Transfer from another persons card

seh567

Hi

I have a good credit rating and always pay my credit cards in full each month, I currently have a Virgin card which was used to fund a trip to Australia at 0% which was settled in full on expiry at 1 year, this card is still active although I have not used it since. I also have a Lloyds bank platinum credit card which I pay off in full every month. The situation is that my son has accrued debts on 2 cards, the 0% interest has expired and he is struggling to pay them off. My question is - can I transfer the debt from his credit cards to my own credit cards?

CLAPTON

you can BT your son's cards (they only need a valid 16 digit CC number.. the name doesn't normally matter) but of course you will then owe the debt... but check the APR of your card as presumably it won't be 0% anymore?

seh567

Thanks Clapton for the quick response. Should I apply for a new credit card then, if so would it be better to go for a life interest credit card rather than a 0% interest rate card?

CLAPTON

It depends upon the detail

how much does he owe on the CCs
what is their APR (s)

how much is available for repayment each month?

Moggles_2

As the balance on your Virgin card is zero, it's worth a call to customer services to see what's currently on offer

There's a dearth of decent LOB offers at the mo, now that the MBNA deal has been pulled. Currently, the chief contenders are Barclaycard, Capital One & Citi and all three operate a rate-for-risk policy. This means they reserve the right to issue the credit card they deem most suitable from their range. In the worst cases you can be sent a totally different & unsuitable card, leaving you with a wasted search on your credit file. Judging from posts to this board, this happens frequently, so it's important to consider first whether you’ve a realistic chance of being accepted.

That leaves First Direct (5.9 % p.a for 60 months) and this lender is not known for generous credit limits. Still, could be worth a shot.
http://www.firstdirect.com/creditcards/gold_card_summary.shtml

Otherwise, to maximise the 0% period on BTs, 15 months is currently available to new customers from Halifax. There's a 3% handling charge.

http://www.halifax.co.uk/creditcards/pluscard153.asp

seh567

Not talked to him yet about what I am proposing to do so don't have much info about APR's but I believe he owes £3k on each, one being Barclaycard and the other as yet unknown

seh567

The other option I have is to settle the debt out of my savings but being a pensioner I really don't want to deplete my capital

CLAPTON

seh567 wrote: »

The other option I have is to settle the debt out of my savings but being a pensioner I really don't want to deplete my capital

madness to incur debt in your name when you have savings.... but
why can't he settle his own debts?

seh567

He hasn't asked me to settle his debts but I would like to help him out of financial difficulties if I can. Being one who has never been in debt I find it hard to accept my sons situation and not be able to help.

CLAPTON

be very cautious with your money... he has a lifetime to learn his lessons and can earn money to pay his debts off... if you are a pensioner, when will struggle to rebuild your savings if anything goes wrong.... best to give him advice rather than financial assistance.

NickX

seh567 wrote: »

He hasn't asked me to settle his debts but I would like to help him out of financial difficulties if I can. Being one who has never been in debt I find it hard to accept my sons situation and not be able to help.

Well you are being very generous, but to be honest if you settle this debt, what is going to stop your son just running up another debt ? Will you pay that one off aswell ?

In all honesty, people need to learn to manage their own finances effectively and simply paying off his debts every time is not going to allow him to do this.

There is a wealth of information here to assist your son in paying off the debts. For instance he could apply for a new 0% card or a LOB card and transfer the balance.

Simply paying his debts off for him is an easy option and he won't learn to manage them. I know that the older generation do not like debt (my own grandparents hated the thought of going into debt) but in modern society, debt is a fact of life and it can be good if managed correctly. There is nothing wrong with borrowing money at 2% pa if you are investing for a 7% return.