Accepted for Balance Transfer but unable to Transfer Money

Matthew_Chadb98

HI There! I'm recently new into the world of Balance Transfers. I have about £3200 outstanding on a Burton Menswear Credit Card, issued in 2017, with New Day LTD. Around 2 days ago I applied and received a Capital One Balance Transfer Credit Card. I phoned up Capital One and asked to do a balance transfer from that card to my Burtons Credit Card, however I was told that they are unable to complete the transfer to that card?! Does anyone know why, because I'm starting to worry massively. I'm only 22 and in full time education at university, so my income constantly changes, and I don't think I'll be able to get my debt down without this Balance transfer card due to my home life and financial situations. I also don't have time with my uni course for a job outside of it. I can't find any answers on google, and when on the phone, Capital One wouldn't give me a reason as to why it couldn't be completed? Thank you in advance..

cymruchris

It's only capital one that can really answer your question. So it's a card with the ability to transfer a balance - what credit limit have you been given? You usually can only balance transfer a certain amount of your credit limit - not all of it. I'd be surprised if you had a capital one card with a high credit limit straight off.

Matthew_Chadb98

cymruchris said:

It's only capital one that can really answer your question. So it's a card with the ability to transfer a balance - what credit limit have you been given? You usually can only balance transfer a certain amount of your credit limit - not all of it. I'd be surprised if you had a capital one card with a high credit limit straight off.

Yeah it's not particularly high. could have had up to £600, was given £200, and on the phone before entering my other card number, they stated the maximum was £97.09. Not too high, but enough to make sure I don't go back over my credit limit again this month..

cymruchris

So your new credit limit is £200? A balance transfer is designed so that you pay less interest over a period of time on a large chunk of your old cards balance  - it's not designed as an emergency utility to pay this months payment, however it appears as though you're not eligible for such a card/transfer because of your limited income I imagine being a student. You need to focus on what you can do to bring that debt down. Do you have any income aside from the usual student loans etc? When you spent this £3200 how did you plan to pay it back? I'm not going to say that you're a typical student spending all your money on booze and fags and any other substances that come to mind - but are there any areas of your daily spend you think you could make savings for a few months to put towards this debt? 

Matthew_Chadb98

cymruchris said:

So your new credit limit is £200? A balance transfer is designed so that you pay less interest over a period of time on a large chunk of your old cards balance  - it's not designed as an emergency utility to pay this months payment, however it appears as though you're not eligible for such a card/transfer because of your limited income I imagine being a student. You need to focus on what you can do to bring that debt down. Do you have any income aside from the usual student loans etc? When you spent this £3200 how did you plan to pay it back? I'm not going to say that you're a typical student spending all your money on booze and fags and any other substances that come to mind - but are there any areas of your daily spend you think you could make savings for a few months to put towards this debt? 

Yeah, that's all I could get due to bad credit. I had to pay a lot for caring for mom mum due to an injury she had at work, and then covid and being taxed unfairly, as well as coming from a single parent family this was hard. I had planned initially to pay it off over time, however, I could get excited by the instant gratification of a larger amount of money, rather than it's repercussions. Typical behaviour at 18/19, getting access to a large amount of money. I don't smoke, and rarely go out for drinks as I don't have a large expendable income due to this debt. I could probably cut the amount I spend in terms of drinks at work, but I'd only be saving about £2 a day. Every little helps though, so it's going to be interesting. I've already done a £200 payment onto my card, however they requested £270, but I believed my balance transfer card would let me add an extra £200 onto it, but with no answers, it's really frustrating. Why wouldn't they allow it to be done? 

[Deleted User]

Is your Burton card really a credit card, or is it a store card?

cymruchris

Deleted_User said:

Is your Burton card really a credit card, or is it a store card?

Yes - Newday offer several cards for the Arcadia group - burtons, toyshop and top man to name but a few.

cymruchris

Matthew_Chadb98 said:

cymruchris said:

So your new credit limit is £200? A balance transfer is designed so that you pay less interest over a period of time on a large chunk of your old cards balance  - it's not designed as an emergency utility to pay this months payment, however it appears as though you're not eligible for such a card/transfer because of your limited income I imagine being a student. You need to focus on what you can do to bring that debt down. Do you have any income aside from the usual student loans etc? When you spent this £3200 how did you plan to pay it back? I'm not going to say that you're a typical student spending all your money on booze and fags and any other substances that come to mind - but are there any areas of your daily spend you think you could make savings for a few months to put towards this debt? 

Yeah, that's all I could get due to bad credit. I had to pay a lot for caring for mom mum due to an injury she had at work, and then covid and being taxed unfairly, as well as coming from a single parent family this was hard. I had planned initially to pay it off over time, however, I could get excited by the instant gratification of a larger amount of money, rather than it's repercussions. Typical behaviour at 18/19, getting access to a large amount of money. I don't smoke, and rarely go out for drinks as I don't have a large expendable income due to this debt. I could probably cut the amount I spend in terms of drinks at work, but I'd only be saving about £2 a day. Every little helps though, so it's going to be interesting. I've already done a £200 payment onto my card, however they requested £270, but I believed my balance transfer card would let me add an extra £200 onto it, but with no answers, it's really frustrating. Why wouldn't they allow it to be done? 

Sorry to hear about your mum. The reality is there will be many people in a similar situation to yours, and if you can save that extra £2 a day it will make a difference. If you have £X of money per month and have £Y of commitments, and the first is less than the second you need to take action. If there's absolutely no way you can reduce the amount of expenditure to meet the level of payments needed your options really are:

1 - get that job you don't want - a part time job - Uni time is tight but it's not that tight that you can't spend a few hours a week earning a few £'s from the local McD or something similar.
2 - speak to your creditors, and tell them you can't pay, and set up a payment plan to freeze interest and reduce debt. This will however hurt your credit file history which will make obtaining credit even more difficult for a few years, but better to work with them to solve the problem rather than just stop paying full stop.

In the current circumstances your credit file isn't strong enough to borrow your way out of debt.

[Deleted User]

cymruchris said:

Deleted_User said:

Is your Burton card really a credit card, or is it a store card?

Yes - Newday offer several cards for the Arcadia group - burtons, toyshop and top man to name but a few.

Yes, I know that.  But they also offer store cards AND credit cards for the lower tier retailers.  It may be that the OP has a store card, which can't be BT'd.  It's a form of credit card that can only be used in store.

born_again

Matthew_Chadb98 said:

I phoned up Capital One and asked to do a balance transfer from that card to my Burtons Credit Card, however I was told that they are unable to complete the transfer to that card?!Thank you in advance..

If what you have posted is what you asked then I wonder if the rep has misunderstood what you have said.
Normally you ask to transfer the balance from (old card) to your (new card)

bradders1983

He only has £200 anyway to play with, it won't scratch the surface of a £3200 scorecard debt.