Best Balance Transfers Discussion Area

blitzboy

auntyp wrote: »

Hi there! I have a dilemma and am hoping someone has a better answer than the one I currently have.

We are retired, very blessed to be comfortably off and debt free apart from a manageable mortgage. For years we have been in the habit of paying off our cc each month. Our son, who moved to live and work in the far east some years ago teaching english as a foreign language, found himself unable to have a cc because he is not considered a permanent resident either in his first destination, S Korea, or currently in Japan - to resolve this and we gave him a card on our MBNA account to use as a) an emergency source of security and b) a little credit flexibility as the pay is not at all brilliant - he sends us funds towards payments but with difficulty as he lives month to month. Over the years he has accumulated about 8,000 of debt which is on the card (we still clear ours every month) and the interest is overtaking his ability to pay. I have been trying to organise a balance transfer to give him some breathing space to clear it but here is my problem... we currently live in France and although our bank account and MBNA cards are UK accounts no one I have found will allow us to take advantage of a balance transfer. Any ideas for a way around this anyone?

thanks for reading and thinking about this for me

auntyp

Could you pay it off yourself and have him pay you back? It is effectively your debt anyway if the account is in your name so the legalities are the same either way.

molly22

there is a new balance transfer deal starting 14th may on a Halifax card
0% 18th months

xx
:j

BigDan74

Hi everyone. Need some advice. I've got a balance of £8000 equivalent on a Eurocard that i'd like to consolidate using a Balance transfer card. I just wondered if anyone knew of anything to help.
The balance is 72000NOK, and I was just filling in an application for an MBNA card, when i noticed it would only deal with UK cards.

Looking forward to any advice.:(

blitzboy

BigDan74 wrote: »

Hi everyone. Need some advice. I've got a balance of £8000 equivalent on a Eurocard that i'd like to consolidate using a Balance transfer card. I just wondered if anyone knew of anything to help.
The balance is 72000NOK, and I was just filling in an application for an MBNA card, when i noticed it would only deal with UK cards.

Looking forward to any advice.:(

You could apply for a card that offers a 'super balance transfer' which is when it allows you to transfer to your bank account. Then just pay the other card off from your bank account. In fact you probably were in the process of doing that anyway as MBNA usually allow this. See link below:

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

royalpeter

Kohlerwhite wrote: »

why dont you change up the credit card service providing company. maybe it would work well just try it and see the difference

I do agree with you. I hope it would work well. Just find another service provider who have good feedback.

bladette86

I recently took out a Barclaycard credit card to transfer the balance of my student overdraft not realising that I would need a 'super balance transfer' credit card. Barclaycard have suggested that they could transfer the £2,000 balance onto my M&S credit card (that current has a £0 balance on it) and then call them saying that the account had been credited in error and ask them to transfer the £2000 into my bank account.

Will this work? Or am I best just cancelling the credit card and applying for a 'super balance transfer' card?

andydgg

never trust a bank! cancel and re-apply to get what you want

sfax

bladette86 wrote: »

I recently took out a Barclaycard credit card to transfer the balance of my student overdraft not realising that I would need a 'super balance transfer' credit card. Barclaycard have suggested that they could transfer the £2,000 balance onto my M&S credit card (that current has a £0 balance on it) and then call them saying that the account had been credited in error and ask them to transfer the £2000 into my bank account.

Will this work? Or am I best just cancelling the credit card and applying for a 'super balance transfer' card?

It's probably against the Ts and Cs to deliberately put the account in credit and they may refuse to give you a cheque and only offer to return the money to Barclaycard (which could mean you lose the fee). I'm amazed someone at Barclaycard suggested this as it also has money laundering implications.

Why not just transfer to M&S and then spend on the M&S card until it hits £0? Bear in mind you'll get no S75 cover for these transactions

Cancelling could have adverse credit report effects such as one extra search, a new shortlived credit agreement etc

remas100

wrote: »

I'm thinking about transferring my existing credit card debt (approx £2k on a virgin card & a barclaycard) to a lower lifetime rate, so I can clear them off. My current repayment totals £100/month, and I can afford this, I hope to be able to clear the debt in the next two years. Last year I got my credit reports after I was turned down for a card, but I haven't checked them recently. The problem was that I wasn't on the electoral roll at my new house, and I've moved a few times since uni; I can't get a free trial to Experian or Equifax since I've used them before, so is it worth me paying the £6.99 to see my reports before I apply, or should I just make the application and see what happens? I'd really like this to be the year that I manage my money, rather than the other way around, and this is one of the areas that's crucial to that, but thinking about my money often makes me feel anxious, and so I put off sorting things out! Also, is it better for me to apply for a card in-branch or online? I think the HSBC 2-year card is the one I'll apply for, if that makes any difference.

:T:T:T
very big thanks

beva_2

Hi,
I have a debt on a Barclay card. some of it is a 0% balance transfer which is due to end in August 2013, it also has a balance from purchases. When should I call them to ask about the low interest for life? Should I do Now or wait till it's closer to August? Thanks