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HELP can I cancel a balance transfer?

I arranged a balance transfer about an hour ago online to access a 0% deal... my husband at the same time was arranging a personal loan (we should try talking to each other, I know!) so now I want to cancel the balance transfer but Egg told me they can't cancel it, I have to wait for it to go through and then reverse the funds, obviously incurring the cost of the balance transfer fee. Can anyone tell me if this is legal? SURELY they can cancel it if they want? Can I ask my bank to refuse it? HELP! Thanks!

Comments

  • Bismarck
    Bismarck Posts: 2,598 Forumite
    the short answer is no....as soon as you made the transfer, that was it - like an online bank payment.

    sorry to be the bearer of the news - you could always stooze...
    For what I've done...I start again...And whatever pain may come ...Today this ends... I'm forgiving what I've done -AF since June 2007
  • HamiltonL
    HamiltonL Posts: 284 Forumite
    They CAN be cancelled, but only if actioned within minutes, and even that is not always possible.

    Now you're have to call them up still, and ask the card company to recall the balance transfer. Beware though, this could take a few weeks to do, as it will have to go to the back office to fax the details across to the card the funds were transferred from to return the BT. Indeed Egg may not do anything as they will argue you stated it to be done, so why should they return the funds?
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