Best Balance Transfers Discussion Area

mrscurtains

Hi
First time on the site. Was wondering whether there is a way to transfer an existing loan balance onto a 0% balance transfer CC in order to reduce the interest and temporarily reduce monthly payments?

thenudeone

Only if the card offers 0% transfers on money / funds transfers as well as true "balance transfers". You pay of the loan from funds transferred to your bank.
This is referred to on this site (but not by the card companies) as a "super balance transfer" or SBT.

MBNA cards often include offers on SBTs

But - you need to check there are no early redemption penalties on the loan.

arulibra

Hi All,

I did a credit card balance transfer from Virgin card to Halifax card. But Halifax declined to transfer the balance to my current account and agreed to transfer to the source i.e Virgin. But Virgin card says they will charge me if they have to re-transfer the received balance to different card. I been with virgin from last 6 years and used balance transfer for couple of time and never had any issue till now.
Please advice, how can I avoid these double balance transfer fees from virgin as I already paid them few days back?

Nimuee

Hello

I have two 0% balance transfer cards. I've managed to clear one of the cards but the other 0% offer ends in two months time. Does anyone now how long it usually takes the credit card companies to offer a new 0% deal- I was hoping not to have to apply for a new card to transfer the outstanding debt.

Thank you

blitzboy

Nimuee wrote: »

Hello

I have two 0% balance transfer cards. I've managed to clear one of the cards but the other 0% offer ends in two months time. Does anyone now how long it usually takes the credit card companies to offer a new 0% deal- I was hoping not to have to apply for a new card to transfer the outstanding debt.

Thank you

Phone the company that the £0 balance card is with and ask if they have any existing customer deals. Although if you do get a new 0% deal it is unlikely to be as good as one you would get with a brand new card

Thriftyj

Barclaycard platinum was the best I could find - 8% for the life of the balance so much cheaper than a loan and good if you can't pay off balance in 12 months with a 0% transfer

Orangey

Hello, I'm a newbie and just getting a bit bogged down with all of the information. I go over my overdraft limit quite often, but other than that, my accounts are all in order. I've recently finished paying off a loan and am wanting to transfer the balance of my credit card (around 3k) so that my payments to it are not swallowed up by the interest. If anyone has any advice, that would be appreciated.

reecekari

Dear All need a little advice and help on this one please!


Its rather long tail of woe!! But pls bear with me.

Back March 7th 2012 I transferred a balance from my Halifax card to my Barclays. I was a bit concerned from the call centre when they did this as they really didnt seem to know wat they were doing anyhoos some days later this had not gone through so I called back and it had not been done. It then was processed.

I cleared off the Halifax card by 3.5K as I was off to get hitched in South Africa and my wife and I were goin to use this card as our main wedding card.

2 days before flying out to SA on the 21st April I get letters and statements that Im 3.5K over my Barclaycard limit!!!?

(In between this time I had traveeled out on x2 Stag do's and had. heavy commitments)

This was x2 days before flying out for5 weeks to get wed in SA and I really did not need this hassle or shock!

I called Barclays who said ok they were putting the payments and interest on hold and that if I was to make a complaint now they would deal with it in 30days and I would have to be in the country to progress it but I wont be and so they would close this as being resolved (as it could not be left open till I came back) but on my return I neded to contact them asap. Unfortuneately I was delayed in SA and did not return till 1st June.

Upon return it turns out that I had been fed wrong advice my complaint could not be dealt with but needed to be escalted and was already over the 40day limit.

Since then Ive been chasing Barclays with a resolution virtually everyday!!! Being told we sympathaise, I wouldnt take this aswell as you I'd have gone to ombudsman a long time ago blah blah!

They said they will put me back in the situation I should of been due to their mistake but I said due to the time you cant do rhis and to do a recall now would place me in more of a financial distress due to know fault of my own because of the spend on rhe Halifax card.

I asked that if a return had to be done can I be told of this so that maybe I can deal with rhis in a different way (potentially a stooze into MBNA card!!) I asked for a resolve asap as my offer on MBNA was only up to 30th June 2012 this came and went despite me being asssured they will try and resolve this in letteres and phine calls before this date (one letter received on 20th June said they would resolve by the 15th May 2012!! Barclay card has a TARDIS!!).

Anyhoos Ive chased them everyday asking for a call being told Ive been called but no miscall on my phone!! Also fiven my email address to be then told days later due to security they dont have an outgoin email facility!!!!!!?

A note was read out to me saying this desicated complaints chap tried to call but did not get hold of me (rubbish) and that they will have to do the recall!! Despite me expressing that I need to know about this before they attempt this! Then I spent a week of calling daily to find out if (as it was ambiguous by the note!( to see if the recall had been dine or not!) no one could tell me this or check my balance!!!! They dint have access to my card!!!!?

My options for resolve were:
1.Write it off (as cant put me back in same position its there fault and thought go for broke Diamond did!!)
2. Extend credit limit and put this on 22months 0%
3. Compensation re time, calls, interest payments charge and late fee! Plus the interest payments charges that I would not of paid as I was on 0% but this was forgone as a was placed over my agreed limit! So far Ive made x2 payments of £160!!
Underlyining this repair my obviously damaged credit refs!!

Today I received a letter from Barclays (and ine from Halifaxx)
Barclays are asking for more time as they havent finalised their final response and would prefer to before I go to the ombudsman, till 18th July!! The Halifax was can I contact them as they have received a request from Barclays in the 6th July!! To do a recall! What a cheek they could inform me or give me the coutesy or option to resolve my finances they way I wanted to with MBNA!!

What I wanted to ask was canI say to Halifax dont accept the recall or would the show me in a light to the ombudsman as being obtrusive? What Id like to di is persue a complaint thriugh ombudsman plus try and manage my financial arrangements the way I want to potentially wirh MBNA as there maybe another offer they can give me. Its hust to them do this with Halifax I'll have another fee charged, plus a fee frim MBNA!

Sorry its all getting rather complicated!! Plus really annoying!

Any help would be gratefully appreciated thank you for reading

Peace:)

Reece

thenudeone

It's not exactly clear what's gone wrong.
I presume that Barclays have processed the Balance Transfer twice.

If so - why didn't you ask the receiving credit card to return the money to Barclaycard, as presumably the account was well in credit, which is in breach of your terms.

reecekari wrote: »

They said they will put me back in the situation I should of been due to their mistake but I said due to the time you cant do rhis and to do a recall now would place me in more of a financial distress due to know fault of my own because of the spend on rhe Halifax card.

You can't have in both ways. They've offered to reverse the transaction which put has out you BC over the limit (which is a reasonable offer, IMO) and now you're saying - DON'T - because you've spent on the other card [and possibly because you would be over the limit on the other card if the duplicated transaction was reversed]. Which card did you expect to make those purchases on? It seems like no matter whether the transaction was reversed or not, you've borrowed more than the combined limits of both cards, which is not Barclaycard's fault.

You need to think carefully about exactly what you want BC to do and let them know.

huangcong

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