Feel cheated

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  • Neilswheels43's Avatar
    Fresh Eyes
    Logged onto my account on 19/04/2022 to get a statement as I wanted to clear the whole amount. It came up, on the screen and i paid the full amount. 2 days later it says account clear or nill. Imagine my suprise when I logged on today to find yet MORE interest charges. It’s absolutely disgusting the way these banks work. You would think looking on the account it would be up to date, not the case obviously. I have cleared all my debts and cards over the last couple of weeks and Lloyds and tesco are the only 2 that I have had problems with more interest charges. Glad I cleared them and will no longer use or apply for them. Terribly mis informed. It’s as though they never want you to pay them off.
  • 2 Replies

  • JoeC's Avatar
    Your Community Expert
    Hey @Neilswheels43, when you are first charged interest on your account, it appears on your statement but interest continues to accrue until the full balance is paid off. When you clear the entire balance, the interest then stops but the amount which has built up to that point is then applied to your next statement which you will now be seeing. For example, if your statement produced on the 10th and you paid the full balance on the 15th, you'd have 5 days of interest on one further statement. I hope this helps clear things up!
  • Neilswheels43's Avatar
    Fresh Eyes
    It’s just very misleading as you would think what ever is on the screen at the time is what you owe. It should have a clear balance section so as if you do clear it then you clear it and not have to pay interest. I have cleared 2 others and they have done it this way and balance was zero. Just another way of keeping you in there system, paying charges