Virgin SBT virgin!

Twopints

@scoobylou:

Scoobylou, you need to apply for the Virgin credit card - you can do this online. Once you have received it you can do an SBT (Super Balance Transfer). The best way to do this is to phone up and say "Can I make a Balance Transfer to a bank account please". (Technicaly this is a balance transfer FROM your bank account i.e. you are transferring a debt or loan to your Virgin Credit Card) Then give the sort code and account number that you wish to have the money in.

Confirm with them that you will not be charged. [ There is some debate as to whether you will be charged a fee for transferring the balance as it appears that the Virgin card's terms and conditions are changing. So far no one has reported actually being charged. The charge, if applied is 2%, up to a maximum of £35.]

If you plan to pay this off over the 9 months, I think you will need to set up a standing order, or make the payments "manually" each month. To be really safe, I would set up a Direct Debit for the minimum payment. With Virgin this is £5 per month, and then pay the rest online (i.e. 3000/9 = £333, £333-5 = £328)

Also bear in mind that you will only be able to transfer 95% of your credit limit, so if you need £3000, apply for a larger figure such as £3500

HTH

YorkshireBoy

You found your way over then.

You apply for the Virgin card and tell them you've got £3K of debt to clear (could be overdraft/loans etc).

Don't ask for an SBT. Tell them you'd like to transfer a balance FROM your current account to your new Virgin card.

The good thing about the Virgin card is that the minimum payments are only £5 per month. The bad thing is that they're now (from last Saturday) charging 2% (max £50) for the BT, so for your £3K this will cost you the max £50. However, if you put the payments you would have made for the loan into a savings account you should go a long way towards covering this charge.

As I said in your original question thread, don't forget to apply for another card 6-8 weeks before the Virgin deal ends in order to transfer any remaining balance. This card does not need to be an SBT card - any 0% BT card (their are many available) will do.

Have you read the 2 articles I recommended?

There are step-by-step instructions with illustrations over on the https://www.stoozing.com website. Make sure you read the "risks" section so you're going into this with "eyes wide open".

Post back if you're still unsure.

YorkshireBoy

Twopints wrote:

[ There is some debate as to whether you will be charged a fee for transferring the balance as it appears that the Virgin card's terms and conditions are changing. So far no one has reported actually being charged. The charge, if applied is 2%, up to a maximum of £35.]

The Virgin T&C's *OFFICIALLY* changed yesterday. You now *WILL* be charged 2% (Max £50).

Jacster_2

YorkshireBoy wrote:

The Virgin T&C's *OFFICIALLY* changed yesterday. You now *WILL* be charged 2% (Max £50).

Thanks YB

Is that for new or existing customers as well?

I already have 7k stoozed with them, and may get the opportunity to BT part of that to a new card. I was considering then doing another SBT to my savings, but if there is a fee I won't bother:(

Thanks in advance...

YorkshireBoy

Jacster wrote:

Is that for new or existing customers as well?

I'm not sure, although as I haven't been personally notified of any changes to the agreement I signed earlier this spring, I'm assuming I'd still be on the "may" charge 2% (max £35).

This "may" would, I suspect, swiftly turn into a "will" if I were to gain an increased limit to SBT and to be honest another £15 is not going to break the bank if the new "Max £50" was charged (not very MSE I know but a fact of life for both stoozers and rate tarts).

scoobylou_3

Thanks yorkshireboy. May well be posting back as my head is full from the 2 articles you recommended reading on this site without even looking at stoozing.com! I'll save that for tomorrow as I'm tired and its time for my bed and I'll need a clear head for that I suspect!

YorkshireBoy

scoobylou wrote:

Thanks yorkshireboy. May well be posting back as my head is full from the 2 articles you recommended reading on this site without even looking at stoozing.com! I'll save that for tomorrow as I'm tired and its time for my bed and I'll need a clear head for that I suspect!

I don't know/can't remember how soon you're buying the car, but I took at least a month (and maybe longer) to read, digest, and understand SBT's, BT's, and the finer points of stoozing. I can assure you the benefits are worthwhile if you fit the criteria, ie organised and meticulous.

scoobylou_3

Thanks twopints. You've made something complicated sound very easy. Much appreciated

scoobylou_3

yorkshireboy. Not sure I'll make a habit of it. Dont know that I'm organised enough but
if it saves me money just once I'll be happy. Who knows though, I might get the stoozing bug.

lush_walrus

Hi Guys I have a question for you very experienced people. I have a Virgin card, which Ive already BT the money from to pay off a loan, which is fine apart from the credit limit they gave me was too low to pay the whole amount off. So Ive been trying to work out a way to bring it down further by getting another card.

So my question is Ive been thinking about getting an IF card, as that has 9 months which should do it. Ive had a read through and Im unsure whether their BT can be used for a loan.

But the other thing I was thinking is if it doesnt, is it possible to BT from the IF card to the Virgin card, and out of the Virgin card into my account? Or do Virgin only let you do it once?

Thanks guys, Im trying to get all the info into my head, but somehow this bit is still missing!