pondering credit card transfers

NellyM029

Hi,

My apr was recently increased (RATE JACKED)for one of my cards to a staggering 26%. Recently (even though I have never missed a payment) my credit limit has been reduced on a few cards making me think I have no way of getting more credit anywhere else.

When I went to vist my parents I noticed they had an offer from a company to transfer debt at 3% charge which would be 0% for 9 months then 18.9% after that.

I'm thinking of asking if I can transfer my highest apr balance to them (£1500).

Is this permitted or does it have to be debt in their name? And any tips for how to ask about this.

I've never asked for help fom my parents before and I don't really want to tell them the scale of my debt

Cloudy456

I think it would be allowed, although technically the dent would then be theirs and if you missed a payment it would reflect on their own credit file. Plus I think if you asked that it might raise alarm bells and they might ask more questions about your debt so I would be prepared for that! It seems wrong to borrow in their name without them having full information about your situation so they can make a fully informed decision, but that's just my humble opinion!

And by the way, you can refuse an interest rate increase as long as you are no longer using the card. Hope that helps!

Cloudy456

*debt* Excuse my spelling :-)

NellyM029

Thanks, although i would never miss a payment and put them in a uncomfortable position I do feel a bit weird about asking. And I don't really want to worry them. I may just leave it.

Thanks!

Cloudy456

I'm sure you wouldn't ever do that to your parents on purpose, to me it would just add a whole new level of pressure knowing that it was in their name if I were to be hit by a bus! But I'm sure most parents would want to help out and may be annoyed if you hadn't asked when they could help so I'm sure you'll make the right decision knowing your own family best!

Happytogetdebtfree

Hi nelly, good luck with clearing the debts, I think your parents would have to pay for the bill of the card although I don't speak from experience they maybe able to transfer the balance over from one card to another. As said be prepared for questions, without a statement of affairs it would be impossible to see what your beat options are, maybe you can refuse a intrest rise if you don't wish to spend on the card. Keep u posted :-)

NellyM029

I'm complaining about the rate jack as egg didnt tell me, but they say they did. hmmmph, I will know next week. fingers crossed