transfer family member's debt to my card

tmckenna · 18 August 2017 at 5:16PM

my son has debts of £5,000, would i be able to transfer his debt onto a intrest free balance transfer card in my name?

amfan · 18 August 2017 at 5:22PM

Yes, not always if it is the same provider though, so it's worth checking directly with them if that is the case.

eskbanker · 18 August 2017 at 5:23PM

Yes, provided that:

You can get a card with a high enough limit to allow a balance transfer at that level
It's from one of the providers who aren't particular about transferring from one name to another
You accept that it's now (legally) your debt

lynz68 · 18 August 2017 at 8:05PM

Yes you can do it but it will become your debt. If for whatever reason your son doesn't/cannot pay you are liable for the debt.

Also if you do this there is nothing to stop him running up the debt again.

Can he not get a 0% card in his own name?

enthusiasticsaver · 18 August 2017 at 9:39PM

You are accepting liability for the debt if you do this. It also does not stop your son going out and running up a further £5k on a credit card. Why would you do this? I could understand if you had £5k in savings and wanted to help him out and could afford it but if you are borrowing to repay his debts then you put your own financial position in jeopardy.

MEM62 · 21 August 2017 at 9:03AM

As per the above responses, it would be possible to transfer the debt but (a) it would become yours and (b) what lesson does your son learn from being bailed out?

Of course you have only posted the question rather than the background so there may be exceptional circumstances or you may have considered these points already.

chelseablue · 21 August 2017 at 9:23AM

It can be done as I did it for my partner as he couldn't get a 0% card.

But he does transfer all his wages to me and now doesn't have a credit card at all.

maisie_cat · 21 August 2017 at 9:29AM

I would strongly recommend not doing this, my sister did this for another sister and years later she is still owed the £8k. It has led to a break down in their previously very close relationship and that's the sadder part

Fingerbobs · 21 August 2017 at 12:20PM

Tesco Credit Cards only allow balance transfers from cards held in your own name, and they make you tick a box to confirm that this is the case when you request the transfer online.

[Deleted User] · 21 August 2017 at 5:39PM

You won't be helping him, let him sort his own debt out.

transfer family member's debt to my card

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