Help, Sending Money Back for Balance Transfer Mistake

rubyinthesky

My husband was going to help me out by doing a balance transfer to a new Fluid credit card. We applied, and stupidly put through the details of my Barclaycard balance, which was almost £8k. In the meantime, I'd forgotten about the Fluid card, as we didn't get an immediate decision (and I'd had a few glasses of wine when we applied ). I subsequently got a really good loan with my bank at 6.1% and I've therefore taken this up and I paid the Barclaycard off, which has reduced my interest payments and minimum payment every month, so I was happy! Then, my husband got notification that he'd been accepted with a £9k credit limit. Only problem is, we completely forgot to cancel the B/T. We have no excuse apart from stupidity, five kids, and both working full time!

My question is, can we return this to MBNA (Fluid) and hopefully cancel out the transfer fee? It's now sitting on my Barclaycard (where I now have a £17 k limit!!!) I wanted to close this card down, but have no idea how to get this money back to the MBNA card. My husband was planning to use the Fluid card to B/T one of his credit cards which is about to come to the end of its 0% deal, so he's not best pleased.

zerog

Did you have a few glasses of wine before writing this post..

Let me get this straight: you had a balance of £8k on your barclaycard, which you paid off with your loan. Your husband wanted to BT to a new fluid card, but you entered your barclaycard to BT instead of his other card?

So you accidentally paid off your barclaycard twice. This would mean you are in credit with barclaycard to £8000. I don't understand the relevance of the £17k limit, as it wouldn't have changed just because you paid something off..

Firstly I would have thought that barclaycard would bounce the BT as it definitely won't like being put into credit by £8000. If it has actually gone through, you should call up barclaycard and tell them you made a mistake, and whether they can reverse the BT.

If not, then ask them for another 0% deal, and use that to BT from your husband's other card, you'll just have to pay another set of fees. Otherwise they should send you a cheque for the £8000 which you'll just have to use to pay off your husband's other card instead of BTing it.

StuC75

unlikely that returning would get your fees cancelled.. why not just use that credit balance (wherever this transfer has gone through to) to pay off the balance transfer that your husband wanted to do? Or if the balance is in credit; sometimes they may close down the account sending a cheque for the credit balance (which then avoids the tfr fee?)..

fracturedsun

I think you should be able to get the credit card company to refund the BT to the other company, whether they will then cancel the transfer fees I don't know. Your best bet is probably to phone and ask politely.

jojo57_2

Just ring Barclays and ask them to return the credit balance to source,which would be the MBNA card. It will be up to MBNA if they refund the BT fee but im sure they will, especially if your husband is going to do a transfer from one of his card over to them so they arent really losing out

rubyinthesky

Thanks all!! And no, I was completely sober when I posted that message, and I thought it made sense!! Ha!!!

Will phone Barclaycard now, which is now £8000 in credit! (With a limit of £9300 originally, that's why it is saying that my available balance is £17k!)

zerog

rubyinthesky wrote: »

Will phone Barclaycard now, which is now £8000 in credit! (With a limit of £9300 originally, that's why it is saying that my available balance is £17k!)

Oh right, that's why we all need to be precise with terms such as credit limit, available credit and balance

Hope you managed to get something from barclaycard.

rubyinthesky

zerog wrote: »

Oh right, that's why we all need to be precise with terms such as credit limit, available credit and balance

Hope you managed to get something from barclaycard.

Have you been speaking to my husband? He thinks I'm useless with money (he's right, but I've turned over a new leaf!) Anyway, he's just received his first ever default notice on a credit card payment that he made in error to a card which he doesn't use any more, instead of the one that was due the payment!! I told him he'll lose his promotional rate, and he's phoned and sorted it, but was told apparently, that he'd have had to have been a repeat offender, and there will be on effect on his 0% BT rate. I told him to set up a minimum payment DD as a safety net and then pay the extra...his response was that he wasn't taking financial advice from me of all people. Only thing is, he has no idea how much homework I've been doing on here the last month or so! I've learnt lots, more fool him!

As for the Barclaycard, they have refunded it to MY bank account....bah hah!!! :cool: