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Interest on Mastercard


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Just a brief insight into this situation I bought something on finance over 3 years and I have paid it off in 18 months.

I would have expected some interest savings but nothing.

However , thats not my gripe what is my gripe is I have cleared it today and they have charged me £19 on my Mastercard for the privlage.

I wasn't happy about this and I let them know it but rather than pay the debt off over the next 3 months its easier and quicker to bung the final oweing onto my Visa so i can clear it in 6 weeks instead of what would have been 3 months.

 

Havng said to them they cannot warrant taking that amount 3% extra there answer was I am clearing one debt for another.

Parden me but because I'm transfering it across to my own Visa where does this affect them, they have got there money back 20 months early without giving me a rebate for the interest and also take a further £19 for the privalge.

 

This company Close finance in my view took the £19 for no reason but to rip me off..I wanna fight this for the principle but not sure if I have grounds, your opinions will help

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What were the terms of the contract...did it say anything about a penalty for early repayment?..They won't be bothered about gettinmg their cash back early..they make money on the interest..I'm confused though..was the item on finance or on a credit card..?

Edited by truman
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What were the terms of the contract...did it say anything about a penalty for early repayment?..They won't be bothered about gettinmg their cash back early..they make money on the interest..

 

Well I understand that but its not a penalty for paying it off early, it was added because "There words" I'm paying off one debt (there debt) to pay another (my Visa)...

 

Now What I use my visa for has nothing to do with them, it doesn't affect them so in my view its an excuse to rip me off...

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All depends on the agreement

 

You should read these things first.

 

I do read them, possibly your missing my point, I'm not judging it on paying it off early had I used a debit card or check I would not have been charged but as I'm using a Visa then they suddenly can charge my 3%.

If they could warrant the payment I wouldn't mind but they can't.

Its just an excuse to get money for nothing and for your record Where would it say on the agreement If you paid off the debt to put it onto another debt(my visa) then we will charge you 3%.

It wouldn't because theres no such ruling, it don't exist

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I do read them, possibly your missing my point, I'm not judging it on paying it off early had I used a debit card or check I would not have been charged but as I'm using a Visa then they suddenly can charge my 3%.

If they could warrant the payment I wouldn't mind but they can't.

Its just an excuse to get money for nothing and for your record Where would it say on the agreement If you paid off the debt to put it onto another debt(my visa) then we will charge you 3%.

It wouldn't because theres no such ruling, it don't exist

 

Have you paid off the balance using a credit card? If so a lot of companies charge you for doing that as they get charged by the credit card company..in effect you'll be paying their costs..

Edited by truman
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Have you paid off the balance using a credit card? If so a lot of companies charge you for doing that as they get charged by the credit card company..in effect you'll be paying their costs..

 

Known as a card handling fee.

 

Very common.

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So it isnt a "rip off" you dont have to use a credit card, other free alternatives

 

People who always think they are "ripped off" but if they stopped and looked at it they would see its their own fault and the are indeed other choices

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