Lloyds T&C's-help needed!

johnbhoy10

Hello all-

Firstly thanks to all the veterans stoozers on this forum and also stoozing.com for all their help and info.

This is the state of play with me at the moment (please bear in mind i have never used a c/c before and way things going at mo that was maybe one of my better decisions.

EGG MONEY(limit £900) activated last week and i sent ABBEY(limit 4K) form yesterday. Thought Lloyds TSB would be a good card for my final application this time round.I received T&C's today and 19 gives the following definition for a "BALANCE TRANSFER" : a transfer to us of a debt (min £100 or another amount we tell you) THAT YOU OWE ANOTHER LENDER. Is this the case or am i missing something elsewhere in the T&C's ??? I presumed that i could transfer from EGG MONEY onto this???

Don't know if this helps but i applied for a platinum card (which i satisfied conditions for) and ended up with a classic card. Think the only difference this makes apart from obvious limit is 1-2% on APR purchases going by the summary box in booklet i picked up in branch in december.

thanks in advance
j

YorkshireBoy

Martin covers this in his 'stoozing - the middle route' article here...

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1076883546,34894,#middle

I think you will find that most providers have this definition in their T&C's. In fact I'm only aware of one provider who doesn't (although I've not researched it fully).

So, you have 2 choices...

1. Create a debt first by BT'ing off the card and into your current account, which will cost you 6.9/15.9% for a few days (at 15.9%, this will cost you about 40p/day/£1,000), or

2. Contravene the LTSB T&C's by creating a +ve balance on Egg Money.

The choice, as they say, is yours.

PokerPortal

I have read the Balance Transfer definition a few times, and I still think that you can transfer to Egg Money while creating a positive balance while having a debt at a third lender (which is another lender after all).

YorkshireBoy, a while ago you mentioned that there was a thread about the possibility of fraud if you transfer creating a positive balance. The thread was either on MSE or stoozing.com, but I have never been able to find it. If you know where the thread is, can you please provide a link? Much appreciated.

YorkshireBoy

PokerPortal wrote:

I have read the Balance Transfer definition a few times, and I still think that you can transfer to Egg Money while creating a positive balance while having a debt at a third lender (which is another lender after all).

Lets put it this way, you wouldn't be able to get a no-win/no-fee lawyer to take this one on Poker.

PokerPortal wrote:

YorkshireBoy, a while ago you mentioned that there was a thread about the possibility of fraud if you transfer creating a positive balance. The thread was either on MSE or stoozing.com, but I have never been able to find it. If you know where the thread is, can you please provide a link? Much appreciated.

I remember it well - we were up 1/2 the night thrashing this one out. It's here on the stoozing website...

http://www.stoozing.com/cgi-bin/forum/YaBB.pl?num=1130531383

PokerPortal

That is an interesting thread. I don't think that I am going to put a positive balance on my Egg Money using a BT. I received the following letter from Lloyds TSB today:

"Thank you for your recent application to transfer your credit and/or store card balance(s) to your platinum visa.

Unfortunately, some of the details on your application are incomplete. It's important to us that we process your balance transfer as soon as possible, in order to start saving you money on your credit card bills.

We would be grateful if you could call us at your next convenience on #######, quoting ######. You may find it useful to have a copy of your last statement from your other credit card to hand when you make the call. Please note that your call will be charged at the local rate.

Please can you ensure that you include your full account number on all written correspondence, and always have these details to hand when contacting us by telephone." --end quote

My credit limit on Egg Money is only £500. I think the best way forward is to try to increase this limit. But then I read in one of your other posts that you think that you should keep the limit on Egg Money low because it might affect your credit limit on future cc's as you have more credit available.

Egg Money for stoozing is an interesting subject, but it does confuse me sometimes. Not sure what to do at the moment.

HGLTsuperstar

Using egg money as a stppzong mule means a £500 limit is fine, keep it low so you can get higher limits elsewhere.

HGLTsuperstar

Woops, fingers slipped. For "stppzong" mean stoozing LOL

PokerPortal

Small update on this thread, which might be useful for the OP.
I have now contacted Lloyds TSB and requested the balance transfer, which was done without a problem. So my Egg Money will show an even more positive balance when the BT has gone through.

When I activated the card I spoke to a person with a very strong Glaswegian accent. And since English is not my first language (Dutch is), I struggled to understand what he was saying. After a few minutes I realised that he was doing his sales pitch when he said someting about the pyament protection plan. I think I was able to make clear that I did not want this.

johnbhoy10

Thanks for your input guys-

I received Lloyds card today with lousy 2k limit and as stated Abbey with 4k and egg money £900. I've contacted Abbey recently and expect cheques any day now. Is it really worth using Abbey card for a 2nd SBT at £50 to take money from Lloyds?? Also, i think it's fair to say that Abbey card is no longer fee free even if applied for in branch even though just after applying for card (mid december) i was told conflicting info by their staff! I was actually asked during one conservation where it was that i saw that this card was fee free if applying in branch! Told them a mate told me.

The way i see it is i have being a bit hasty in all of this even though after intially reading about stoozing i thought i had understood enough about the concept to go ahead. I think my 3 main mistakes-
1) not getting my credit history watertight with equifax + experian firstly. I
presumed that with only a small mortgage my credit history would be fine.I was wrong-even though they held the same info about old settled agreements experian correctly showed them as settled while equifax still showed active. When i queried this with equifax they told me that they had just been advised that these accounts had been closed! Aye that will be shining bright!they were settled 4 years ago!!!!)

2)I forgot the c/card i was given with my new A&L current account 7 months
ago because i just filed it as i had no intention of using it.

3)with regards to the poor limits(in my opinion) i have received - this is my own STUPID fault. I have a new A&L current account (7 months old) and gave this info when applying for cards when i still have have an active RBS current account which is 10 years old.

Maybe i was lucky to actually get accepted for the cards at all (thats 4 applications since end of july!).

One final point - i note a lot of newbies are in posession of Lloyds(6 week fee free) like myself. I presume that they will all be contravening T&C'S to create 'the debt'. In my case i noticed that all my cards will now be sharing my c/card details! Has any one had any phone calls yet?


regards

Careful_ly

Hi Johnbhoy

If you have unused credit limit on the A&L card you could ask to have this added onto your Abbey limit, then adding the Lloyds tsb card may make the balance worth transferring. I wouldnt cancel the A&L card thou as it can be usefull to pass the credit limit back and forth from abbey to A&L to take advantage of the offers they give after balance paid back. HTH

johnbhoy10

Thanks Careful_ly-

I had 1k on A&L and initially Abbey offered me 3k limit but spoke to MBNA at the time and i did add this 1k onto the Abbey card. However, i also cancelled A&L card at the same time! See what i mean about being hasty!!

Is there any point in phoning Lloyds and trying to appeal the limit on this card?? Is this another automatic search as that's the last thing i would consider at the moment! I think 4 since last July is enough considering i haven't started yet.

Oops-anyone spot deliberate mistake-Lloyds are not sharing data although Abbey and Egg are.


regards