BA Amex LOB transfers

rkh001

I am livid. So please forgieve me if I don't write this too well...

Had a 0% card with Virgin with bal of £10,400 on it. Decided to apply to Amex at 4.9%. No where on their website does it say that only 95% of your limit can be transferred.
So, a week a go I received a call from Amex saying that the transfer had been done. Then the card arrived and when I activated the card, I was told that the transfer had been done and that was done on 23.04.06.
Today I get a letter saying that my credit limit is £1000 and only 95% of that can be transferred therefore the Virgin hasn't gone through. So i have asked them to cancel the Amex card. Do not want the card if I can't have the transfer.
What do I do now - Virgin are going back to 24.9% APR from the next statement due this month. I am scared and now wondering what/where to go to get a LOB transfer of that amount.
HELP PLEASE,,,,,

Emmzi

In the credit card section there is a stoozing board; they might know where the best deals are at the moment?

rkh001

Thanks Emmzi. I have beeon there and made an application for the Intelligent Finance card. Fingers crossed. But I don't know what I am going to do if they turn me down.
Begging bowl to Virgin? Possibly. I amgoing to give Virgin a call tomorrow and see if they can arrange to lower the interest. Why is it so hard to sort things out? I guess I spent it and now I have to pay it!
Thanks anyway.

Bloke_with_a_simple_life

RKH.. you are spot on - eventually you will have to pay.

I think the rule is .. if you are on low interest rate, don't delude yourself into thinking it will last for ever. Make plans to pay if off, either over the life of the low APR (not just paying the minimum balance) or put money aside and pay the balance off these savings at the end of the low rate period.

Tough lesson to learn.

rkh001

Tell me about it, Bloke...
I am going to talk to Virgin today - tried yesterday from 6.30 onwards, got cut off once, and 20 mins later was told the office was closed. They are only open to 7.
Will keep you posted.
XX

SimplyCongy

Been there.. in the end i got a loan at 5.8% and paid it off that way. Best thing about that is the payments come off regular, meaning the balance dwindles, but you cant add extra onto it!

rkh001

Might have to go that route SimplyCongy. OH has a slightly poor rating so might be affecting my rating too.
As you say, at least the amount is reducing every month.

rkh001

Ok. Spoke to Virgin who gave me two options - one, take out a loan at 6.9% to cover the credit card bill or two, reduce the rate to 12.9%. I have gone for the reduced rate as I have applied for the 4.95% balance transfer for LOB with IF. See if that comes through otherwise I will go for the loan.
Be very glad when I am debt free.
Any furhter progress, I shall let you guys know.
Thnx