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

UK007BullDog

Someone must have forgotten the 1 before the 3 it seems.

Take the money and run to find another good card.

loopyjuice_2

UK007BullDog wrote: »

Someone must have forgotten the 1 before the 3 it seems.

Take the money and run to find another good card.

It's now a matter of principle and i intend to take it as far as i can to get
the rate i was quoted, and incidentally paid a £168 balance transfer fee to obtain.

UK007BullDog

But I bet they have well worded T&C's which will help them to weasel out of it in the end. But try it anyway and keep us updated. This is very interesting.

loopyjuice_2

Update

Had a letter back after i rejected the six months interest offer.

They are now offering 12 months interest of £517.44. They also say that
they have no recordings of the calls made but are not denying that i was
quoted the incorrect rate.

loopyjuice_2

I have now written a letter rejecting the offer and have told them that as they have admitted their mistake and apologised I will accept nothing from them but to honour the quoted rate. I have informed them that i would like their "final response" on the matter so i can proceed with action through the financial ombudsman, trading standards and if these are not fruitful then i will take them to court for breach of contract. Have I done the right thing?

UK007BullDog

Dont know. Cannot see why they are not offering you that rate. Maybe you are not the only one and if you go to court and it becomes public they will be innundated with claims.

Not sure how it will go.

Personally I would give you that rate instead of trying to pay you off.

What was the balance? Would the money they offered make a big dent into your balance?

loopyjuice_2

UK007BullDog wrote: »

Dont know. Cannot see why they are not offering you that rate. Maybe you are not the only one and if you go to court and it becomes public they will be innundated with claims.

Not sure how it will go.

Personally I would give you that rate instead of trying to pay you off.

What was the balance? Would the money they offered make a big dent into your balance?

There was a previous balance at 3.94% life of balance of around £2300

The two transfers were for £5600 in total.

So the payment of £517 would come off the balance at the cheaper rate and
I would be left with paying about £60 a month interest instead of £20 from now
on (obviously this would decrease as the balance reduces).

I have nowhere to transfer it to at the moment and don't see why i should when
i've agreed a rate and paid a fee.

watcherman

FYI, they did the exact same to my wife. Offered 3.94% on the phone, then after we did a £4K BT, charged us the standard rate.

After 5 calls and promises of the 3.94%, several promises of letters confirming this (non of which arrived), we finally got a call from a UK manageress saying they couldn't do the 3.94%, and would offer 12mths refund of interest.

After refusing that, and in the same call that she said they did not have the systems in place to now be able to put the 3.94% offer on our card, she managed to get through to the Executive Office there and then, and give us the 3.94% (apparently!) still awaiting the letter.

If it doesn't arrive, I will follow up with a letter, including this thread, as it seems to be a bit of a theme, and in my opinion could possibly seen to be intentional.

loopyjuice_2

watcherman wrote: »

FYI, they did the exact same to my wife. Offered 3.94% on the phone, then after we did a £4K BT, charged us the standard rate.

After 5 calls and promises of the 3.94%, several promises of letters confirming this (non of which arrived), we finally got a call from a UK manageress saying they couldn't do the 3.94%, and would offer 12mths refund of interest.

After refusing that, and in the same call that she said they did not have the systems in place to now be able to put the 3.94% offer on our card, she managed to get through to the Executive Office there and then, and give us the 3.94% (apparently!) still awaiting the letter.

If it doesn't arrive, I will follow up with a letter, including this thread, as it seems to be a bit of a theme, and in my opinion could possibly seen to be intentional.

Thanks for that, very interesting. I would have used the phone but wanted everything in writing in case i need to take it further. They have admitted that i was quoted that rate so why they are not honouring is beyond belief. I will
certainly not let this rest until i get the rate because it will be paid off alot quicker
and cost thousands less. I can't believe they are behaving this way.

SparciaM

Them upping their offer from 6 months to 12 months and saying they dont have a recording of the call, means they've got no leg to stand on.

They can't prove that you weren't offered that deal and they need to prove that you weren't offered it.

I think 'in the end' after a very long process you'll get it. As they're admitting error and a mistake, and I think the ombudsman will see this as well as they have no proof of anything. You may want to use the other persons 3.94% deal as an example aswell.