How long would you leave it.....

[johnny_t]

After several lucrative years of swapping credit card balances from one 0% rate to another, I have settled down and transferred all of my balances onto a 5.9% life-of-balance transfer, with the intention being to set up a standing order and pay them off over the next two-and-a-half years.

I applied sometime in July and my card came sometime during the first two weeks of August (when I was on holiday) which I instantly cut up. I have been waiting for my first bill to come to set up the S/O, but it has never arrived. The transferred balances all appear to have been paid off.

It was quite nice not to have to make a monthly payment during August, but it seems a bit late now. There are two scenarios I can think of:

1) Bill got lost in the post (though this has never happened before)

2) some computer SNAFU has left me off the grid (though this has never happened before)


Should I phone up and query this, or should I sit back in the hope I have got lucky. If it is just scenario 1), what is the worst that can happen ? Maybe a penalty charge which I can appeal to their better nature to waive ? I know that scenario 2) is extremely unlikely but it would be nice if, just once, something like that went my way.

What would you do ?

 

[RigidRaider]

If they charge you interest, which they wouldn't have charged if you had received a bill and made a payment, they ought to reimburse you that interest.

My inclination is always to come clean on these issues, to avoid future hassle.

 

[Pensdown]

I think I would wait another month, maybe two. Then I would buy the biggest cigar I could find and smoke it with a large brandy - trying not to grin, too much.

 

[keyplayer]

lucrative

Wouldnt "failing to face up to your debts" have been more accurate?

 

[JohnD]

If you miss a payment you can expect to have a penalty charge applied.

They will say it is your responsibility to pay.

Haven't you got online access to the card account?

 

[johnny_t]

lucrative

Wouldnt "failing to face up to your debts" have been more accurate?

No - Successful servicing of an interest free loan would be most accurate, playing the system to my great advantage.

 

[johnny_t]

Haven't you got online access to the card account?

That's a good idea. Will sign up later and report back.....

 

[keyplayer]

lucrative

Wouldnt "failing to face up to your debts" have been more accurate?

No - Successful servicing of an interest free loan would be most accurate, playing the system to my great advantage.

Well, I hope I'm wrong, but I wouldn't wonder that you just used your interest free loan to purchase a load of tat you would otherwise have done without but for the over easy credit?

 

[johnny_t]

A valid concern, but not applicable in this case.

The key to being a successful 0%-er is (or was) to cut the cards up as soon as you put a balance onto them and never touch them again.

 

[keyplayer]

I'm glad to hear it. But not having to pay off the balances at 5.9% over two and a half years would in my mind be the key to being an even more successful 0%-er.