint in the first instance. If nothing happens you can then escalate a complaint to the Financial Ombudsman, you can do it online and it costs nothing. But first you have to try to sort it out with the financial establishment. In this case, Barclaycard.

Financial Ombudsman info for later - https://www.financial-ombudsman.org.uk/

born_again

MalMonroe said:

Hi, when you say you can't see anything pertaining to this credit card, are you looking at your online account or on an app? Both should have details of your balance transfer, somewhere.

Although you say you are going to pay the balance off - I think that's the best move as this card seems to be very messy - I would definitely chase it and find out what has been happening. I'm not a person who ever 'forgets it and moves on' because - would they? No, they wouldn't. They'd chase you every step of the way if the position were reversed.

If they won't or can't sort this matter out for you then I'm with Olinda99 above and I'd write an official letter of complaint in the first instance. If nothing happens you can then escalate a complaint to the Financial Ombudsman, you can do it online and it costs nothing. But first you have to try to sort it out with the financial establishment. In this case, Barclaycard.

Financial Ombudsman info for later - https://www.financial-ombudsman.org.uk/

Yo udo not need to write a letter, complaint can be raised over the phone. 

eskbanker

born_again said:

MalMonroe said:

I'd write an official letter of complaint in the first instance. 

Yo udo not need to write a letter, complaint can be raised over the phone. 

OP refers to using in-app messaging, which is also a supported method of raising a formal complaint - many are happier to have a record of such activity in a more permanent and accessible form than a phone call....

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

kaMelo

cts_casemod said:

Hi all,

Recently I applied for a 0% transfer through my barclay card.
A couple months later, I started to be charged roughly 0.5% on the remaining balance. Tried to send them a message through the app and was told they could not see my account. No payments missed. Fast forward, I was finally able to get hold of someone by phone and they claim I signed for a 6.9% offer, hence the interest. I also paid 3% upfronf for the balance transfer fee, which represents the biggest portion of the fees so far... 

Where it gets off is that I can't see in my statments any acceptance offer or agreement with the bank on this. So neither myself or them can provide a document explaining what I actually signed in for. I would ideally like to claim back the balance transfer fee charge as I think I have been missold.

I have decided to pay off the balance in full and I am waiting on their feedback on what actually happened, before closing the account. Any advice on where I stand now in terms of claiming anything back? Or best to forget it and move on?

Thanks

They would, or at least should, have given you terms and conditions when taking out the card. Whilst they appear mostly generic the section around interest rates are specific to your application, any promotional rates offered to you would be detailed in this section. They would normally give you a copy to download during application and email you a copy too. 
See what it says within these terms, if they haven't applied them correctly then you have a valid complaint.

Sandtree

cts_casemod said:

Recently I applied for a 0% transfer through my barclay card.

So was this a new card you were applying for or a promo for existing card holders?

How did you apply? Online, over the phone?

Have you reviewed the materials sent in relation to your application? 

cts_casemod

This was an existing card. Meanwhile I have paid off the balance. The problem when contacting them by the app is that they say they can't find my account! It's really bizzare. I have two cards with them, but they claim only being able to see one.

On the statment it shows interest, but no promotional offer. I will come with a screenshot later.

Jami74

cts_casemod said:

On the statment it shows interest, but no promotional offer. I will come with a screenshot later.

Is it possible that the 0% balance transfer offer was on the other card to the one you did the transfer with?