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OMG! Another bank fiddle!

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By *odka n Coke OP   Couple
over a year ago

Greater London

I'd love to know if this has happened to anyone else -

Seven years ago, we set up a standing order to pay our credit card every month.

We pay more than the minimum amount and have never had any problems until now.

I was confused when I read this months statement as the bank was stating I had failed to pay last months payment so they were adding last months payment onto this month and were also charging me a £12 late payment fee.

When I called the bank I was told that our standing order for April had been taken. Then May's payment was taken but on the same day that the May statement was generated, therefore the computer didn't think we had made a payment in May and had just paid double in April.

The computer then decided to charge us a £12 late payment fee and added May's payment onto our June statement.

Therefore they were charging me a late payment fee for paying my monthly bill early!!!

I was then asked, "Well, what would you like me to do?"

EXCUSE ME??? How about refunding the charge and returning my account to normal so I don't get hit with a double bill!!!

I'm flabbergasted! They expected me to roll over and swallow it!

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By *iewMan
Forum Mod
over a year ago

Angus & Findhorn

always pay by direct debit as the bank takes that on the due date, the due date changes every month as the bank don't take it on bank holidays or the weekend... this making a standing order risky being taken on the same day every month.

the bank will refund the £12. If there is an impact to a credit file, they are legally not allowed to alter that unless the error is with them. The impact is usually if the payment is received after the next statement has been produced with no payment received.

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By *tensonSwingersCouple
over a year ago

Stenson Fields


"I'd love to know if this has happened to anyone else -

Seven years ago, we set up a standing order to pay our credit card every month.

We pay more than the minimum amount and have never had any problems until now.

I was confused when I read this months statement as the bank was stating I had failed to pay last months payment so they were adding last months payment onto this month and were also charging me a £12 late payment fee.

When I called the bank I was told that our standing order for April had been taken. Then May's payment was taken but on the same day that the May statement was generated, therefore the computer didn't think we had made a payment in May and had just paid double in April.

The computer then decided to charge us a £12 late payment fee and added May's payment onto our June statement.

Therefore they were charging me a late payment fee for paying my monthly bill early!!!

I was then asked, "Well, what would you like me to do?"

EXCUSE ME??? How about refunding the charge and returning my account to normal so I don't get hit with a double bill!!!

I'm flabbergasted! They expected me to roll over and swallow it!"

Had more trouble with these types of issues than care to count. This is the reason we cut up all our credit cards. The only credit cards we have now are the pre-pay type. We put on any amount we like and use it when we like for a fixed fee of £60.00 per year. If we havent got it, we cant spend it, so cant accrue any late payment charges etc. Its useful as a back up or for purchasing online, but for everything else we use cash. (excludes the company credit card of course, which is solely for company use)

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By *tensonSwingersCouple
over a year ago

Stenson Fields

And a bit of info for you:

Are you aware how much you've paid in interest on your credit card over the years? Do you know how long it will take to pay off a £1,000 balance by paying the minimum each month?

So, you've got a credit card? Its outstanding balance is £1,000, and each month, although you intend to pay more, you end up simply paying the minimum payment (which is usually between 2% and 3% of the balance, depending on the credit card company).

So how long will it take you to clear the debt assuming a 2% payment each month, and a (quite tame by credit card standards) APR of 14%? 2 years? 5 years? No, it would take a staggering 19 years to pay off the debt, and that's assuming you never use the credit card for any other purchases. Not only that, but in that time you will have paid well over £1,000 additional interest, effectively doubling your debt.

But of course, that's why the banks set the minimum payment as low as they can. The longer it takes you to pay off your balance, the more they get from you in interest. If they increased the minimum amount to 5% per month you'd pay the debt back in 6 years, and save nearly £1,000 in interest.

Recently the government has tried to get credit card companies to state clearly on statements that paying the minimum will increase the length and cost of the debt, however few do, and the ones which do will generally say something along the lines of "Paying just the minimum is not recommended". Nowhere will it tell you it'll take 19 years to pay off £1,000.

Ideally of course, you should avoid paying any interest at all, and that generally means paying off your balance in full each month, however that's not always possible. But even a little extra each month helps. In the 19 year example, paying just an additional £10 each month would reduce the debt to zero in just over 5 years, and would save you over £750 in interest.

So the next time the credit card statement lands on your door mat, please pay more than the minimum!

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By *odka n Coke OP   Couple
over a year ago

Greater London

Actually, in my original post, I did state that we pay more than the minimum.

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By *tensonSwingersCouple
over a year ago

Stenson Fields

[Removed by poster at 13/06/12 20:16:59]

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By *tensonSwingersCouple
over a year ago

Stenson Fields


"Actually, in my original post, I did state that we pay more than the minimum."

Indeed you did and we noted the fact. The info was posted for others who read your post as it may be of interest.

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By *waymanMan
over a year ago

newcastle


"And a bit of info for you:

Are you aware how much you've paid in interest on your credit card over the years? Do you know how long it will take to pay off a £1,000 balance by paying the minimum each month?

So, you've got a credit card? Its outstanding balance is £1,000, and each month, although you intend to pay more, you end up simply paying the minimum payment (which is usually between 2% and 3% of the balance, depending on the credit card company).

So how long will it take you to clear the debt assuming a 2% payment each month, and a (quite tame by credit card standards) APR of 14%? 2 years? 5 years? No, it would take a staggering 19 years to pay off the debt, and that's assuming you never use the credit card for any other purchases. Not only that, but in that time you will have paid well over £1,000 additional interest, effectively doubling your debt.

But of course, that's why the banks set the minimum payment as low as they can. The longer it takes you to pay off your balance, the more they get from you in interest. If they increased the minimum amount to 5% per month you'd pay the debt back in 6 years, and save nearly £1,000 in interest.

Recently the government has tried to get credit card companies to state clearly on statements that paying the minimum will increase the length and cost of the debt, however few do, and the ones which do will generally say something along the lines of "Paying just the minimum is not recommended". Nowhere will it tell you it'll take 19 years to pay off £1,000.

Ideally of course, you should avoid paying any interest at all, and that generally means paying off your balance in full each month, however that's not always possible. But even a little extra each month helps. In the 19 year example, paying just an additional £10 each month would reduce the debt to zero in just over 5 years, and would save you over £750 in interest.

So the next time the credit card statement lands on your door mat, please pay more than the minimum!

"

Oddly, when I got my first credit card, the minimum payment was set at 5% by law (1974 Consumer Credit Act I believe though I could be mistaken...)

It would be a good law change today....

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