BT and DD

catnap53

I did a BT from Halifax (interest 23+%) to 0%. I rounded up the payment to the nearest 1,000 (just 3 pounds over) based on my previous statement. I expected that I would pay interest on the outstanding balance from last payment to statement and then some residual interest, as in T&C. I now have my last statement and was prepared to phone today and get a closing balance and cancel.

I am surprised to find that my minimum payment DD has still been taken leaving me 83 pounds in credit, and I have paid no interest.

I read somewhere on here that to make sure a planned overpayment is not taken to reduce the minimum DD was to get them to be paid almost together.

I felt that the time lag was sufficient so that the minimum DD would be reduced to 2% or 5 pounds.

Dates

Statement 10 Feb
BT 20 Feb
DD 4 March
Statement 10 March

Have I really misunderstood? I am happy to pay no interest for the month:j but wasn't expecting the DD to put me in credit.

DH has a completely different experience. Paid 9500 (most of balance) via 3 ATM payments (wouldn't accept as one payment as too much), balance then about 200 pounds, paid interest on the whole balance since the previous, (I didn't know he was planning on leaving this) and still got stung for the PPI on the whole 9700, even though he cancelled it on 11 Feb, but still had to make one last payment on it.

He was told he needed to give a months notice, but how can the PPI be calculated retrospectively, ie pay 75 pounds on a 200 balance?

His 200 left is now over 400 to clear.:eek:

Don't think we have got the hang of all this yet, though making some progress.

Thanks to all who contribute here, it makes interesting reading, and food for thought.