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    • CM106
    • By CM106 5th Jul 17, 7:01 PM
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    CM106
    Balance transfers on a debt management plan
    • #1
    • 5th Jul 17, 7:01 PM
    Balance transfers on a debt management plan 5th Jul 17 at 7:01 PM
    My husband is currently on a debt management plan, he's paying a monthly amount to step change who then distribute the money to his creditors. His debts are a combination of credit cards and loans. I've been reading a lot about 0% balance transfer credit cards. I wondered whether I could apply for a credit card and then transfer his remaining balances onto it? Do the debts and the credit card need to be in the same name? If so, can you also transfer loan balances or just credit card balances? Any help would be much appreciated, thanks
Page 1
    • zx81
    • By zx81 5th Jul 17, 7:22 PM
    • 12,539 Posts
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    zx81
    • #2
    • 5th Jul 17, 7:22 PM
    • #2
    • 5th Jul 17, 7:22 PM
    You can. They would become your debts.

    For loans, you need a money transfer option.
    • Westminster
    • By Westminster 5th Jul 17, 8:04 PM
    • 749 Posts
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    Westminster
    • #3
    • 5th Jul 17, 8:04 PM
    • #3
    • 5th Jul 17, 8:04 PM
    Are any of his DMP accounts already 0% interest - this is typical after a few months.
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    • CM106
    • By CM106 5th Jul 17, 10:05 PM
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    CM106
    • #4
    • 5th Jul 17, 10:05 PM
    • #4
    • 5th Jul 17, 10:05 PM
    Most of them are but there's one loan that is still charging interest and that's the largest portion of the debt.
    • boo_star
    • By boo_star 5th Jul 17, 10:17 PM
    • 1,230 Posts
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    boo_star
    • #5
    • 5th Jul 17, 10:17 PM
    • #5
    • 5th Jul 17, 10:17 PM
    Most of them are but there's one loan that is still charging interest and that's the largest portion of the debt.
    Originally posted by CM106
    Unless the credit card also offers 0% money transfers then he's unlikely to be able to balance transfer to a loan account.

    And if he's on a DMP his credit report is likely to be completely shot so he's unlikely to even be offered a 0% balance transfer.

    You can always try, but don't be surprised if he gets declined.
    • CM106
    • By CM106 5th Jul 17, 10:28 PM
    • 7 Posts
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    CM106
    • #6
    • 5th Jul 17, 10:28 PM
    • #6
    • 5th Jul 17, 10:28 PM
    I was looking to see if I could put the interest free credit card in my name but it's not looking like a viable option.
    • MallyGirl
    • By MallyGirl 6th Jul 17, 9:38 AM
    • 1,761 Posts
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    MallyGirl
    • #7
    • 6th Jul 17, 9:38 AM
    • #7
    • 6th Jul 17, 9:38 AM
    you can, if you are happy to become liable for his debt.

    If you take out a balance transfer card and register for online banking then all you will be asked for is the credit card number of the one to receive the transfer. If you do it by phone then they will ask if the target card is in your name and then often will refuse if it isn't. You cannot balance transfer to a loan.

    If you take out a card with a money transfer deal then the money will land in your bank account and you can do what you like with it. This is the way to pay off a loan if someone will let you have it
    • lynz68
    • By lynz68 6th Jul 17, 4:42 PM
    • 279 Posts
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    lynz68
    • #8
    • 6th Jul 17, 4:42 PM
    • #8
    • 6th Jul 17, 4:42 PM
    The other issue may well be that you could mess up his DMP. Stepchange would probably look to distribute the money evenly among all creditors as you can't show preference to one creditor over another.

    They could cancel his DMP of course there is no reason why you can't manage your own DMP but you would have to be confident that you could maintain payments and not fall into old habits.
    • Chrysalis
    • By Chrysalis 7th Jul 17, 2:02 PM
    • 1,946 Posts
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    Chrysalis
    • #9
    • 7th Jul 17, 2:02 PM
    • #9
    • 7th Jul 17, 2:02 PM
    note my tesco cards, say I must transfer from cards in my name.

    however virgin money and barclaycard dont seem to have that restriction.
    • molerat
    • By molerat 7th Jul 17, 2:53 PM
    • 16,632 Posts
    • 10,846 Thanks
    molerat
    You do need to get a limit high enough to be able to transfer all the outstanding debt onto it as you will be clearing the debts and cannot favour one debt over another.
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