Transferring debt to other people?

bobbybee2

I have been tarting effectively for the past 18 months and it's time to transfer my debt (currently £3500) onto the next 0% card.

I have applied for two offers, one of the charity cards (NSPCA I think) and the post office card, but have been turned down on both occasions.

I was wondering whether it's possible (and more importantly, legal) to transfer debt from one person's credit card to another person's. As my dad has a much better credit rating than me (home owner, higher salary etc).

Will the credit card companies accept this? Has anyone here done it? Does anyone know the legal side of this? Is it outlawed due to money laundering concerns?

My other alternative is that I have the recommended A&L current account, does anyone know the typical interest free amount that they'll offer for there overdraft facility.

Does anyone know any other solutions I might have? I don't want to have to take my savings out of my ISA in order to pay off the debt, but if I have to, that's what I'm going to do.

Thanks in advance

Bobbybee2

sshnuke

bobbybee2 wrote:

I was wondering whether it's possible (and more importantly, legal) to transfer debt from one person's credit card to another person's. As my dad has a much better credit rating than me (home owner, higher salary etc).

it is possilbe and it is legal... check out the following thread for more info: http://forums.moneysavingexpert.com/showthread.html?p=1352776&mode=linear#post1352776

Also... for other solutions it might be helpful to know a) which credit cards you currently have and b) if you have any idea why you've been turned down by lenders recently.

stormCat99

A&L promise to match your existing OD facility. We switched and they match the £1500 on each of our accounts.

jonesMUFCforever

Yes you can do what you want BUT it then becomes your father's debt and his alone.
£3500 over 18 months suggests to me that you have a deep rooted financial problem which needs sorting before getting out of hand.As you have found credit card companies are getting more 'picky' in who they lend to.

Andy_Davies

ejones999 wrote:

Yes you can do what you want BUT it then becomes your father's debt and his alone.
£3500 over 18 months suggests to me that you have a deep rooted financial problem which needs sorting before getting out of hand.

I don't think there's enough information to back that conclusion up, all we know is the posters been on 0% for 18 months and currently owes £3500.

We don't have any idea whether the debt has got larger or smaller over time. I could have been £7000 18 months ago, as is slowly being paid off...

Robert_Sterling

bobbybee2 wrote:

I was wondering whether it's possible (and more importantly, legal) to transfer debt from one person's credit card to another person's. As my dad has a much better credit rating than me (home owner, higher salary etc).

Will the credit card companies accept this?

The answer is a big

Y E S

jonesMUFCforever

Andy_Davies wrote:

I don't think there's enough information to back that conclusion up, all we know is the posters been on 0% for 18 months and currently owes £3500.

We don't have any idea whether the debt has got larger or smaller over time. I could have been £7000 18 months ago, as is slowly being paid off...

I think the fact that he has been turned down by two different card companies tells me there is a problem.(Especially if he ONLY owes £3500)
Why not just pay it off from the 'stooze' pot - why bother getting a member of his family into debt?
Would you ask someone from your family to do this - I wouldn't!