Quick BT question - will this work?

fastwaffle

Hi All

Looking to pick someone's brains and check my plan below will work and really just sense check it with experts! Using A, B and C to refer so I don't confuse the names around!

Credit card A - 0% deal, just taken out. £7.5k limit, already BT'd about 6k to it, leaving 1.5k (or 1k for BT taking 95% rule into account)
Credit card B - 0% deal, taken out at same time as A. £2k limit
Loan C - about £2k outstanding

Had bright idea to BT Loan C to Credit card B, however B won't allow BTs from loans - must be a credit card. However Credit Card A WILL allow BT from loans/bank accounts etc etc.

Problem = there isn't enough free on A (now that I've BTd a different card to it) to cover C.

Simplistic solution = use B which at the moment is redundant due to original plan failing, to clear down 2k from A (even though I've only just BTd to A) and then re-use A to clear C

Sounds like a plan to me and my question is probably very obvious, but wanted to check I haven't missed something that will sting me later?

Thanks a lot

jamalfatty

That would work no problem, but you'd be paying an extra fee for the £2k that you wouldnt have if loan moved to A initially

GeorgeUK

Also, as you are paying off a loan - is there an early settlement fee?
You may be saving a bit in interest though from finishing the loan early. Can't really say from the data you've given us.

You may only need to BT about 1200 or so to card A.
But are you really saving anything??

CannyJock

If A or B are Egg Money cards then you'll be able to transfer balance to your current account and pay C from there.

If you don't already have an Egg Money card then might be worth applying for one, you don't need much of a credit limit on the Egg Money card.

Balance on Loan C, is that a settlement figure? Does it make a difference if you need to wait for the Egg Money card

the-mad-one

CannyJock wrote: »

If A or B are Egg Money cards then you'll be able to transfer balance to your current account and pay C from there.

If you don't already have an Egg Money card then might be worth applying for one, you don't need much of a credit limit on the Egg Money card.

Balance on Loan C, is that a settlement figure? Does it make a difference if you need to wait for the Egg Money card

.....................................................................
ive spent last 3 years sorting my paretns £27,000 debt on credit cards and using BTs and 0% cards (which they were too old to understand!!) ive now reduced them down to around £12,000 with them making less payments than before and only off pension income, all duie to reducing massive interest rates to 0% cards!

Anyway, was mentioned bout egg card to bank account transfer but i did this with another of my parents cards ( think it was an MBNA one). Also if you phone card A and explain you want to do another balance transfer so your only left with one card (theirs!!) then they may just be wiling to increase your balance enough to cover it as they will reckon you wont pay it off within the given 0% time and therefore gain them interest later. Dont tell them if you DO plan to pay it off before that, just tell them you probably wont! Then if you dont apply for another 0% at end term and transfer it over!

molly1706

CannyJock wrote: »

If A or B are Egg Money cards then you'll be able to transfer balance to your current account


Please could you tell me exactly how to transfer a balance from egg money to my current account? I've had a at setting one up but it seems like it's going to go from my current account to egg money not the other way round so I've cancelled it.

CannyJock

molly1706 wrote: »

CannyJock wrote: »

If A or B are Egg Money cards then you'll be able to transfer balance to your current account .

Please could you tell me exactly how to transfer a balance from egg money to my current account? I've had a at setting one up but it seems like it's going to go from my current account to egg money not the other way round so I've cancelled it.

Sure thing, here's how it works, let's say you're transferring £ 1000 from a card with a 3% BT fee.
A = Egg Money card, balance = £ 0.00
B = ANother card, balance = £ 0.00 (0% BT, 3% fee etc)
C = current account, balance = "whatever".

1. Phone B's CS department, confirm 0% BT offer, confirm 3% fee (ask if this can be reduced), confirm exact date of 0% ends (ask if this can be extended), request BT of £ 1000 to A, confirm statement date is end of month (thanks Yorkshire Boy), confirm DD setup for minimum repayment from current account. (A = £ 0 + £ 1000 = £ 1000, B = £ 0 - 1030 = £ - 1030, C = £ whatever)

2. Log into Egg, go to Egg Money card, select "Egg Money admin", select "Transfer a balance", select "Current account / overdraft". Enter C's sort code and account number, enter £ 1000 (min £ 100, max £ 9000). (A = £ 1000 - £ 1000 = £ 0, B = £ - 1030, C = £ whatever + £ 1000 )

That make sense? Doesn't matter what the balance of C is before you do the second step. Each transfer will take a few days to be processed.

molly1706

Thanks very much, will get going with that now.