Best Balance Transfers Discussion Area

Potripper

JimmyTheWig wrote: »

Also, by paying £115 a month, plus £6k savings, I can't see how you are going to get close to paying off £15k in 15 months.

I was intending paying £115 PER WEEK... I know this would still leave me with roughly £3500 to transfer at the end of the term, & the idea was to transfer again.
Thanks for your helpful advice.

MOGGLES, excellent, being a credit card newbie it never occured to me that i would not be able to balance transfer at the end of the term. I will indeed be keeping the debt until it is at a balance where i know for sure it will be payable within the term.
Meanwwhile i think i'll try getting some c/card experience by taking out a cahback card to begin with.
Thankyou very much for your help & apologies if this post isn't the most professional it's only my 2nd.

Moggles_2

Potripper wrote: »

I will indeed be keeping the debt until it is at a balance where I know for sure it will be payable within the term. Meanwhile, I think I'll try getting some c/card experience by taking out a cashback card to begin with.

Excellent news :T

Very best
M

IHateUlsterBank

I want to relay my experience at Ulster Bank for anyone considering using this bank for a balance transfer. I did a balance transfer and was surprised at their weird payment method they have for these credit cards. They make you pay by bank transfer into their account quoting thier account number and sort code- you put your cedit card number done as the reference for this payment. So this is the only way they know that the money you pay is for your account. After making the first payment to them via this method (I actually did this while a Ulster Bank advisor talked me through this). After a few weeks I get a statement telling me that they have not received a payment from me and as a result I lose my 0% interest rate and have to pay late charges. I spend the next 6 months arguing with them over this. After a while they admitted that my payment had got lost in the system and agreed that I had infact paid them ontime, However they didn't refund the charges and did not reinstate the 0%. The agruments went on I spent a fortune calling them to sort this out and each timeI spoke to someone I had to explain the story all over again. Anyway they finally paid me back the charges - but only after I asked to close the account and had paid back the balance.

I thought the nightmare was over. However I applied to remortage my property - I have a northern rock mortgage and so am desparate to get remortaged. When I applied for this I was turned down flat . I also applied for another credit card with Abbey Zero and again was turned down flat.

I rang Ulster Bank and asked if they had given me a bad credit rating and they said no. However I didn't trust them and paid for a credit report. Ulster bank has listed me as a late payer and having missed payments.

I rang them and was told again that I was a late payer over the phone from them even though the matter had been cleared up weeks previously and they had admitted that the mistake was there's.

After only much shouting down the phone to them I finally found a sane person to agree to change my credit rating with this bank.
So after 7 months of hell with this bank I have a clean credit rating again.

However I am still having probelms with them because despite asking them on numerous occasions to shut down my account - they have not done so and I still receive statements. I want this shut down and they simply don't do it.

I have never received such appalling customer service fom a bank before and the constant accusing tone I experienced every time I called them was way beyond professional.

PLEASE THINK CAREFULLY BEFORE APPLYING FOR THIS CREDIT CARD. I WANT TO SAVE YOU GUYS THIS NIGHTMARE

YorkshireBoy

IHateUlsterBank wrote: »

...<snip>...

When things go wrong, and you can't get them resolved with one phone call, invoke the provider's complaint procedure. Resolution inside 8 weeks, or you go to the FOS.

But just to balance the other side of the equation, I've had a trouble free Ulster Bank 6 month 0% fee-free BT, followed by a 30% credit limit increase, followed by another (so far) trouble free 6 month 0% fee-free BT repeat deal.

JimmyTheWig

IHateUlsterBank wrote: »

was surprised at their weird payment method they have for these credit cards. They make you pay by bank transfer into their account quoting thier account number and sort code- you put your cedit card number done as the reference for this payment. So this is the only way they know that the money you pay is for your account.

Not excusing them for the way they messed up, but is this not a normal way to pay a credit card bill? Sounds very familiar to me, and have never been with Ulster Bank.

Wilbur23

My partner has a 0% credit card and is prepared to take on the balance from my card to help me to get my debts under control and interest rate down. Is this possible?

I have applied for new 0% cards recently with no luck.

NickX

Wilbur23 wrote: »

My partner has a 0% credit card and is prepared to take on the balance from my card to help me to get my debts under control and interest rate down. Is this possible?

Your partner can transfer a balance from your card, your friend's card or even one belonging to Dave from down the pub (he may even buy you a beer :beer: ).

However be aware that once the debt is on your partner's card they become solely responsible for it and should you ever split up the debt cannot be passed back to you.

Moggles_2

Wilbur23 wrote: »

My partner has a 0% credit card and is prepared to take on the balance from my card to help me to get my debts under control and interest rate down. Is this possible?

Absolutely. From the lender's perspective, it's not a problem.

Note: if your partner requests the transfer by phone, Customer Services may ask them for the name on the card, but this is purely an additional verification check. At the end of the day, the card company is after their business. They're not really interested in knowing who ran up the debt, as long as their customer pays up on time each month!

PS. Remember not to spend on the card

critchley999

Help needed please.

We bought a kitchen from B&Q about 3 years ago and it was £996.00 and we had it on pay nothing for so many months. I don't know if we had a store card or if we did we cut it up. When we got the first statement we noticed they were only taking £26 a month off via the Direct Debit and the interest was nearly half of that.

We phoned them up and said we wanted them to take more off each month but they said they couldn't do that and we could pay the extra at the bank. Trouble is, they never sent us another statement for a whole year and our current statement says that we owed £746 in September 2007 and we still owe £550.30 to September this year.

Therefore of the 12 x £26 = £312 we have only actually paid £196 off the debt, the rest being interest.

Unfortuntely we're not in a position to pay off the £550.30 at the moment due to car problems which has left us a bit short.

I was thinking to do a 0% balance transfer to something like Capital One but without a store card I don't know how to do this?

I'm sure we'd get a card from Capital One as we have Nationwide Credit Cards with £3,000+ credit limit and one we have nothing on and the other we only owe £150 because we always pay well over the minimum payment, we're houseowners, husband in regular full time employment and no debts or CCJs.

I know we should have sorted this out at the beginning but it just got put to one side but now we've got the statement I'm reluctant to keep on paying them all that interest.

The loan is managed by GE Capital Bank. Is there any way of transferring this balance without having a card?

Any suggestions how we can pay it off and avoid the huge interest rate?

Thanks for any help.

NickX

critchley999 wrote: »

The loan is managed by GE Capital Bank. Is there any way of transferring this balance without having a card?

If you get a card with SBT (Super Balance Transfer) capability such as Virgin, Egg or MBNA then you are able to send funds directly to your Bank Account at the 0% Balance Transfer Rate. From there you can settle the loan directly. There is usually a Balance Transfer fee of around 3%.