Forum Home» Credit Cards

Questions about Balance Transfers - Page 8

New Post Advanced Search
Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.

Questions about Balance Transfers

edited 30 November -1 at 12:00AM in Credit Cards
478 replies 104K views
1568101148

Replies

  • MABLEMABLE Forumite
    4K posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    MABLE wrote: »
    Checked my Egg money account today and see one of the erroneous transfers for £2700 was credited to my egg ac!!!! yesterday. The other one should show up by Monday 28.07. However as you know they have said they will recall these amounts but not sure when Egg will send them back. Perhaps they can only refund when shown on the account.

    I'm not too worried as it was not my fault and I know where the money is and so does Goldfish.


    UPDATE.

    The amount of £2,700 was credited to my Egg money on the 24.07 and the other erroneous transfer of £2,843 was credited on the 29.07. I know now they have both been returned. However still £5,000 over the agreed credit limit with Morgan Stanley due to the errors caused by them.

    Spoke to complaints today and they are going to see if they can raise the credit limit to put the account in order and when both the payments are credited back reduce it accordingly.

    They have said they will phone me by 12.30pm on the 31.07 so will see what happens.
  • MABLEMABLE Forumite
    4K posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    MABLE wrote: »
    UPDATE.

    The amount of £2,700 was credited to my Egg money on the 24.07 and the other erroneous transfer of £2,843 was credited on the 29.07. I know now they have both been returned. However still £5,000 over the agreed credit limit with Morgan Stanley due to the errors caused by them.

    Spoke to complaints today and they are going to see if they can raise the credit limit to put the account in order and when both the payments are credited back reduce it accordingly.

    They have said they will phone me by 12.30pm on the 31.07 so will see what happens.


    UPDATE UPDATE.

    Well I am happy to report that the payments for £2,700 and £2,843 have been credited back to my Goldfish card. All fees have been credited back and Goldfish have made the necessary adjustments to my credit file.

    I noticed two days ago when I checked my account online the new bt rate was then 5.9% plus 3% fee. However today after all the adjustments had been made it is now showing 0% and 2% fee.
  • Hi am new to the board. Have been following and putting into place all the good info/advice on tarting etc. Now though with the higher fees for switching should I continue to do so or does the lower rate I switch to outweigh the fees. e.g. switched £9500 to virgin at a 0% rate till April 09 with a fee of £221(2.98).
  • I got an egg card several years ago in a moment of madness, signed my name more times than a a superstar then since have continued to pay the interest on it which is aound £40 a month the Total debt is 3K and not used it again. egg have since terminated the card agreement under condition 20.2 (not sure what that is) but probably soemthing to do with not using it and just paying the interest. i need to transfer this debt to another 0% card and get rid of it. which is best and how do i go about doing this. i have read the other posts but because my agreement has been terminated what does this mean for obtaining other cards to do this?
    many thanks
  • Hi, what card would you recommend for a first-timer, in order to balance transfer partner's credit card to a 0% deal or a good long term deal - £7.5K.

    Did the money supermarket thingy and it gives 27.9% as its best rate for a 1st timer. Have got overdraft and store cards but no loans or credit cards. Always thought this was a good thing - obviously not!

    Anyay, does anyone have any good ideas for a good card for now, not to build for future?
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • Is this really true? I just told my dad that, to my surprise, if he transfers his balances from the horrible Halifax (£5887 this month, with minimum payment at £134 and over £115 just servicing the interest, not to mention bloody repayment insurance which is £46 this month!) and Lloyds TSB put together, to a Virgin card at 0% for 15 months, he'll only have to worry about paying at least £25 each month... I still can't get my head around it. Hell of a trap though, when the deal runs out.

    Still, I said that if he pays £100 each month (and forgets about the bloody PPI which he doesn't need) then it'll still reduce the balance by £1500 overall, and he'll still be saving nearly £50 each time, compared to paying both cards off as normal. I go on and on about this but he thinks that I should stop worrying about his finances, lol...

    "What do you know -- you've never even had a job, let alone a credit card!"

    "That may be true, but I've read the terms and conditions and I've been on this website where people talk about doing it all the time, and you should listen to this Martin Lewis bloke, he's really clever..."

