Barclays Woolwich Mortgage Offset Glitch

[MarillionFan]

Imagine my annoyance when having put the wrong amount on a 0% fee credit card cheque to my offset account it bounced. I put £14900 instead of £11900. £12 fee from the credit card company.

Imagine my surprise again when I got my Woolwich account statement that showed the extra £14900 against my mortgage and they gave me interest relief on it for 10 days!!!!!!!

Well, well, well. The two banks have different computer systems and obviously this is open to abuse.

Just keep bouncing £200000 cheques against your Barclays account and hey presto the woolwich pay you interest.

Pure class.

[OrangeHopper]

Just done £15000, interest free to October, from MBNA to the Woolwich for fixed £75.

I like the way MBNA give you interest free transfers if you have nothing owing to them for a few months.

[wendigo100]

Bit old-fashioned isn't it? Having to bother with offset payments?

Still, if their business processes are flawed, take advantage! I bet they try and claw the lost interest back though.

[bobhope]

I liked the post Atw did a couple of months ago along the lines of "MarillionFan, all you seem to do is look for little scams, you're a bit like Del Boy"

Too right, I think if you're a proper contractor you have the same mentality. A hacker-type developer always looks for weaknesses & unexpected behaviour in computer systems.

This the same trait entrepreneurs (maybe this isn't quite the right word) need - always looking for an angle to investigate and exploit.

Mind you, doing this kind of stuff, I tend to end up with a lot of people/companies on a list to chase and/or sue for stuff / money outstanding. Sometimes I wonder if it wouldn't be easier to be a normal permie, always pay full price for everything, avoid the hassle.

Nahhh.

[MarillionFan]

"I liked the post Atw did a couple of months ago along the lines of "MarillionFan, all you seem to do is look for little scams, you're a bit like Del Boy""

Would that be the same AtW who has gone crying off to his own site and is sat at the bottom of the garden eating worms all day who likes to dish it out but cant take it. Mmmmm.

Reminds me of a child who takes his toys home.