Transferring to 0% cards.

SkintBint

I had the idea that my partner could apply for a 0% card on my behalf and I could transfer the balance of my high rate cards to this (paying the fee and drawing up an agreement that the debt was still mine and I would pay it off). This would enable me to pay the debt off far more quickly (I cant apply for more myself).

Is this legal? I assume that the transfer would have to be to different providers i.e. I cant transfer my Barclaycard Plat to the best 0% mentioned in the main site page here?

clio

there would be no agreement and if there was it would not be valid, once you transfer the debt to his card then it,s 100% his debt he only has your word you will pay it. if you do all's well if you don't and god forbid even split -
the debt is his burden and not yours.

SkintBint

Can you not draw up an agreement and get a third party to sign that the signatures are a true likeness etc?

Still, good news that its possible, but I see your point about a possible split etc...

clio

Nah not possible the only thing he has is your good faith and honesty and your debt if there are no problems like split etc he has no worries. it,s a scary thing to do for other person but there is no way around it, the debts his end off.

SkintBint

ok thanks. Could you still do it if the card providers were the same? I suppose they don't care as long as they get paid

NickX

SkintBint wrote: »

ok thanks. Could you still do it if the card providers were the same? I suppose they don't care as long as they get paid

Hi SkintBint,

You generally cannot Balance Transfer between cards from the same "stables". To see who owns which brand of Credit Card, there is a list here :

http://www.stoozing.com/cards.htm

As Clio has said it doesn't really matter whose card your partner is transferring, it can even be Dave from down the pub (he may buy you a beer :beer: ), but once the debt is on your partner's card, it is your partner's responsibility to ensure it is repaid.

You suggestion about a written agreement is not impossible, but I suspect it would have to be drawn up by a solicitor to be watertight so probably isn't worth it.