is this a bad idea? or even possible?

HalfPint

My OH has quite a lot of debt and I obviously am looking at ways to help.

I am thinking of getting a credit card (I have none at the moment) with a low rate for life of balance transfer and transferring some of his credit card debt to it.

firstly is this possible? I.e. new card will be in my name....his card is in his name only - would a card company allow this transfer?.

I am very aware that I will then be legally responsible for this debt should I fail to pay it (which I have no intention of doing)

I don't really want him trying for one because he as a lot of credit in his name and my thoughts are he will probably be rejected.

thoughts on this please would be appreciated.

HP x

PS - He hasn't yet defaulted on anything as we are still managing to pay but we aren't making any impact on clearing it (though payments have been late in the past)

Paul_Herring

HalfPint wrote: »

firstly is this possible? I.e. new card will be in my name....his card is in his name only - would a card company allow this transfer?.

Yes. Entirely possible/legal. One thing you may have to watch out for is some cards won't transfer from other cards they issue (e.g. MBNA won't allow transfers between MBNA cards.) Beyond that, there's no problem.

I am very aware that I will then be legally responsible for this debt should I fail to pay it (which I have no intention of doing)

Indeed.

I don't really want him trying for one because he as a lot of credit in his name and my thoughts are he will probably be rejected.

Are you sure you'll be accepted? From earlier in your post:

I am thinking of getting a credit card (I have none at the moment) with a low rate for life of balance transfer and transferring some of his credit card debt to it.

Do you have any (recent) history of managing credit?