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    • Nice to hear a positive story about a company on this form for a change. Thank you
    • too true HB, but those two I referred for starters - appear to be self admitted - One to excuse other lockdown law breaking, by claiming his estate away from his consistency and London abode was his main home the other if he claims to have 'not told the truth' in his own words via that quote - to have mislead his investors rather than broken lobbying rules   - seem to be slam dunks - pick which was your law breaking - it seems to be both and much more besides in Jenricks case Starmer was director of public prosecutions yet the tories are using seemingly baseless allegations for propaganda and starmer is missing pressing apparent blatant criminality in politics
    • I am sure the resident experts will give you a comprehensive guide to your rights.  The responsibility lies with the retailer. I have dealt with Cotswold before for similar. And found them refreshingly helpful.   Even when I lost the receipt for one item I had bought in Inverness. The manager in Newcastle called the store. Found the transaction and gave me a full refund. 
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Somthings not quite right


ICY
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On 6th January 2012 I accidentally sent a £1400 payment to my credit card account instead of paying someone on my list of payments from my current account, the credit card one was underneath the person I wanted to pay.

 

When I realised my mistake I called the bank (all accounts with the same bank)

They said they would send the payment back to my current account, however ever since then I have been hit with balance transfer interest, and the BT balance has been constantly growing ever since, as has the interest on the "transfer balance"

 

Something else which doesn't make sense is the BT interest is stated as 1.873% yet even with my card balance consistently dropping every month sometimes the interest has been higher than the previous month, I rejected a proposed interest rate rise and was offered the chance to close the account pay the balance off at the previous rate which I accepted, so my interest rate should never change now, I don't see how the interest can change so much on a solid rate, it doesn't appear to follow my balance. With the balance transfer interest the rate has never changed from 1.873 however there seems to be no sense to the amounts compared to the balance, sometimes its higher than previous month and sometimes lower

 

The "balance transfer" has risen every single month the amount was originally £1400 and now the transfer balance is £2017.22 with over £550 already paid in balance transfer interest and the transfer outstanding balance has risen to £2017.22 that's over £1000 more than the amount that they put back to my account.

 

I was never at any point told that this would happen, I was told that they would transfer the amount I had occidentally sent to my card back to my current account, both accounts are with Santy.

 

Can someone please help as I cant get my head around this, is does not make any sense.

:madgrin:

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Basics are I accidentally paid it in, they paid it back out again to my current account, and now I have an outstanding balance transfer balance for something they havent actually paid out for all they did is return my money. I simply asked them to recall the payment I had made in error.

 

I vaguely remember being told there would be a fee to move this money back and this is reinforced by the Feb 12 statement where it says balance transfer fee £42 then there was a credit for balance transfer fee and it looks like the £42 was then added onto balance transfer balance if that makes sense.

Edited by ICY
:madgrin:

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Human error in my opinion. I note this happened two years ago. Is this correct..

 

It did foolishly when I received statements I file them, I check online often but that only shows a total interest which looking at the statements is actually normal interest and balance transfer interest added together, it is not split down seperatly on online banking

:madgrin:

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Will do. I am just waiting for copies of 2 statements which I cant find before I can act.

 

I feel like I have been done over for a very simple mistake, which I notified them about immediately :(

Edited by ICY
:madgrin:

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It gets better, I have added all transaction and payments on my statements (at least up until march 13 as I have a couple missing then so haven't gone further just yet) and they have been compounding interest by the look of it, as they have been charging interest on total balance which includes the "balance transfer" interest

 

Once the other statements arrive that I have ordered then I will get a full picture, but I can say so far in 8 months up until 8th march I have been charged 231.57 in balance transfer interest alone, I have no idea how to work out how much regular interest I have paid on this amount on top.

 

the balance transfer interest amount rises month on month

:madgrin:

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ok, I have managed to find the 2 missing statements and the letter they sent me about the rise in APR which I rejected and closed account, amazing what you can find when your determined enough.

 

Looking through the spreadsheet I have removed the amount for the balance transfer and just used payments in and out, and tbh it makes no sense, I have found the monthly interest on my statements, and the monthly rate does not change at any point during the account from 1.873 the letter informing of interest rate rise states going from 24.9% to 29.9% as of 1/4/13 however the interest charged seem to fluctuate quite a bit and does not seem to correspond with the previous months balance.

 

I really cant get my head around this at all, the regular interest charged doesnt seem to correlate to any amount, it is as if the interest amounts have been made up.

 

I desperately need someone to look at this spreadsheet who really understand interest rates fully, I feel I am out of my depth here, I know somethings not right but I cant figure out what it is

:madgrin:

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Is anyone who gets interesst rates properly able to spare half an hour or so and look at the spreadsheet I have with all the figures on it, the interest amounts changed but dont seem to correlate to how the balance is going up and down, this despite no interest rate changes

:madgrin:

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  • 2 weeks later...

no wonder the team didn't see this

 

its in the successes forum.

 

moved to satans bank forum

 

post up the spreadsheet please

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Oh ffs, I shouldn't be allowed out on my own.

 

I sent a complaint letter to bank,

 

they replied with an email stating that the complaint had been resolved

and a letter was on its way to me and to expect it within the next 5-7 days :|

 

I keep trying to upload the spreadsheet but for some reason I cant save it as an xls

:madgrin:

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I havnt received the letter yet, however I have just logged into my account online and my available to spend (which is irrelevant as the account is closed) was £524.33 last month, it is now £1,127.10 a difference of £602.77

Edited by ICY
got figures wrong way round
:madgrin:

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Lets see what happens when you get an explanation.

The figures don't add up to me as the original amount was 1400 however wait and see

 

To go back to your question on interest rates, it could be to do with the time you pay the bill. Remember that interest is charged daily , so if you pay one month on the day that you receive it and the next month on te due date which maybe 20 days later there will be more interest.

As for compound interest , yes they do charge that .

Any opinion I give is from personal experience .

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I have got the balance and available the wrong way round, they have refunded £602.77 by the looks of it, yet there have been no recent transactions or and pending transactions.

 

The £1400 was never borrowed so shouldn't be showing now, its the interest that is in question

:madgrin:

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So rather than refunding they've done a cash BT to your current account. I'd agree with fletch and say wait for the letter before spending more time trying to work it out.

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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Letter has arrived,

 

"Blah blah - backgroud from what I told them then -

 

 

Your current balance is £2375.67 which includes the £1400 which was transferred to your current account and £575.22 which you have received in balance transfer interest. (Wish I had received it, it went on my statement and I paid it odd terminology)

 

Due to the way in which payments are allocated, your payments have been applied to your outstanding purchases balance and not the balance transfer meaning that your balance transfer interest has not been reducing and your purchase interest has been (no mention of why some months the BT interest rises and some it falls when the rate is fixed and amount does nothing but rise, makes no sense)

 

When your payment of £1400 was transferred to you, this should have not been processed as a balance transfer as you rightly stated, it was a refund of your own money and in turn you should not have received balance transfer interest. However had the mistake not have occurred, you would have still had the £1400 balance as purchases as apposed to a balance transfer and would therefore still have received interest however your payments would have been reduced each month rather that only paying off one part of your balance. (Absolute rubbish I made it clear that I paid into this account by mistake when I had intended to pay somebody else, Santander would have never had this money so I would have never spent it with them, they know this from the letter I sent, this is an attempt to get out of paying back compounded interest)

 

I apologise that when you requested the refund of £1400, this was processed as a balance transfer rather than an adjustment on your account. In light of this, I have refunded interest charges totaling £575.22 to your credit card account. Therefore your remaining balance is now £1800.45 I have also set your account to 0% interest for the balance transfer until 1st August 2015 If there is still a remaining balance after this date, interest will be applied again. I hope this is sufficient time for you to pay the remaining balance.

 

I can confirm that the correct procedures were followed when you requested to opt out of the interest rate increase and the interest rate is correct on your account.

 

Please note you will still receive purchase interest until your purchase balance is cleared. Your balance of £1800.45 is correct had the balance transfer not occurred (really??? Compounded interest??? Will look into that, I am sure that's not right)

I apologise for the inconvenience this has caused and I have arranged to credit your account with a further £5 as a gesture of goodwill. This will credit your account in the next 5-10 working days.

 

Alternatively if you are not happy with my response you can refer your complaint to the Financial Ombudsman Service.

:madgrin:

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Could it be they calculate the interest from the payment due date the previous month?

 

Lets take my statement on 13/10/11 as a random, the start balance is £2637.12, the end balance is £2548.87 interest is £51.75, on the previous statement it states payment to be received by 9/10/11 the balance on this date is £2497.12 the monthly interest rate is 1.87%

 

When are they basing the interest amount from, if I can figure that out I can work out exactly how much the account should be at if the £1400 never happened, they may be right but I have a feeling they aren't.

:madgrin:

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If you do not make the full payment they charge you daily interest from the date of purchase or balance transfer until the statement date then at next statement it is from statement date until statement date etc.

 

As for the order that payments are allocated tou your account I thought the rules had changed and that they should be applied to the sum bearing the highest interest rate first,. Maybe someone could clarify that

Any opinion I give is from personal experience .

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If you do not make the full payment they charge you daily interest from the date of purchase or balance transfer until the statement date then at next statement it is from statement date until statement date etc.

 

As for the order that payments are allocated tou your account I thought the rules had changed and that they should be applied to the sum bearing the highest interest rate first,. Maybe someone could clarify that

 

This makes it virtually impossible to work out what should have been charged when they mess up like this.

 

As you say interest is charged on your total balance from the last time the interest was charged or from when the transaction took place until a certain date, my point is what is this date they take the balance that they base the interest figures on, because in the example above the statement date is the 13th and on that date the balance was £2637.12, the interest rate is 1.87%, this isn't £51.75 that I have been charged, there seems no logic to it.

:madgrin:

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Managed to save the spreadsheet as a PDF so can upload it, I have entered every transaction from my statements and ignored anything to do with the £1400 as they have already stated that shouldn't have happened.

 

Their letter today claimed they have put it all right and my balance is now £1800.45, this clearly shows otherwise, if the have completely rectified the mistake which they have admitted my account should be put back completely as it was without the balance transfer.

 

I have used the purchase interest amounts on each months statements to get to the interest figures, I have no idea if these are correct as I have no idea what balances they are taking these figures off.

:madgrin:

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On my statements, purchase interest 1.87% MONTHLY thats not the annual rate

 

On the spreadsheet I have simply copied their purchase interest amounts from the statements

:madgrin:

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