transferring a partners debt to my card

Bedebtfree

Hi
I wonder if anyone has any experience of this.
my husband has debts, (38K) can't get a 0% card, but I can.. I have been offered a 0% 16 month virgin card, can I transfer some of his debt to this card?
even just shifting £5K of one of his highest interest cards would relieve some pressure of him each month, as he is currently paying interest at rates of 27.9% on two £8K cards, paying £400 a month (minimum payment) and only clearing a few pounds off the actual debt each month.
thanks

Tixy

Yes providing his debt isn't on a virgin or other MBNA card. The card providers don't care whose name it is in but you cannot transfer between cards from the same provider/issuer.

Of course it would mean you will become legally liable for the debt should you split up etc but aside from that no reason you cannot do it.

Considering the large extent of his credit card debts it might also be worth him or you visiting the debt free wannabe board and posting up a statement of affairs to see if people can suggest money saving tips and where you could make changes so you can afford to increase the payments to these cards.

YorkshireBoy

Tixy wrote: »

Yes providing his debt isn't on a virgin or other MBNA card. The card providers don't care whose name it is in but you cannot transfer between cards from the same provider/issuer.

Just incase his debt is on an MBNA run card, be aware you can still transfer his balance...just not by conventional means.

You'll need to make use of their 'money transfer' facility instead, which will cost you slightly more...a 4% fee.

Bedebtfree

thank you for the advice. Am new to this website, but am already finding it very helpful and above all positive. The debt at the moment is terrifying, but knowing that others are going through similar situations and can offer such great support and advice is comforting too!

Flyboy152

One option could be to arrange for a temporary overdraft to match the amount being transferred. Pay off that amount on his card and then transfer the overdraft debt to your new card.

Hax

Flyboy152 wrote: »

One option could be to arrange for a temporary overdraft to match the amount being transferred. Pay off that amount on his card and then transfer the overdraft debt to your new card.

As it's an MBNA card, no point bothering with the complication of the OD - as YorkshireBoy said above, you can just do a money transfer (or super balance transfer) direct into a "normal" bank account. It costs slightly more - but still well worthwhile doing.

sharpy2010

I'll tell you what I used to find helpful with debts... Write down the name of each company you owe money to, and the amount... Each time you pay them money, update it so show that its going down...

I found this helped on two levels... If you can write it down so its all in one place, it instantly seems to become "more manageable" for some reason.

And secondly, you can watch the amount going down, which is heartening to see.

Good luck :-)

Flyboy152

Hax wrote: »

As it's an MBNA card, no point bothering with the complication of the OD - as YorkshireBoy said above, you can just do a money transfer (or super balance transfer) direct into a "normal" bank account. It costs slightly more - but still well worthwhile doing.

But if it goes to an overdraft, it might not cost the extra one per cent.

Hax

Flyboy152 wrote: »

But if it goes to an overdraft, it might not cost the extra one per cent.

AFAIK: All transfers to a bank account are treated the same - OD or not. There's no way for MBNA to access the account details to know the balance.

Bedebtfree

Cheers guys... it is all written down, £38K is daunting, but not all doom and gloom. We both have good jobs, and a steady income, there are things we can sell/cash in and make it all a bit more manageable.