A question about : Hellp!!!!!!
I'm not sure what I've got myself into here and perhaps you more experienced SBTer's can help me.
Not having any card debt, I decided to do a SBT with EGG @ 0% for 9 months, they opened an online account and I was able to transfer the credit limit (Ј4000) into my online savings a/c via my online bank a/c. And they only charge 2% of the loan per month ie Ј80. Nothing could have been easier, so thus encouraged, I decided to shop around to take my ‘savings' up to 10k. I chose a Sainsburys SBT at 0% for 9months, only they charge 3% min. per month. They also do things very differently to Egg. They wanted to know the credit limit on my two cards (Barclays & Egg) - not how much I owed (0 on Barclays, 4k on Egg) which came to Ј6,300 - this they agreed to, but I didn't know how I was going to get it into my savings account. I also wasn't very happy at the Ј177.00 payment per month - more than twice what I was paying to Egg, but for only another Ј2,300.
Anyway, I have now discovered that Sainsbury have credited my Barclay credit a/c with Ј2,300 and Egg with Ј4000, so that effectively wipes out my account with Egg and replaces it with the Sainsbury one - doesn't it?? Is there any way I can get the Ј2,300 off my Barclays credit card and into my Barclays current a/c?
I'm baffled as to what to do next.
Let this be a warning to other inexperienced SBTers!!
Perhaps we should set up a database of pros & cons on the various 0% on offer.
Best answers:
- Do another SBT from your Egg card into your current account. Transfer the credit from your Barclays card to your Egg card (tell them that the payment was sent to the card in error if they question it). Then transfer the money from your Egg card into your current account. Egg will let you do as many BTs as you like within the 0% period (within reason I guess).
- The Sainsbury's card does not do SBT.
You should be able use your egg card as a money pipe.
Your egg card is now at Ј0.
Your barclays is now at Ј2300 in credit.
You could transfer Ј4000 from egg to your current as before. At the same time you can ask Barclays to transfer the Ј2300 to your egg account.
Once the Barclays money comes through to egg then transfer it from egg as before.
You should check with Egg and Barclays, that
you will not be paying a fee for the transfer. These fees are often free for a certain time period.
If Barclays complain about the positive balance tell them there has been a mistake made and either they do what you want for nothing or send the money back to Sainsburys. You can try more diplomatic language.
If they bounce the money back you should be ok with Sainsburys as your egg card is in defecit by Ј4000. Transfer the money to Egg then max out your credit limit on Egg once more by transfering the Ј2300 if it costs you nothing to do so.
J_B - Without trying to be harsh I suggest you stop, take stock of the situation then study the terms and conditions of the offers you have taken on.
If after that you cannot see what to do (and to be honest how, or indeed if, it is possible will depend on details which you have not supplied) then perhaps you should call it a day?
You need:
- a slavish attention to detail
- an eye for small print
- an organised calendar
- a clear understanding before you proceed
If you don't have these then at least you are not out of pocket.
Sorry. - Many thanks to Sl and Joe Bloggs for your excellent advice and to Galstonian for making me feel like a school kid again (damn - no smilies with sticky-out tongues!) Galstonian - please bear in mind that I am a newbie to SBT's and my easy experience with Egg led me to believe that this is the usual format for SBT's and to suggest 'giving up' at this early stage of the game - well! how are we ever going to learn without experience?? I do agree with the 'stop & take stock' because that was my first thought.
when finding myself in this situation, but I knew the clever bods on this board would help me out.
ps This post entitled 'Help' was the first attempt at posting on this subject and my computer brought up an error saying it couldn't post. I tried twice more and got the same error message - bu if they were indeed posted - then yes - some glitch! I then tried on the 'correct' thread and - success.
Aint technology wonderful!
pps getting same error message as before - dare I incurr Galstonian's wrath by attempting to post again?? = o ) - "(damn - no smilies with sticky-out tongues!)"
:P..................... ;D - I have to say I agree with Galstonian.
You would have been better placed had you asked before you had done something.
Not a good idea to point fun at a moderator, even if it is tongue-in-cheek. - I'm not trying to give you a dressing down or public humiliation but you (and anyone else considering taking a similar course) do need to be much more aware of exactly what you are signing up to. Doing it wrong can cost you money, enough to easily outweight any money earned and more besides.
For your "homework" anybody just starting out needs to read Martin's "REVENGE" article https://www.moneysavingexpert.com/cgi...6883546,34894,
If you finish that and still have questions then read the FAQs here: https://www.stoozing.com/
If you still end up "baffled" given the answers above and the wealth if information available then you have to ask is this right for you?
If you want to put smilies in your post then there should be a row of them above the box in which you type replies. Click on any of them and codes will be inserted that causes smilies to appear. A colon ":" immediately followed by a right paranthesis "" gives a happy smilie like this - I can't wait to try super-tarting , I just have to be accepted for a 0% deal first . I think June was the last time I applied for a cc, and was rejected , hopefully come Christmas time I will be more successful ;D.
Leia
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