    From http://uk.virginmoney.com/credit-card-v3/popup/summary.html
    If the balance shown on your statement is £25 or less, it will be the total amount of the statement balance; or if the balance shown on your statement is more than £25, it will be whichever is the least of 3% of the statement balance or the total of any Payment Protection Cover charges, interest, handling fees and default charges plus £5, provided that it will always be at least £25.
    Sorry to repeat what's already been said, but I just want further clarification. Seems quite clear to me now, even if they do word it so obscurely. The balance is obviously more than £25 in total, so all that's left for them to ask for is £25 given that there should be no other monthly charges. Right? Thanks :)

    PS: I also mentioned the "Super Balance Transfer" idea, that he could transfer about £1000 from the new Virgin card to his bank account and reduce his loan by that amount, as it would surely mean that he pays less on that too, if it's "about £290" now. But he was getting annoyed and frustrated with me by that point, as "I bewilder him with science" -- hmm... Anyway, if he did that on top of the credit card balance transfers, the balance would still be lower by £500 after the 15 months, I've calculated. By then I'd be either telling him about another 0% deal (hopefully; assuming they're still around), or comparing the best life of balance cards.

    Parents are so frustrating! I only keep saying what I would do if I were in that position -- that it's not the end of the world, and he needn't keep letting it get worse each month! He thinks that "nothing can be done about this debt" -- I think I'm finally start to convince him otherwise...

    PPS: Just to check, is there anyone on here who's done a transfer of around £6,600 to a Virgin card, who earns about £15,500 per year? He's never missed a payment (at least, not in the past three years that he can remember), and his Halifax credit limit is £14,900 -- so there shouldn't be a problem with MBNA/Virgin, surely?
  • YorkshireBoyYorkshireBoy Forumite
    31.5K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    trojjer wrote: »
    ...<snip>...
    Some comments...

    He aint going to get anywhere near £6K on Virgin with his level of available/used credit (£15K/£6K Halifax plus whatever LTSB is plus his loan) on a £15K salary...no way!! In fact, I'd go as far as to say they'll almost certainly decline him.

    If he did manage it (and he won't) the first payment would be around 3% (the 2.98% fee + £5). Only after this first payment will subsequent payments be £25.

    You generally can't 'partially' settle a loan...well you can but there will be no benefit.

    Finally, why would he want to transfer his debt and pay LESS than he was paying before (£100 vs £134). That defeats the object doesn't it?

    Sorry to pour amber liquid on your French fries.
  • Thanks for your wisdom. It really was hinging on whether or not he'd be accepted, and I had my doubts... *sigh* I'd already factored in the handling charge at around £196, got it on my spreadsheet. If only they'd accept him, damnit... Is it worth a try, or will it be a pointless "stain" on his credit score?

    He's always managed to scrape enough funds to meet the minimum fees, but they keep rising and I'm sick of the money worries in the house I'll be studying in. I was looking for a way to reduce the monthly outgoings whilst still paying off a large chunk of the balance during a 0% deal. So is their anything you'd recommend now? What about a life of balance deal -- or are they harder to get accepted for? He won't budge on the loan, already gone through various debt consolidation schemes and now he thinks that he is "not in a position to get another one" because he's worried about his health implications as a 57 year old man with various problems -- I mean, surely it's always better to at least try? It sounds like there's money to save, and only a credit score to impede -- not that it matters if he won't be able to get a credit card anyway.

    And I'll try not to think about that the next time I'm eating chips...

    PS: He could at least try to get the PPI reduced or done away with altogether, surely? Another £50 added to the balance of the credit card each month, and whatever else on the loan, seems pointless... He keeps being "realistic" (I think he's really pessimistic, actually) about "what might happen", but I've tried to explain how bad the PPI is when it's sold directly from the creditor.
  • YorkshireBoyYorkshireBoy Forumite
    31.5K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    trojjer wrote: »
    Is it worth a try, or will it be a pointless "stain" on his credit score?
    I don't think that can really be answered without knowing far more about his financial situation...and this is probably not the right place - maybe you should post on the debt-free wannabe board?
    ...already gone through various debt consolidation schemes...
    All the more reason to head for the debt-free wannabe board.
    He could at least try to get the PPI reduced or done away with altogether, surely?
    I'm normally in the 'cancel it and self-insure' camp, but I suppose it depends on what his "health implications as a 57 year old man with various problems" are (that's not a question so no need to answer!).

    The debt-free wannabe board is here...http://forums.moneysavingexpert.com/forumdisplay.html?f=76
  • I've read most of the articles about that, and some of the forums... But I guess it's time to look. I agree with you on the insurance, because even "if the worst happens" he should still be able to manage the minimum repayments for at least a few months on sick-pay (he's been off for several weeks at a time in the past, and it worries him), probably most of a year... And if he's really in trouble by then -- well, I'm starting university like I said. "But that's your money..." -- that may be true, but I'd like to live in a stress-free environment.

    Not to mention the small savings he's got, which I keep saying he'd be better off paying the credit cards with. Like Mr Lewis says, there's always credit in a crisis...
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support