Credit transfer tale of woe: advice would be appreciated

Watson

This is what happened, in order:

1. I discover that the Spend Now Pay Later period on my Homebase store card expires on 17th November. (And I know it's my own stupid fault for not checking this sooner.)

2. I ring Homebase and discover that the "small amount of interest" which will be payable if I don't clear the card before the 17th will be very nearly £350 (on a balance of just over £1300).

3. I try to transfer the Homebase balance to my new BA Amex card, but am told "we don't do transfers from a Homebase store card".

4. On 8th November I apply online to transfer the balance to my MBNA VISA card (there will be a fee, but it will be a lot less than £350). The MBNA site accepts the Homebase card details with no problem...

5. ...but just to be sure, I ring MBNA to check. I'm told that there will be no difficulties. Phew!

6. Today - the 16th November - I get a second-class letter from MBNA saying "Please phone us, we need more details about your balance transfer". When I phone, I'm told "Sorry - we can't do transfers from a Homebase store card". When I ask why it's taken them so long to tell me this, they say "But the letter was sent out on the 9th November".

So you see my problem. I don't see any way to clear the Homebase balance by tomorrow, so I'm going to get clobbered with that accumulated interest. Unless there's something else I can do.

As far as I can see, the only way to clear the Homebase balance before the deadline is by paying cash at a bank - but I can't get hold of that much cash at such short notice. If anyone has any other suggestions, I'd be very grateful to hear them.

Watson

KathrynPenguin

Can you not arrange an overdraft and get the cash out to pay this off? Overdrafts are not cheap but it would be a lot less than the £350 they are going to charge you. Then you could get a card that does a SBT and transfer into your bank account to clear your overdraft. No idea if it helps but a suggestion.

Watson

Thanks for the speedy reply. I did think of that, but unfortunately I already have an overdraft facility (£1450) into which I have already encroached: there's not enough left to clear the Homebase card. And I suspect that my foolishness in not realising just how bad the Spend Now Pay Later deal was, and just how much accumulated interest would be involved, won't cause the bank to look kindly at extending my existing overdraft.

Watson

Robert_Sterling_3

My sympathy Watson.
It was reading posts like your which caused me to choose my signature below.

Watson

Robert,

Thanks for the sympathy, much appreciated.

I accept, as I said, that the blame is mine, but I do wonder why MBNA first told me that the transfer would be OK, and then that it wouldn't. Or why they didn't use first-class mail on the alert letter (actually, I know the answer to that one, of course: it's to save money).

I'm pretty much resigned to biting the bullet and paying the extra Homebase interest: I'm going to pretend that my new kitchen simply cost me £340 more than it actually did.

Watson

asharon

What about taking a cash withdrawl from the credit card. All you need is your pin number and it will be a lot less than the £350. Or perhaps if you have some of the cheques you can cash one in a bank or with a friend / family even.

Failing that try blagging it with homebase saying that a cheque was lost or anything and ask for some leeway to buy some time.

Watson

Asharon,

Thanks for the reply.

Isn't there usually a daily limit to the amount of cash you can draw on a VISA card?

Actually, thinking about it (and despite what I put in my first post) I'm not even sure that paying cash into a bank will immediately clear the Homebase balance. It's quite a while since I made a payment to a card this way, but I seem to recall that even cash took a few days to get through to the Homebase account. I'll check on my Homebase literature.

Watson

asharon

That's why I suggested phoning them and asking for a bit of leeway. They might say not, but if your daily cash limit is say £500 then it gives you some time to withdra w and pay it in.

Watson

Asharon,

Ah, I see, thanks. Well, it's worth a try. Are store card companies usually open to that sort of suggestion, do you know?

Watson

asharon

Not always but I got a two week stay execution with a company a few years ago, so worth a try. All they can do is say no.

PeeWee

Try talking to your branch in person, we have had the bank give us a temporary overdraft of £5000 instantly in a few cases now when we have been buying a car and waiting for the older car to sell etc.

Just tell them you need the cash, for X while you wait for a cheque to arrive from X.

Its worth a try, they can only say No