0% offer from barclays, but no way to use it???

Moggles_2

qw3rt7 wrote: »

My credit file shows me living at my current address for 4yrs, with a mysterious gap of 3 years after leaving my parents. This is because i didn't register with the electoral roll for 3 yrs. When applying for credit (not currently planning to btw) should i tell the truth eg current address 7yrs, and risk my credit file contradicting me.. ?

If I've understood this correctly, credit files would not actually contradict this address info. It's just that the length of time you've lived there cannot be substantiated.

Only data that can be independently corroborated is used for credit scoring purposes, so the 3 year gap would be disregarded. That's why it pays to get on the electoral roll as soon as possible after you move to a new address.

qw3rt7

Just to see if im following this. If my dad pays the full balance today by requesting a balance transfer from my card (by phoneing his ccard company, or mine btw?) then i will still owe barclaycard this months accrued interest (about £100).
If i then paid my dad with the 0%BT cheque before 30/11 i would get £5000 back on my barclaycard at 0% for 1 year, plus £125 fee at 0%, plus £100 'trapped' at 19.9%.
Is this correct?

If so even paying the interest on £100 @ 19.9% plus the £125 fee is still cheaper than my current situation.

Does this seem correct?

jamesd

Your contract probably states that payments will be used to clear the balance and then pay off any interest that has accrued but has not yet been shown on any statement. So make a payment that is the balance from the last statement plus the estimated interest from the statement date until the next. The balance plus minimum payment would be enough.

That should clear both the balance and the pending interest and that leaves you time to do it and use the cheque.

Ask how Barclaycard will take the fee. Some companies will take the fee as a higher payment on the first direct debit after the transfer.

qw3rt7

Ok, this is looking good, time to direct my father to this thread!

Moggles_2

qw3rt7 wrote: »

If my dad pays the full balance today by requesting a balance transfer from my card (by phoning his ccard company, or mine btw?)..

Dad phones his card company, not B'card, with your Barclaycard to hand.

Originally Posted by jamesd
Ask how Barclaycard will take the fee. Some companies will take the fee as a higher payment on the first direct debit after the transfer.

Your Dad's cc company will charge a BT fee (typically 2%-3% of the balance shifted.)

jamesd

Moggles, yes, two balance transfer fees to be paid, one for the father's card and one for the cheque or BT from the father's card back to the Barclaycard. Still beats paying the ongoing Barclaycard interest.

M_Thomson

I can confirm that you can use these cheques to pay into your current account. I did it with no problems at all.

qw3rt7

@ M Thomson:
These exact same cheques from barclaycard? If so thats even easier. I can just get my card paid off in borowed cash, then pay the cheque into my current ac, and payback the cash.

Are you sure this would work, because that would be great.

Moggles_2

qw3rt7 wrote: »

These exact same cheques from Barclaycard? If so, that's even easier. I can just get my card paid off in borrowed cash, then pay the cheque into my current ac and payback the cash. Are you sure this would work, because that would be great?

If you ring Card Services, Barclaycard's staff will tell you the cheques are not intended for this purpose. That said, I doubt whether the bank's system is sufficiently intelligent to tell whose account a cheque has been paid into. It's your choice really.

td_007

qw3rt7 wrote: »

@ M Thomson:
These exact same cheques from barclaycard? If so thats even easier. I can just get my card paid off in borowed cash, then pay the cheque into my current ac, and payback the cash.

Are you sure this would work, because that would be great.

Check the transfer rate for paying the cheque into a current account. Most times if it is allowed, the transfer rate to pay into a current a/c is higher than a direct transfer from another CC.