Money transfer to another account

tilly78_2

Hi

My boyfriend has a 2K overdraft and we have toyed with the idea of getting a Virgin credit card and doing a cash transfer to pay off the bank overdraft and transfer it to the 0% interest credit card.

However i do not know how much i trust my boyfriend therefore If i got the credit card in my name would i beable to do the money transfer to his account??

Thanks

oceanscape

Yes, you can.

ylesia

I did this for my mum a few years ago (before I discovered all the other debts!!). If you don't trust your boyfriend with a CC though, be sure you are happy transferring his debt into your name. He could apply for a CC without your knowledge and run up more debt or use up the OD again. I don't mean to sound gloomy but speaking as someone who has been massively deceived by her mum (in the past pleased to say - sorting it out now) then make sure you are both on the same page before transferring the debt.

Moggles_2

Sound advice, IMO.

The person whose card his overdraft is shifted to, becomes solely liable for the debt.
If you two were to fall out, you couldn't ask Virgin to charge him for any remaining balance.

Innocent_Guy

Only take on the debt if he is 100% reliable. From what you say you are unsure so do not do it. Can he not get his own CC?