Balance Transfer Happened Twice!

Lewis.

Heng_Leng wrote: »

Can you not get Vanquis to do a balance transfer to Tesco and ask Tesco to refund any fees etc once done.

I suggested this to Opus before I found a solution, however they will charge for this so you are losing money unnecessarily.

chrisw99

I hope you both remembered to go via quidco to apply for the Tesco credit card. It's £25 cashback, mine has tracked and confirmed to be paid next week.

stu146

Just to update the situation:

Vanquis have closed my account as its all paid off now, and the fact that it was in credit was a breach of terms so thats basically the end. They are back to the original tune. Saying once they investigated why I am in credit they will send a cheque out for the £800.

Even after I pay back the £800 to Tesco I am still going to be over limit and still need to get a hold of a few hundred minimum to get me back below my limit, ideally before the 18th (that aint gonna happen!)

I went to try and get another credit card as someone suggested to do another balance transfer to try and even stuff out for the time being, however I got rejected with Barclaycard. Set my sights lower and tried again with Capital One, who offered a useless total of £200 credit. Not going to do any more applications as my credit file is about to get destroyed already by the defaults that are going to be applied courtesy of Tesco Bank.

So I'm stuck and nobody really wants to help. Vanquis simply won't play at all, and Tesco Bank are just making unreasonable demands for thousands of pounds by the statement in a few days.

JimmyTheWig

stu146 wrote: »

still need to get a hold of a few hundred minimum to get me back below my limit
...
tried again with Capital One, who offered a useless total of £200 credit.

Um, correct me if I'm wrong but is this £200 credit from Capital One not exactly what you need for now?
Even if it doesn't fix everything it should help.

chrisw99

stu146 wrote: »

So I'm stuck and nobody really wants to help. Vanquis simply won't play at all, and Tesco Bank are just making unreasonable demands for thousands of pounds by the statement in a few days.

Probably just have to keep pressing Tesco to sort it out as at the end of the day it was an error on their system which allowed it to happen. The fact there's 3 of us on here whinging about it and he told me "it's happening to loads" means it must be widespread.


I guess I'm fortunate that the 3 targets in mine all happily refunded without question. Vanquis sound a right pain to have just closed it - but the fact it's now closed means you probably won't get any joy pestering them any longer.


It's probably time to fire off a proper complaint to Tesco in writing to their complaints department. Maybe cancel the direct debit with them and also your bank so when your first statement comes out they won't just take it automatically and you have to pay it manually. Gives you a bit longer to sort it out.

JimmyTheWig

chrisw99 wrote: »

Maybe cancel the direct debit with them and also your bank so when your first statement comes out they won't just take it automatically and you have to pay it manually. Gives you a bit longer to sort it out.

Good plan. Means the problems will be with a single organisation (Tesco) rather than going over your limit with the bank, etc.
If you do cancel the direct debit, make sure you manually pay at least what would have been the minimum payment had you not have been over your limit in plenty of time. I.e. do everything you can to keep up your end of the bargain.

chrisw99

I thought mine was all sorted as I'd had the transfers returned and the transfer fees refunded, but I've just seen my first statement and I have a £12 over limit fee added, and my minimum payment is £60 instead of £48.
Sigh - one more phone call...

stu146

JimmyTheWig wrote: »

Um, correct me if I'm wrong but is this £200 credit from Capital One not exactly what you need for now?
Even if it doesn't fix everything it should help.

Because I don't want to have my finances scattered all over the place. Its not worth taking out more credit if its not actually going to cover the full amount needed to get me back within my limit. Plus by the time you made allowances for the interest to be added on to each statement theres a considerable amount less than the £200 to play with from Capital One anyway.

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Also in regards to people telling me to cancel off my direct debit to the card provider, I don't have any direct debits setup in the first place. I always just wait until the statement comes in and then pay it by debit card. Exact same for things like my phone bill too. Only direct debit I actually have setup is for PayPal as part of the account verification process.