Unable to Balance Transfer

feelinglow_3

Hi

Spoke to Barclay Card today regarding my account. Asked for lower interest rates but was told it was only for people who were unable to afford the minimum monthly repayment and that they could not help me with paying off my debt. So I said well you don't mind if I transfer my balance elsewhere and they said that I would not be able to transfer balance any of my debt as I had not paid off enough of it (or words to that effect).

Would appreciate if anyone else has been in this position to give me a few pointers on what to do next.

Look forward to hearing from people.


Thanks

littlekitten

Hi,

you would need to speak to another credit card company to balance transfer teh Barclay's debt onto their card.

e.g

Barclays owe £5000 rate 22%
Other CC with e.g 6.9 % Balance transfer rate owe nothing

Call Other CC and transfer all or part depending on your CC limit onto it giving you :

e.g

Balclays owe nothing
Other CC owe £5000 at 6.9%

to Barclays this is then just a payment off what you owe them.

At the moment M&S and intelligent finance offer good life of balance transfers which are fee free.


Hope this helps

xx

newleaf

I think they are trying to fool you into thinking you have to stay with them. You don't. Providing you have a reasonable credit history you should easily be able to find a suitable provider for a transfer. Read Martin's article on best balance transfers and apply for one, you have nothing to lose and lots to gain. Good luck

postingalwaysposting

my debt (see sig) was with b/c i didnt understand how balance transfers work untill someone on here told me how (tes) and i b/t my balance from barclay card, i didnt even ask them :rolleyes: i think newleaf is right barclays are trying to bully you into staying with them

raq

I agree. We transfered a balance from g.e. capital ( debenhams store card ) over to HSBC and no worries. Everything went pretty smooth

feelinglow_3

postingalwaysposting wrote: »

my debt (see sig) was with b/c i didnt understand how balance transfers work untill someone on here told me how (tes) and i b/t my balance from barclay card, i didnt even ask them :rolleyes: i think newleaf is right barclays are trying to bully you into staying with them

Hi

Thanks for the advice, but I don't think that I quite understand balance transfers. I have tried before and been refused. Could you or let me know someone who could explain them to me. I would be most grateful.

Thanks

elantan

is there a reason you were refused before ...it may mean you cant transfer..

newleaf

Martin explains it all really well here http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1107182516,76509,
Have a read and come back to ask questions if it still doesn't make sense.
You need to be careful of making too many applications close together, every time you apply your credit record will be marked and other providers can see these marks when they check your history - it makes them nervous and may be the reason you have been turned down. Any late or missed payments will also show up. That's how providers make their decision on whether you are a good risk or not. It might help if you get a copy of your credit report. You can do this for free I think. Hopefully someone will kindly post a link.

postingalwaysposting

i agree with new leaf, read all of martians articles then read them again, if you then have specific questons post them here and someone will help, i have pm'ed the person that helped me though so she may pop in later

tesuhoha

Ok, Im very flattered at what pap said about me (preen). Seriously though, may I add that already you have received excellent advice. You do not need Barclay's permission to do a BT. You can just do it if you are able to open a new credit card. Martin has a list of the top 0% cards and the best life of balance cards on this site, so check them out first.

The next thing for you to do is apply for one of these cards. Sometimes you can do it on line and often they will give you a decision within minutes. They may ask you when you apply whether you want to do a balance transfer from another card, in which case you provide them with the details of your Barclaycard. Usually they just ask for the card number and the balance, sometimes a few other minor details. If they dont ask you when you apply, then you wait for the card to come through, check the credit limit they have given you is enough then ring them and ask for a balance transfer from your Barclaycard to the new card. Barclays dont give permission and they cannot stop you doing a BT because basically what you are doing when you do a balance transfer is repaying the debt from your present provider and transferring it to another company. If your credit limit is not enough to cover the debt then just transfer what you can. If this happens I would concentrate on paying off the remaining balance on the Barclaycard first whilst paying the minimum balance on the new card as this will cost you less.

It is very straightforward after that and takes about 10 days to go through. Then it will appear on your first statement. I hope this helps.

Good luck. If there's anything youre not sure of just ask as I have done this quite a few times and so hope I can help.

feelinglow_3

Hi
Thanks for the advice, but I have tried to open another credit card and been refused. So feel that I am in a trapped situation now with my Barclaycard and unable to get out of it. I tried ringing them and asking for a lower percentage rate and was told that if I could afford the minimum monthly repayment then they could not give me a lower percentage rate. Can't really understand why I have not been able to get another credit card as I have a Cahoot one as well and never miss a payment with them, (although I never miss a payment with Barclarys). Any advice would be appreciated if anyone has been in this situation.
Thanks