Problem with balance transfer to clear overdraft

lel4237

Hi,

I'm just wondering if anyone else has had this problem and how they fixed it.

About 6 weeks ago we did a balance transfer to from Barclaycard to clear a balance on an overdraft at Lloyds TSB. They didn't tell us at the time that we couldn't transfer funds to a current account. The money didn't go through and they keep telling us different stories about what's happening with the money each time we phone to complain!

Surely it should be relatively straight forward just to cancel the transaction?

Stinkybell

Try to get the transaction cancelled asap with Barclaycard. If you want to use a credit card to clear an overdraft you need to do a Super Balance Transfer. Check out the article here http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Basically you need to get either a Virgin or MBNA Platinum card to do this, and the fees are higher than a normal BT.

lel4237

Thanks for that.

Cancelling easier said than done! We are currently at the stage where they've told us that Lloyds have rejected the BT because they don't except them ... totally untrue as they accepted one a few months before! They say the money is on the way back to them which can take 4-6 weeks. I reckon they haven't a clue wants going on and are just making stuff up. I'm thinking I'm going to have to go to the Ombudsman or something as they're not even answering our formal complaints!

Moggles_2

As above, a few rather special cards will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates. Unfortunately, Barclaycard is not one of them. You need

a card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin), Egg card or the Post Office card.

A 3% handling fee applies, but there are no other charges during the introductory 0% period.

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If you feel you have grounds for complaint against B'card, I would request a copy of its complaints procedure (you can do this over the phone). This sets out the time limits allowed for dealing with your complaint. The bank is also obliged to confirm the result of your complaint in writing.

You have the right to take your complaint to the Financial Ombudsman if you are not satisfied with the outcome.

Moggles_2

P.S. If you ring Barclaycard Card Services on 0800 068 4899 and hold, then select 0 from the menu to speak to an adviser, you'll avoid the overseas call centre and the perishing 0870 numbers

jen_a_c

Moggles - cheers for the alternative B'card number! See my other post - probably going to be calling them in the next day or so and don't fancy explaining my proposal to an international callcentre as they only seem to be able to answer certain scripted questions, in my experience.