Capital one quoted me 3.94% lob on a BT but charging me 13.94%

loopyjuice_2

I rang capital one to see if they had any offers for balance transfers, was told 3.94% for the life of the balance with 3% fee so snatched his hand off, had some money left on my credit limit so phoned back the same day talked to a different lady who quoted the same deal.

I got my statement last week and see that i am being charged full purchase rate of 13.94% on both bt's. I rang them and gave some woman hell on the phone who said they would pass it on to the complaints department. I told her that they record conversations and to find the recordings to see what was said. She reckons they don't record all converstations (yeah i bet they can't find mine).

Had a letter stating it may take 4 to 8 weeks for them to conduct the investigation. What can i do if they can't find the tapes?

nomoneytoday

loopyjuice wrote: »

What can i do if they can't find the tapes?

Change bank...

napoleon

loopyjuice wrote: »

. What can i do if they can't find the tapes?

There's more chance of them finding Lord Lucan.

benf90

To get the recordings all they will probably have to do is enter the extension number of the person(s) you spoke to into their computer system and then locate the time/date of when you called. That's all that is done wherever I've worked anyway. If they don't record all calls then there is of course the chance that nothing comes up for that date/time.

Personally, I would say that if there isn't a recording for either of your calls then they will have to honour what you say. I'd say it's up to them to prove you weren't offered that deal, they may see things differently of course.

If after eight weeks they haven't resolved it, or they have given a definate 'no' before the eight weeks, then you can take it to the financial ombudsman service (FOS).

If you get a letter saying they're unable to locate the calls and/or they're not going to change the interest rate then just reply stating that you're not happy with that and that if it isn't resolved to your satisfaction then you'll be escalating the complaint further (to the FOS).

chuckles1066

benf90 wrote: »

I'd say it's up to them to prove you weren't offered that deal, they may see things differently of course.

As they should.

The burden of proof always falls upon the person making an allegation/claim, its the most basic tenet that underpins the legal system in this country (although our current Government is doing it's level best to change that).

benf90

chuckles1066 wrote: »

As they should.

The burden of proof always falls upon the person making an allegation/claim, its the most basic tenet that underpins the legal system in this country (although our current Government is doing it's level best to change that).

I said that on the basis that where I've worked previously the customer was right unless it was proved otherwise (with conversations over the phone).

watcherman

Or you could just tell them you know someone else they did the exact same thing to. We were meant to be 3.9 and are on 13+, spoke to the operators, promised a letter confirming the 3.9% rate, never arrived. Waiting till this months statement arrives before taking it further.

Might help if their operators were fluent in English!

loopyjuice_2

Update

Finally got a letter back from the "executive office". They are "aware" that i was quoted the rate of 3.94% and are now being charged full purchase rate of 13.94%.

They won't put the rate to 3.94% even though i was told twice by two different people on the same day that the rate was correct and for life of balance. They have however made an offer.

I can have the difference in interest for 6 months which comes to £258.72. The rate will stay at 13.94%. I have to sign an acceptance form to get this money.

I am not happy with this as i will be paying sixty odd pounds interest a month instead of about twenty.

I am seriously thinking of not paying them a penny more, surely we entered into a verbal contract (twice), what can the financial ombudsman do if i write to them?

SparciaM

Don't accept their offer. Write advising that if they don't honour the offer which was given via a verbal contractual agreement on two occasions then you will have no option but to take this matter further.

They have proof that they offered you the 3.94% as they are mentioning in their letter to you, so they HAVE to honour this agreement. For you to take the matter further they'll have to pay £400 and additional costs.

Keep saying no, taking further and I'm sure they'll back down. They may wish to close your account though, so watch out - but I wouldn't accept anything until you get the 3.94% which was advertised to you.

You could even contact trading standards as well.

loopyjuice_2

SparciaM wrote: »

Don't accept their offer. Write advising that if they don't honour the offer which was given via a verbal contractual agreement on two occasions then you will have no option but to take this matter further.

They have proof that they offered you the 3.94% as they are mentioning in their letter to you, so they HAVE to honour this agreement. For you to take the matter further they'll have to pay £400 and additional costs.

Keep saying no, taking further and I'm sure they'll back down. They may wish to close your account though, so watch out - but I wouldn't accept anything until you get the 3.94% which was advertised to you.

You could even contact trading standards as well.

Thanks for your advice, I have written a letter accordingly.

When you say they may close the account, do you mean they can
demand the full amount? or they'll close it and I pay the payments as usual (which
i won't mind so long as it's at the agreed 3.94% l.o.b.)

SparciaM

They could close and u pay min back every month (so the card can't be used) or they could close and ask full payment - which I doubt they would do.

I guess it's a case of waiting to see what happens. In meantime, maybe look around for some good LOB cards.