tangled CC problem needs sorting

Burlesque_Babe

I'm after a bit of advice.

I agreed to help a friend (well, my ex but we've stayed friends) to BT his outstanding £10,500 Bank of Scotland balance. I found him 2 cards (nat west gold and barclaycard) to transfer the balance to. All sorted and no problem there. DD's set up and I've warned him to make the first payments manually if the DD isn't set up on the first statement.

However.....

He also decided to sort out some cards himself and applied for an MBNA and a Virgin CC card. He asked to transfer £4,100 onto each which they have approved and done, but of course because I've sorted it for him, he doesn't now need this.

He has received the cards from MBNA and Virgin who have both said - too late we've done the BT. You'll have to contact BoS and do a BT refund but you'll still have our BT fees to pay.

Now, when he gets his next BoS statement he needs to sort it out as he will have a HUGE credit sitting there. And the question is - what to do to pay back the MBNA and the Virgin cards as quickly and as cheaply as possible.

The options he has as I see it (and this is supposing they are all possible)

-Do a BT from Bos to Virgin and one to MBNA. This is the quickest thing to do, but will , I presume incur BoS 5% BT fee for each one.

-Close the BoS card (which he was going to do anyway) and get a refund cheque. Pay it into the bank and then transfer the money from his bank to the 2 cards and close them. Haven't a clue if they will issue a refund cheque this large and also the speed of it being issued as he will have to pay the minimum on all the balances!!

- Ask if there is anyway that the credit balance can be transferred straight to his current account and then close the card. He already pays them monthly from this and wondered if there was any way it could be done electronically. Would this qualify as a Super BT????

Bit of a pickle but i'm wondering what people's thoughts are. He is useless with this kind of thing and I guess I should let him learn and sort it, but I know that with the knowledge I have myself and the knowledge of everyone here it could be sorted probably quicker and easier than to see him flounder

I know........I'm too kind!!!!! :rotfl:

YorkshireBoy

What happens next may be out of your hands...

7.6 You must not make payments or transfer funds from another credit or store card to your account that would leave a credit balance on your account. We may return any funds that exceed the balance owing on your account to the account from which the money has been sent.

Due to the size of the credit balance, expect them simply to bounce the monies back to MBNA and Virgin.

Sadly, I don't think you'll get the (approx) £250 BT fees back from MBNA and Virgin though.

Burlesque_Babe

Is that T+C from the Bank of Scotland Yorkshire Boy?

EDIT: found the T+C's online for the BOS cards, it is indeed. I think that might be the quickest answer for him.

to be honest the BT fees are his problem - and he accepts the boo boo he has made.

Ex's eh.........:rolleyes: