Urgent help needed

concho007

I just did a cash advance from my MBNA credit card for £6200 at a rate of 0.9%. The transfer came through on the 22/07 2 days ago, the transfer fee was 4% £248 so I now owe them £6448 (at this rate)

What I want to know is can I cancel this agreement and just give them there money back and get my fee back.

The reason is that I have made a mistake in my finances and I used the wrong card to make the cash advance. I cant just pay them the money back because I owe them another £7000 at a higher rate and when you pay any money off you pay the lower rate first.

Is there a cooling off period for this cash advance. I have done some web research but it is not totally clear.

Please help asap as I do not want to go over any cooling off period. Straight info needed here guys not any "Why did you do that" sort of non helpful advice.

Many thanks

Steve:eek::mad:

CannyJock

Never heard of a cooling off period on a balance transfer/cash advance.

You can try and explain the situation to MBNA, they're the only ones who could confirm for sure.

You're then talking about taking the £6200 and paying this back to MBNA but wanting them to allocate the payment against the £6200 you requested and asking them to credit you for the £248 BT fee plus any interest?

The alternative would be to take the card you meant to do the BT with, use that to BT to your MBNA card, pay the £6200 back to them and hopefully it'll leave you in a better situation with a smaller amount at the higher rate you mention.

concho007

Cheers for that. All sorted now. I phoned them and told them I had made a mistake and they said as long as I pay the £6200 in full back to them asap, they would refund the £248 fee. I have just paid them back the £6200......PHEW.......

CannyJock

concho007 wrote: »

Cheers for that. All sorted now. I phoned them and told them I had made a mistake and they said as long as I pay the £6200 in full back to them asap, they would refund the £248 fee. I have just paid them back the £6200......PHEW.......

Make a note of the person you spoke to and the date and time of the call incase there's a problem with this later on

Good result though, proves not everyone at MBNA are evil imps and pixies.

Moggles_2

Congratulations on getting it sorted & thanks for your feedback.
:beer:

Note: FYI and anybody else reading, there was only the one lender involved, fortunately. BTs between credit cards, OTOH, are not easy to reverse and, in attempting this, you could incur two BT fees.