Can a Third Party Transfer my Balance?

rori111

Please Help -

I have a credit card with Halifax, and they are charging me a very high rate of interest on my balance which is approx £4500. I no longer spend with the card, and pay about £300pcm off the balance instead. I'm unable to obtain another 0% credit card to transfer the balance due to average/fair credit score.
My mother has offered to obtain a 0% balance transfer card, and use it to transfer the balance from my Halifax CC account to the 0% card so I can gradually pay off the balance without this horrendous interest piling up each month.

Is it going to be possible for her to obtain a card (e.g. from Virgin / Natwest etc) in order to do this? I am not sure, as we have no shared accounts, and different names. I am reluctant to add her as a cardholder to my Halifax account, as there have been a couple of missed payments within the past 12months, and I don't want to adversly affect her credit rating...

Any suggestions please?

thanks

Moggles_2

There's no need to name your mother as a secondary card holder. You can switch credit card balances from family, friends or Dave down the pub.

Your mother could apply for a 0% BT cc in her name. She should bear in mind though, that the person whose card your balance is shifted to, then becomes soley liable for the debt.

From the lender's perspective, it's not a problem. She 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 company is after her business. They're not really interested in knowing who ran up the debt, as long as she, their customer, pays up on time each month!

Note: you still need to be just as careful about the card provider (as arranging a BT between your own accounts). Virgin would be fine.

Karl.H_2

Moggles wrote: »

There's no need to name your mother as a secondary card holder. You can switch credit card balances from family, friends or Dave down the pub.

Your mother could apply for a 0% BT cc in her name. She should bear in mind though, that the person whose card your balance is shifted to, then becomes soley liable for the debt.

From the lender's perspective, it's not a problem. She 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 company is after her business. They're not really interested in knowing who ran up the debt, as long as she, their customer, pays up on time each month!

I'm getting a feeling of Deja vu here.

It's always good when family members are willing to help out and take a great risk. Which 0% cards have you attemped? And, how many have you applied for? There will be one who will accept you.