Balance transfer help needed!

livelylobster

I have just recieved a Lloyds TSB Platinum card which has a £3500 credit limit interest free for 9 months. I want to use this capital to pay off my Egg card which I owe £1000 (My 5 month anniversaryfor 0% starts April 1st). I also am £1800 overdrawn on a DEBIT card with the Halifax which i pay around £30 in interest a month.

I rang up Lloyds TSB to arrange a balance transfer to clear Egg & the Halifax DEBIT card yet customer service said that I can only BT to Credit cards or store cards and not DEBIT cards.

Is this true? Any Ideas how I can get these funds into my Halifax account without getting charged a 15.9% as I cant really wait til April.

Any suggestions would be very much appreiciated as I am afraid of doing the wrong thing!

YorkshireBoy

livelylobster wrote:

Any suggestions would be very much appreiciated as I am afraid of doing the wrong thing!

• Ask LTSB to BT £2,800 from your Egg Card.
• Your Egg card balance will now be cleared and be carrying a £1,800 positive balance.
• SBT your £1,800 overdraft balance from your current account to your Egg card - this will return your Egg balance to zero. *Carry out this transaction online*
• Pay off as much as you can of the £2,800 debt on the LTSB card over the next 9 months, and switch any remaining balance to another card.

Read your T&C's thoroughly to ensure you know what you're doing.

[Deleted User]

YorkshireBoy wrote:

• SBT your £1,800 overdraft balance from your current account to your Egg card - this will return your Egg balance to zero. *Carry out this transaction online*

There's something I don't quite understand here. The current account is 1800 overdrawn. How can you transfer 1800 to clear the egg card balance?

YorkshireBoy

lindabea wrote:

There's something I don't quite understand here. The current account is 1800 overdrawn. How can you transfer 1800 to clear the egg card balance?

I didn't say 'clear the Egg Card balance' Linda - I said 'return your Egg balance to zero'. Just prior to this it was carrying a £1,800 positive balance, due to an overpayment of the Egg debt - remember?

Starting point
Current Account....£1,800 debt
Egg Card..............£1,000 debt
LTSB...................£0 debt, but £3,500 available credit

After BT'ing £2,800 (of debt) from Egg to LTSB
Current Account....£1,800 debt
Egg Card..............£1,800 positive balance (after clearing the Egg balance)
LTSB...................£2,800 debt @ 0%

After SBT'ing £1,800 (of overdraft debt) from current account to Egg
Current Account....£0 debt
Egg Card..............£0 debt
LTSB...................£2,800 debt @ 0%