help required

omar_3

Right I am new to this and I was hoping someone could help my mum save some money....

My sister (v irresponsible) started a student Barclaycard and ran up a debt of £400; my mum has now been paying it for a year and al she seems to be doing is just paying the interest and maybe £5 of the debt.

I read an article on this site about 0% interest on some new cards (balance transfers).

As far as I understand it (which is not much at all) all she needs to do is apply for a new card with interest free for 12 months (as she wants to clear it) on balance transfers and then transfer the balance from my sisters Barclaycard and just work her way trough paying it (i.e. at least min payment). Is this correct?

What card company/card would you recommend? (She cannot get a Barclay card as she already has one in her name)

Is it possible for her to transfer the balance of my sisters Barclaycard?

Is there a charge for the transfer?

Tanx for your help guys and gals
Please be genital with me!

System

First thing that hits me is why was/is your Mum paying a debt that does not belong to her??? Without meaning to be offensive, your description makes it sound like your Mum does not have a lot of money.

The debt is not hers, she should stop paying it and let Barclaycard deal with your sister. £400 isn't that much, but I understand that if there isn't much money coming in, it can be a problem.

I would never pay someone elses debt - if I ever have kids in the future, if they borrow it, they pay it back. You really need to make your Mum see that it's her daughters responsibility, not hers.

(The reason I haven't suggested any cards is because your Mum shouldn't pay this debt).

johnllew

Most cards will allow you to transfer a balance held in someone else's name - they really don't care where the debt comes from as long as they have a chance of making money out of it!

MBNA Platinum has a 12 month 0% offer - Details here. There shouldn't be a charge for a first BT in an initial promo period but check with MBNA first. Most cards do not charge a fee for BTs during a promotion.

If your Mum wants to pay off your sister's debt, that's her business but your sister could do worse than to become a member here and get her finances in order.

omar_3

Cheers for your help guys....

my mum took on my sisters debt because she wants to help her out and pay it for her (my sister is a student and was ashamed to ask my mum for the money).... I have read my post back and it does make it seem as though she has not much money coming in (but she does) she is of the mindset that she does not want to pay it off with any of families savings or major lump sums (and if it was up to her she would pay the min payment every month).

I have now convinced her after thinking about it rather then take the debt to another card to pay the debt off with some money she has in her savings (after all £400 is not much at all) and then set up a standing order of the min payment from her current account to her savings i.e. £20 quid a month, this negates the need for the new card and allows the balance to be paid of quicker with no interest.

Margaret_Millne

But she will be loosing interest on the savings this way and so in effect is still paying interest - the 0% card would avoid this.