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bad advice regarding interest charges

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bad advice regarding interest charges

Very disappointed to note that on 5th July I was charged additional interest following a late payment charge and interest, from May, when for the first time since taking out a Tesco's credit card, I paid late by one working day.  I complained at the time, and received a call and letter confirming the charges would stand.  At no point was I informed that interest would be continue to be charged until the next month's balance was cleared.  If I had received this information I could have paid the outstanding balance, thus avoiding further interest charges.  I called Tesco today to discuss the additional interest charge and the fact that I was not informed at the time of my first complaint that interest would continue to be charged.  I was told by the Tesco advisor that they have no legal obligation to inform me that I could have avoided further interest charges.  When I pointed out that this isn't good practice, the only response was to reiterate that they have no legal duty to inform me.  The only conclusion I can draw from this is that "Tesco and good practice don't appear to belong in the same sentence" .

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Your Community Expert

Re: bad advice regarding interest charges

I'm really sorry to read about what's happened @elaineeagar5744. From what you've written, it sounds like residual interest has been added to your statement. This is the interest that accrues on your account from the date your statement is produced until the balance is paid. If the balance of the account is paid off in time and in full, this interest will stop accruing, but I'm sorry that this wasn't made clear when you originally discussed this with our team.

 

As the charges have been correctly added to your account, we'd be unable to waive them for you, but if you send a private message with your full name, date of birth and postcode, we can look into opening another complaint for you regarding the service you've received.