0% money transfer CC refused.. options..

[Deleted User]

Gunsh0tglitt3r wrote: »

Lloyds might offer me a credit card, I know I couldn't money transfer to an existing Lloyds debt,

You can money transfer to whatever you want, as it goes into your current account.

Gunsh0tglitt3r

Really? I'm sure all the ones I looked at today stipulated that I wasn't able to transfer cash to an account that was held by the company issuing the CC?

I'm not eligible for a 0% money transfer CC, anyway!

When I was looking at a 0% balance transfer and putting in a few details (think it was barclays) and the input area errored and told me I wasn't able to transfer a debt from a current account/debit card.

Talk about a Friday night reflecting on my life choices! :mad:

It's not even Friday.. today was the last day and now the kids are on half term.. that's why I think it's Friday!

Way too many holidays.. we don't get half term in Aus.. you get a term, and a break at the end of the term.. but not a week off after 3/4 weeks?!?

Dobbibill

Gunsh0tglitt3r wrote: »

so I'm assuming they would take the daily charge.. I would go into an unplanned overdraft and they would charge me for that on top of the daily charge??

With the new charges, there are no fees for an unplanned overdraft - so yes if you use the overdraft you will be charged the daily fees but no, you won't be charged unplanned fees as well.

Gunsh0tglitt3r

Well that's a good thing I guess.. what happens when I don't have money in to cover the daily charge? will they just tally it up until the day I do have money in the account?

Think my best bet is to just call them in the morning see if we can work something out, keep going as I am for the moment, lower the limit when I have £20 to spare and ...

flower77g

Current account switch can of course be used for switching accounts that are overdrawn. See question under overdrafts:

https://www.currentaccountswitch.co.uk/helpandsupport/Pages/help.aspx

It does need a new provider who is happy to agree overdraft terms.

Candyapple

Hoogle wrote: »

Not sure how relevant this is to your case however I know someone who had just been in similar circumstances but his overdraft was £1400 and due to not enough income on his account the bank told him to clear overdraft within 14 days or something. I am not 100% sure on the actual facts or circumstances but from what I gather He went to Credit union (I believe it is a local authority bank/loans and debt management. They gave him the loan at really cheap rate if not free however the down side is he had to have a credit union account with them which costs £1 a month and you have your benefits paid into it, they then pay your bills and you can use your card like a normal debit card except you cant use ATMs I dont think but you can get cashback etc.

Credit unions don't usually give out loans to new customers. You usually have to have saved money with them for a while before they will even give you the option of a small loan.

PeacefulWaters wrote: »

Would lloyds offer you a credit card?

In circumstances like this cash advance fees and interest will be a lot less than £23 a month after the first month.

I doubt they would offer her a card. Also don't forget that Lloyds don't do money transfer cards which is what she needs. If you are an existing cc customer they send you money transfer offers in the post every 6 months or so, but these aren't available when applying for a new card. I think what you are suggesting would end up in a bad debt spiral for OP withdrawing cash on a credit card and she may end up in a worse situation. Seems like a pointless waste of a hard search.

Gunsh0tglitt3r wrote: »

Really? I'm sure all the ones I looked at today stipulated that I wasn't able to transfer cash to an account that was held by the company issuing the CC?

I'm not eligible for a 0% money transfer CC, anyway!

When I was looking at a 0% balance transfer and putting in a few details (think it was barclays) and the input area errored and told me I wasn't able to transfer a debt from a current account/debit card.

You are correct. You need a money transfer card in order to send funds to your bank account and then you use that money to pay off whatever you need to. However as stated, you aren't eligible for any so that idea is off the table.

eskbanker

flower77g wrote: »

Current account switch can of course be used for switching accounts that are overdrawn. See question under overdrafts:

https://www.currentaccountswitch.co.uk/helpandsupport/Pages/help.aspx

It does need a new provider who is happy to agree overdraft terms.

Yes, that's what I was saying - you can do a CASS switch if the new account allows you to pay off the old overdraft but you can't do a CASS switch while 'leaving the overdraft' as you appeared to be suggesting in post #8.

SuperHan

eskbanker wrote: »

Yes, that's what I was saying - you can do a CASS switch if the new account allows you to pay off the old overdraft but you can't do a CASS switch while 'leaving the overdraft' as you appeared to be suggesting in post #8.

No, but you could open a new clean Lloyds account with no overdraft, switch that and use any bonus to pay off the Lloyds overdraft.

jonesMUFCforever

OP I can't fathom your charges sums.
You say that you currently pay £5 per month but there is a monthly charge of £6 to use an overdraft and then are you paying £5 interest on top?

Are you constantly in the OD throughout the month?
eg if you only use an average of £300 then you will only pay around £9 per month (but charged daily at 1p per £7 OD)

Gunsh0tglitt3r

I am always in the overdraft. I never receive enough money into my account at once to pay the overdraft off, not even once in the month. My circumstances suck. They haven't always been that way, but life happens and I've found myself as a single parent, in a foreign country, with no family/friends for support/help/childcare so I can get myself into a more favourable position so an employer would even entertain the idea of hiring me due to the fact I am restricted to school days/hours/no weekends/no school holidays.

Maybe my calculations are a bit off, I gave a rough idea, if I'm a pound out - it makes no difference when the changes to Lloyds overdrafts fees occur.

I'm just trying to get myself out of a situation that I can't afford anymore - and soon, I'll have absolutely nothing left to cover their daily charge.

How did I come to the calculation of the coming changes?

If I am constantly maxed out at £500..

You can read the link..

https://www.lloydsbank.com/current-accounts/overdraft-assessment/the-new-overdraft-fees.asp