charged the wrong minimum payment.

[Helen]

Hi, I owe aproximatly £3378.00 on my barclaycard, when i was on the phone to them recently it became apparent to me they were charging me the wrong minimum payment. The interest rate is 14.9% and the minimum payment on my bill was £45.96 and the intereste was £29.78. The person i was speaking to at barclaycard advised me i should be paying aproximatly double what i was being charged. how can this happen?

[Banksters]

Re: charged the wrong minimum payment.

Hi Karen. Have they confirmed that you have been sent the wrong min' payments by some fault? or was this just advice that was given in order to reduce the creditcard quicker? If they did they should of explained how this error happened? What was the out come of the call? Are they sendng you a new bill?

[Helen]

Re: charged the wrong minimum payment.

Hi, I cancelled my credit card a few months ago and so im trying to pay it off asap, and this is the first time im aware that im being undercharged aprox half the amount of what i should have been. I didnt realise until i was quearing another problem with them.

[Guest]

Re: charged the wrong minimum payment.

HI Helen
Since November 2010 credit card companies have calculated the minimum payment by adding the monthly interest accrued to 1% of the outstanding balance. Before this date Barclays used to just calculate a flat 2.25%PM.
With an interest rate of 14.9% and balance of £3378 that would be £41.95 and £33.79 respectively giving a total of £75.74. A similar total figure to the one on your bill although the interest and balance repayments are back to front?
From experience with Barclay’s customer services, they sometimes misquote where they are getting the figures from. I would double check that they have not put your interest rate up without telling you, and this is why it is registering as an inadequate minimum payment on their system.
If this is the case your account balance may be rolling up without your knowledge.
They are not supposed to do this on a terminated account of course but they do.
Peter

[labman]

Re: charged the wrong minimum payment.

Mr Peter Bard - welcome back. I look forward to reading your posts again. :beagle:

[Bill-K]

Re: charged the wrong minimum payment.

Mr Peter Bard - welcome back. I look forward to reading your posts again. :beagle:

May I echo that, sir.

...you irascible old bugga, you.

[Lord_Alcohol]

Re: charged the wrong minimum payment.

I look forward to reading your posts again.

I wish I felt the same. The arrogance, rudeness and unhelpfulness of some of his previous posts are still fresh in my mind and I'm sure others will feel the same.

At least there is something positive here for Helen and perhaps PB has turned over a new leaf. Time will tell.

[Guest]

Re: charged the wrong minimum payment.

I wish I felt the same. The arrogance, rudeness and unhelpfulness of some of his previous posts are still fresh in my mind and I'm sure others will feel the same.

At least there is something positive here for Helen and perhaps PB has turned over a new leaf. Time will tell.

Yes LA the trick will be irradicating the traits you mention but maintaining a level of accuracy, something we should all aspire to.

Peter

[Lord_Alcohol]

Re: charged the wrong minimum payment.

Yes LA the trick will be irradicating the traits you mention but maintaining a level of accuracy, something we should all aspire to.

Peter

Yes, I completely agree.

Good luck!

LA

[labman]

Re: charged the wrong minimum payment.

I'm a firm believer that everyone deserves a second chance. As the saying goes, 'Let him who is without sin cast the first stone.....' (Did I really just quote from the Bible? Excellent!) That certainly wouldn't be me throwing the first stone, nor the second, third, fourth - you get the picture lol.

As you say LA Peter may well have turned over a new leaf. Let the proof of the pudding be in the eating and let his genuine knowledge shine through. :beagle:

Ever the diplomat!

[labman]

Re: charged the wrong minimum payment.

Sorry LA - posts overlapped!

[Sapphire]

Re: charged the wrong minimum payment.

Okies guys can you get back on topic please.

[Guest]

Re: charged the wrong minimum payment.

Yes i had a Barclay card in 2011, they sent me leatter to tell me they were going to increase my APR tp 29%.
I rang them and told them i wasnt prepared to pey the increased amount and wished to take the option mentioned in the guidlines to terminatee my account and repay the ballance at the existing contractural rate.

Three months later i checked my direct debit and found that the amount they were calling for had doubled.
I rang them, they had increased my APR anyway.

Eventually the dropped it again and re credited the increased payments back to my account.

One of the posters on MSE i was helping had been told( by customer services) that his minimum payment was going up in order to speed up his repayment.
On furhter inquiry it turned out that the reason his minimum paymnent had risen was because they had increased his interest rate.

I would double check everything they told me.

They cannot just alter the way they calculate minimum payments, the repayment are one of the prescribed terms of the contract.

Peter

[Bill-K]

Re: charged the wrong minimum payment.

Okies guys can you get back on topic please.

Deal. Just put the riding-crop down, OK., Sapphy ? Maybe later, OK....? !!!

I rang them and told them i wasnt prepared to pey the increased amount and wished to take the option mentioned in the guidlines to terminatee my account and repay the ballance at the existing contractural rate.
Say that again, you RANG them ? I never ring these cretins unless it is genuinely that urgent. It never is, though, is it ?
Three months later i checked my direct debit and found that the amount they were calling for had doubled.
How urgent was it, then ? So, when did you exercise the option to terminate your account and repay the balance, Peter ? With the urgency that the phone call suggested, or otherwise ?
I ask this, because these guys have their rights, too. "Render unto Caesar that which is Caesar's"...!!! [Soz, LabMan !!!"]

[camela]

Re: charged the wrong minimum payment.

I was also in the similar circumstances but they haven’t informed me. I have already calculated the interest with the help of Card Card Interest Rate Calculator (deptpro.co). Later on receiving the letter mentioning double rate of interest pending against me, I called their customer care number and they forwarded my call to the accounts department. After briefing the facts to them, they told me that it was due to clerical error and later on they sent me the rectified copy of the letter.