Cleared my Credit Card. Or have I?

Saintconor

When I opened my student account with Halifax I also received a credit card. I used it a couple of times then totally forgot all about it (selective memory). Soon I ended up owing £700 pound due to the interest. After a call to Halifax they froze it and stopped adding interest. I agreed to pay £20 a month and this I did for a while. When it was around £600 I called them up and used my monthly wages to clear the amount and asked them to clear my card. This was fine and I have received nothing from them since.

A few months ago I ordered and received my Credit Report from Mycallcredit. On the report the credit card is there and its says I owe £1 on it. I know its only a pound but I was under the impression that the card was cleared and canceled. Whats going on?

Anyone any idea?

Conor

NickX

Sounds like Residual Interest.

When you pay off a Credit Card, if you pay the statement balance off completely, there will still be some interest accrued on the balance from the Statement Date until the date you cleared it.

Because of this you usually need to completely clear 2 statement balances to zero the card.

As its only £1, the best thing is really just to pay this.

Saintconor

Should I just contact Halifax Credit Card then? I never received anymore statements after I cleared it.

Thanks

Conor

NickX

I would contact them to ensure that it is properly closed down. They may well let you off the final £1 anyway, but you want it closed and settled.

I had another thought actually, although I don't want to worry you.

Fraudsters sometimes put through a test transaction when they have scammed someones card details. This is so they can make sure it is a valid card, and they usually put through about a £1 in the first instance. Could it be possible that someone attempted this with your card, but perhaps found that it was closed.

Its definitely best to speak to Halifax and make sure that it is closed.

Saintconor

Thanks Nick. I shall get in touch with Halifax to see what they say.

Conor

CannyJock

Did your credit report show any missed payments?

Saintconor

I wish I could tell you CannyJock. I have just gone to Mycallcredit website. My old report has now expired and it wont let me see it. It wants me to pay for a new one.