Basic stoozing scenario (beginner)

cronshd

This is the basic situation.

I have SBTed the full limit from Virgin into a bank account.

Now I have an M&S card - limit £6k. Can I do a BT with that and my Virgin card - which is already SBTed to the limit?

I'm working it out like this:

1. My Virgin card is currently - £15,000; M&S is £0
2. I call M&S and say "Please BT from Virgin the amount of £6,000"
3. It is now Virgin -£9,000 and M&S £-6000
4. I then SBT another £6,000 from Virgin into my bank account
5. It is now Virgin -£15,000 and M&S -£6,000

Apologies (especially to smartsaver who must have gone thru this many times) for the simplicity of this question, but my brain is a bit jet-lagged.

Chadsman

I'm not Smartsaver but...
...you are quite right in what you have written
Here is a diagram of what you are trying to do...


..........---funds---->............................---funds---->......................
M&S..................................Virgin....................................Current ac
..........<----BT

---

.............................<----BT

---

.......................

sicker

Yes, transfer up to your max. allowed from M&S to Virgin, which reduces your debt to them, then max out your virgin card with a balance transfer to your current account.

John

Clariman

That's pretty much it. To see some diagrams that show which way the BT is and which way the money goes then you can find them in the step by step guide here ...

http://www.stoozing.com/full.htm

Clariman

YorkshireBoy

sicker wrote:

Yes, transfer up to your max. allowed....... then max out your virgin card...

Regarding the two references to "max", I would suggest leaving a token £50/100 on the card - just in case of any DD payments not being collected etc.

This will prevent any "over-limit" charges when the missed payment charges are applied - a double penalty! Also, its one less set of charges to have to negotiate to have removed if the initial DD collection goes belly-up!

sicker

YorkshireBoy, I take your point about overlimit charges but surely if your dd is set up correctly and the cc company fails to collect it, it is their problem and you should not be penalised.

John

cronshd

Thanks very much to the 'stooze' team for your replies.

Just one follow-up question (I can't find the posts on this) is there a fee for M&S for this BT?

YorkshireBoy

sicker wrote:

...but surely if your dd is set up correctly...

Hi Sicker, sorry about the "selective" quote above, but...

This board is riddled with threads about "missing a payment", "cheque lost in post", "I *THOUGHT* I'd set up the DD", "I forgot to set up the DD", "there were 2 weekends and a bank holiday in between so they didn't have time to process the DD", etc, etc, etc

In my post, I was just offering advice to *MINIMISE* the effect of any of the above happening.

By way of illustration, its just taken us 35 minutes to activate Mrs YB's M & S card and check all the T & C's (6 month vs 9 month saga etc). A *large* amount of this time was spent trying to set up the DD. The call centre was outside the UK, the line was poor, English was not the gentleman's first language, he had to contact his supervisor no less than 8 times!! - it was very difficult indeed.

At one point, he said the DD was already set up. When I pointed out that they had not yet sent the confirmation letter (as required by law?) he said he would arrange this - and as soon as they had, the DD *would* be set up!

I may be over-cautious, but I always hold a little of my credit limit back for "damage limitation" purposes.

YorkshireBoy

cronshd wrote:

Thanks very much to the 'stooze' team for your replies.

Just one follow-up question (I can't find the posts on this) is there a fee for M&S for this BT?

No, not if done within 30 days of the DATE OF THE ACCEPTANCE LETTER.

sicker

Hi again YorkshireBoy. I don't have any problems with dd's. I pay all my ' payments due' by bill payments on A&L HOME BANKING on the 10th day of each month. I preset the payments on the last day of each month and keep a beady eye on what's going on.
You get all the info for this on the payment slip attached to your statement. I NEVER NEVER like direct debits and avoid them where possible. I like to be in control, not the bank.
Best regards

John.