DOH BT'd more than balance on card & now IN CREDIT

lobbyludd

applied for Tesco's 0% BT from my halifax card by post after they sent me an application form, balance transfer for the amount I had requested occurred day before yesterday and the PIN arrives the same day, however I've no other paperwork from Tesco to say I've been accepted, nor do I know the account number nor do I have the card.

Unfortunately the amount I requested is >£500 more than the balance was on the Halifax card because in the 2 weeks since applying (and not knowing if I'd been accepted) I've paid some off of the halifax card (on the 21st from my halifax current account so credited immediately) .

My halifax card is now >£500 in credit. Do I talk to Halifax? (why did they transfer more than the balance of my debt to tescos?) to get my moey transfered back to tescos to decrease the debt there, or put the money in my (halifax) current account so I can pay it off the Tescos card) or do I talk to :otescos (bearing in mind the only paperwork I have is a PIN, no account number, no card, no acceptance letter...) to get them to pass some of the debt back to halifax ......?

InsideInsurance

Halifax didnt "transfer" anything. Tescos sent Halifax the £X you asked them to and Halifax credited £X to your account. The fact you asked for more than the outstanding credit is not something Tesco's wouldn't have known and nothing to do with Halifax, there can be legitimate reasons why people create a positive balance on their credit accounts (normally to buy something bigger than their credit limit would allow).

Given you will have paid a fee on that £500 it may be worth speaking to Tesco to see if the transaction can be either partially or fully reversed but I suspect it cannot be. Obviously up to you if you bank the £500 given its an interest free loan or decide to repay it immediately.

lobbyludd

Thanks,
all sorted, rang halifax who are crediting the cash to my current account, so by the middle of this month I will have paid off my overdraft, which with the 0% BT has now become my highest interest debt, so in the end worked out OK , the difference between the fee paid to transfer the 500 and the interest saved on my overdraft by tackling it a month earlier is leaves me at a minor advantage if I juggle a few purchase dates.

tomsco

lobbyludd wrote: »

Thanks,
all sorted, rang halifax who are crediting the cash to my current account, so by the middle of this month I will have paid off my overdraft, which with the 0% BT has now become my highest interest debt, so in the end worked out OK , the difference between the fee paid to transfer the 500 and the interest saved on my overdraft by tackling it a month earlier is leaves me at a minor advantage if I juggle a few purchase dates.

Interesting. Now that you mention that, this is a good way to get interest free cash off cards (obviously take into consideration the fee for the BT).

sparkesy

I asked a similarly related question in a post yesterday.

I had an offer from lloyds to give me a current account BT but only just took out a 2yr 0% BT card with Barclays so I didn't get accepted.

My next play was to transfer balance and put myself into positive credit on my card and transfer it over to my current account.

Basically you've just confirmed what I thought was my next step