Money Transfers

Man_in_a_Suitcase

YorkshireBoy wrote: »

So why does the MSE article need rewriting then?

The MSE article suggests money transfers for paying off expensive loans. It probably ought to have a caveat added that some credit card companies don't consider restructuring of finances a suitable purpose.

YorkshireBoy

steve1912 wrote: »

The MSE article suggests money transfers for paying off expensive loans. It probably ought to have a caveat added that some credit card companies don't consider restructuring of finances a suitable purpose.

That article is written in relation to those cards that officially/formally offer MTs as part of their standard T&Cs...not for the likes of Barclaycard, Lloyds, Yorkshire Bank (all of whom have made me MT offers in the past), and now Halifax it would seem, when they make offers to existing customers.

Man_in_a_Suitcase

Tixy wrote: »

Halifax haven't historically offered money transfers.
I guess if they are now doing so that they may have different terms to the providers that are mentioned in the MSE article.

Out of interest what transfer fee and promo deal were they offering if it had gone through?

On the Promo flyer, the Halifax are offering 0% for 15 months on money transfers with a 3% fee. Their balance transfer offer is 0% for 18 months with a 3% fee, but half is refunded making it 1.5%.

Man_in_a_Suitcase

I'm having no luck with clearing this loan. A couple of weeks ago, I successfully applied for MBNA's Money Transfer card, but when it arrived they had given me a credit limit £500 short of what I needed to clear the loan and they wouldn't raise it. They had actually asked me how much was needed and what it was for in the application as well.

Candyapple

steve1912 wrote: »

I'm having no luck with clearing this loan. A couple of weeks ago, I successfully applied for MBNA's Money Transfer card, but when it arrived they had given me a credit limit £500 short of what I needed to clear the loan and they wouldn't raise it. They had actually asked me how much was needed and what it was for in the application as well.

Have you actually tried calling Halifax again to speak to someone else yet?

msallen

steve1912 wrote: »

I'm having no luck with clearing this loan. A couple of weeks ago, I successfully applied for MBNA's Money Transfer card, but when it arrived they had given me a credit limit £500 short of what I needed to clear the loan and they wouldn't raise it. They had actually asked me how much was needed and what it was for in the application as well.

So presumably you cleared all but £500 of the loan with that then?

grumbler

steve1912 wrote: »

I'm having no luck with clearing this loan. A couple of weeks ago, I successfully applied for MBNA's Money Transfer card, but when it arrived they had given me a credit limit £500 short of what I needed to clear the loan

Clear as much as possible then? Every little helps.

and they wouldn't raise it. They had actually asked me how much was needed and what it was for in the application as well.

It would be nice if in the real life we were always given what we needed...

Man_in_a_Suitcase

Candyapple wrote: »

Have you actually tried calling Halifax again to speak to someone else yet?

I haven't because I'm assuming the operator has noted the refusal on my account. Wouldn't it be fraud if I was caught lying about the purpose of the transfer?

Man_in_a_Suitcase

msallen wrote: »

So presumably you cleared all but £500 of the loan with that then?

No I didn't, because I would still have had to pay a similar monthly amount in order to clear the money transfer card during the 0% offer period and couldn't afford to make 2 x repayments per month (one to the money transfer card AND one to the loan company) for 5 months or so.

grumbler

steve1912 wrote: »

No I didn't, because I would still have had to pay a similar monthly amount in order to clear the money transfer card during the 0% offer period and couldn't afford to make 2 x repayments per month (one to the money transfer card AND one to the loan company) for 5 months or so.

But you can leave part of the money in your current/savings account to cover your loan (and CC card if needed) repayments for the next 5 months, cannot you?