Help needed! Tarting about to go wrong

kaymensah

I just joined this forum yesterday. I am a bit of a novice in these matters.

My 0% balance transfer deal with Natwest ends in June 08. Natwest has sent me a letter to advise that I can make further 0% balance transfers that would expire in Feb 2009. So I have transferred the same amount that I currently owe into my Nationwide credit card. The intention is to pay the money back to Natwest when my next statement arrives. My debt situation would then be the same as it is now but I would now have a longer period of time to pay it off. The money is now sitting in my Nationwide credit card a/c, but Nationwide is refusing to transfer it to my current a/c. They say that the only option available to me is withdraw tthe money from the cash point, which will incur a charge. My question is, (1) is nationwide correct in refusing to transfer "my money" from my credit card to my current a/c, and (2) if I end up witdrawing the money form the cash point and pay the ensuing charges, can I claim them back from Nationwide, given that it was my "own money" that I withdrew.

ShelfStacker_3

kaymensah wrote: »

My question is, (1) is nationwide correct in refusing to transfer "my money" from my credit card to my current a/c, and (2) if I end up witdrawing the money form the cash point and pay the ensuing charges, can I claim them back from Nationwide, given that it was my "own money" that I withdrew.

1) It's not your money, it's their money which you're asking for them to put into your current account with no real advantage to them. It might not be a service they offer, for various reasons (i.e. what you're intending to do) and they are well within their rights to not provide it.
2) You can't claim the cashpoint charges back; unlike bank or credit card overlimit fees, they're not penalty charges. If you're charged for withdrawing money from a cashpoint, then it's generally agreed that it's a fee for a service rendered. By all means try, but I doubt you'll get very far.

Bokkens

kaymensah wrote: »

I just joined this forum yesterday. I am a bit of a novice in these matters.

My question is, (1) is nationwide correct in refusing to transfer "my money" from my credit card to my current a/c, and (2) if I end up witdrawing the money form the cash point and pay the ensuing charges, can I claim them back from Nationwide, given that it was my "own money" that I withdrew.

Nationwide don't allow Balance Transfers into a bank account there are only a few cards that do this,Mint,Virgin,Abbey,A&L and Egg.
As you pointed out your new to this so this is the first lesson,read up thoroughly on Martin's Balance transfer and credit card articles so you get the correct cards for the way you want to move your money this way you won't have to pay so many fees or charges.
Do not withdraw the money on a credit card from a ATM as this is a "cash transaction" and you will be chareged interest on this straight away and it is expensive.
Apply for one of the above cards and BT your money to it and then write yourself a cheque(virgin and the others supply credit card cheques for this purpose) to get the money where you want it,or you can do this over the phone.( I would suggest not to use Egg money until you know what your doing)
Either way you will have a 2-3% fee for BT the money from Nationwide to one of the above "mule " cards and another fee to move it to your bank.
So on a £1000 move, it would be £30 fee and another £30 fee to move it to your bank account.So £60 for each £1000 you move and the fees are not capped so it maybe expensive .( fees are approximates)
Hope that helps a little.

CannyJock

kaymensah wrote: »

I just joined this forum yesterday. I am a bit of a novice in these matters.

My 0% balance transfer deal with Natwest ends in June 08. Natwest has sent me a letter to advise that I can make further 0% balance transfers that would expire in Feb 2009. So I have transferred the same amount that I currently owe into my Nationwide credit card. The intention is to pay the money back to Natwest when my next statement arrives. My debt situation would then be the same as it is now but I would now have a longer period of time to pay it off. The money is now sitting in my Nationwide credit card a/c, but Nationwide is refusing to transfer it to my current a/c. They say that the only option available to me is withdraw tthe money from the cash point, which will incur a charge. My question is, (1) is nationwide correct in refusing to transfer "my money" from my credit card to my current a/c, and (2) if I end up witdrawing the money form the cash point and pay the ensuing charges, can I claim them back from Nationwide, given that it was my "own money" that I withdrew.

Basically, you've made an "overpayment" to your Nationwide card. You've got a few options:
1. Use the Nationwide card for purchases until you've used up the balance.
2. Close the card and ask them to send you a cheque for your credit balance (could take a few weeks)
3. Get an Egg Money card, ask Nationwide to do a balance transfer of "AMOUNT / 1.03" to your Egg Card (assuming Nationwide charge 3% for balance transfers). This will leave you with a 0 balance on the Nationwide card and a positive balance on the Egg Money card that you then transfer from Egg straight into your current account without any further fees.

Worth having an Egg Money card anyway, helps out in all sorts of juggling situations.

EDIT: Just re-read your post. Could you not just transfer the debt back to your Natwest card and pay it off from there at 0% (+ fee) until Feb 09? Why does it need to go near your current account?

JimmyTheWig

CannyJock wrote: »

Could you not just transfer the debt back to your Natwest card and pay it off from there at 0% (+ fee) until Feb 09? Why does it need to go near your current account?

Brilliant thinking, CannyJock.
All of this assumes that the first balance transfer will be paid off first...