Balance Transfer

joewa

Hi Ihave a virgin card with 16th months balance transfer, does anyone know if i can transfer a relatives card oto mine to help them out

gizmo111

Yes you can but the debt then becomes your responsibility in your name.

Moggles_2

You can switch credit card balances from family, friends or Dave down the pub. You should be aware though, that the person whose card their balance is shifted to, becomes solely liable for the debt. If you were to fall out, you couldn't ask Virgin to charge them for any remaining balance.

From the lender's perspective, it's not a problem. You may be asked for the name on the card, but this is purely an additional verification check. At the end of the day, the card companies are after your business. They're not really interested in knowing who ran up the debt, as long as you, their customer, pay up on time each month!

Note: same restrictions apply as when arranging a BT between your own credit card accounts (ie. you cannot transfer balances between cards underwritten by the same bank, in this case MBNA)

This table on the stoozing site (which is sponsored by Money Saving Expert) should help:

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

Karl.H_2

I strongly recommend you do not. Lets say, for example, they have a high debt and get into trouble, as a result they go bankrupt; you will still have that balance to pay off.