Interest after successful section 75
dc240969
Posts: 70 Forumite
in Credit cards
I wont go into this long winded, at this time.
I succsessful claimed back £700 through section 75 for goods not delivered that was paid for on my Aqua credit card. After settling a complaint regarding the process l recieved £20 in good faith. This brought my account down to £54. I have paid every month regardless of balance and my interest has only ever been £20-30 a month. Three days after the funds where refunded l find that there is an amount of £269 debited on my account as interest. Raising my account back up again, and now the monthly requested payment has gone up to £273, to be paid by the 29th November. I have been in contact with them and they are currently looking into this. Hopfully this is an error on their part. My questions are how can they apply this interest, and how can they say they want £273 when l already have a set amount of £100 paid by direct debit, and pay extra.
Just to add, even though l paid the £100 plus every month my balance has never been more than £1400 over the past year, always reducing even with interest thats been added, which has only ever been £20-30 plus £5-8 PPI a month. Totally livid with this Aqua/Newday group, want shot of them now.
I succsessful claimed back £700 through section 75 for goods not delivered that was paid for on my Aqua credit card. After settling a complaint regarding the process l recieved £20 in good faith. This brought my account down to £54. I have paid every month regardless of balance and my interest has only ever been £20-30 a month. Three days after the funds where refunded l find that there is an amount of £269 debited on my account as interest. Raising my account back up again, and now the monthly requested payment has gone up to £273, to be paid by the 29th November. I have been in contact with them and they are currently looking into this. Hopfully this is an error on their part. My questions are how can they apply this interest, and how can they say they want £273 when l already have a set amount of £100 paid by direct debit, and pay extra.
Just to add, even though l paid the £100 plus every month my balance has never been more than £1400 over the past year, always reducing even with interest thats been added, which has only ever been £20-30 plus £5-8 PPI a month. Totally livid with this Aqua/Newday group, want shot of them now.
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Comments
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Reclaim the PPI on this and any other credit cards you have.0
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Sounds like a mistake to me, as on the face of it they can't possibly charge £269 in interest in one month on a balance of less than £1400.
I can see why they'd request a payment of £273 if the interest really was £269 though, but once it's established that the interest calculation is flawed then this should reduce the required payment back down again.
Not sure there's anything else that anyone on here will be able to advise, but you and Aqua obviously have access to all the exact details of when payments were made and so on, but based on what you've posted it should be straightforward to challenge the erroneous calculation.0 -
foxy-stoat wrote: »Reclaim the PPI on this and any other credit cards you have.
You dont reclaim.
You decide if you have been miss sold or not,
Gather your evidence to prove it
Then you make a COMPLAINTmake the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Thanks. I will give them time to come back with their justification regards the interest. Regards the PPI, not interested, to much hastle.0
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Still unclear why they are applying interest, of that amount. The original transaction happened on the 1st Match 2018. I raised the dispute Sep/Oct 2018. Up until then everything was as normal as could be, interest accured, payments paid, account up to date and nothing wrong. Now they are saying, if l understood them, that the section 75 refund was for the original amount, but under section 75 they are saying interest is not covered. As far as lm concerned l have been paying the interest on my balance since the day it was logged on my account. Even if it wasnt, £270 in interst since 1st March is wrong, even with my maths. Again, lm waiting on a call back. But l have stressed to them l want justification in written format why this interest is being applied.0
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What is your interest rate, 35% ?
Look back through your statements and see how much interest they have charged you each month since April or May if they have 30 days interest free period.0 -
foxy-stoat wrote: »OK OK OK sorry.....just fill in the PPI reclaim tool on here and wait for a cheque....well thats what I did which took about 30 minutes for all past debts.
PPI complaints don't work that way unless you get lucky with an auto-payment for a low sum or were obviously miss-sold (e.g. a pre-ticked PPI box online or single premium on loans). With bank backlogs clearing they have more time to assess and reject weak complaints and even potentially time bar some. A carefully constructed complaint sent direct to the bank is better.
Please don't recommend people use Resolver, no need to involve a third party which can screw up your complaint and is used to harvest your data for selling on to firms (anonymously).0 -
foxy-stoat wrote: »Reclaim the PPI on this and any other credit cards you have.
You dont reclaim.
You decide if you have been miss sold or not,
Gather your evidence to prove it
Then you make a COMPLAINTmake the most of it, we are only here for the weekend.
and we will never, ever return.0 -
it sounds as though they suspended interest whilst the amount was in dispute, but now they have settled they have back-dated it to cover the whole period.0
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