Lost 0% promotional rate due to DD error

charle58 wrote: »

Hi all, I recently switched my payments for my Lloyds Credit Card to DD, where I have about £3500 on a 0% promotional balance transfer rate for 36 months.

Despite the DD being set-up several weeks before the due date and clearly present on both my Lloyds account and the Co-op Bank Account where the money was to come from, it didn't go out this month. As a result I've been charged a late fee, but more importantly lost my 0% offer. I've called Lloyds, who say there is nothing they can do unless I can prove its a banking error with the co-op (who I am waiting to hear back from...)

Does anyone have any experience with these kind of problems or can offer any advice?! Suddenly facing some rather hefty interest payments, which is problematic to say the least...

Does your Lloyds credit card statement contain text similar to 'Your Direct Debit payment of £12.34 will be collected from your current account on 16/07/17.'?

Under the Direct Debit Guarantee, companies must notify you:

If there are any changes to the amount, date or frequency of your Direct Debit the organisation will notify you (normally 10 working days) in advance of your account being debited or as otherwise agreed. If you request the organisation to collect a payment, confirmation of the amount and date will be given to you at the time of the request

Companies tend to do that via the statements they send you. If you set up a Direct Debit after the statement is produced, it generally won't take affect until your next statement is produced. This is because you won't have received notification of when and for how much the Direct Debit will be, thus breaking the guarantee.

If the text mentioned above is on your credit card statement, you could send LLoyds a print out of your bank account to them to demonstrates you had sufficient funds and ask them to explain why they didn't collect payment.

Otherwise, call or write to Lloyds explaining the issue and ask them (nicely) to reinstate your 0% promotion.

my only advise is you should always do manual payments before the first DD is taken successfully. I do this on new cards.

If its a first mistake and you have good history with the cc provider then they may let you off.