balance transfers for my daughter?

karlena

My daughter is living abroad and cannot apply for 0%. I am going to get a card in my name and take her debt. Would a balance transfer count if it is from a different person. If not would I need to make this a purchase instead and then set up a DD in my name that she pays back to me. For a long time, since being a student, she has been stuck with this problem and never touches the loan instead she is credit card fodder. I have never had a debt in my life and have paid her debts before but now she is beside herself and I can trust she will pay £60 per month for £3,000 debt until we can move on to the next 0%. When I can I will pay it all off nd she will then pay me. Can anybody advise me???

euronorris

Yes, don't lend her the money. She didn't learn the last time, and she won't learn now if you help her again. Not to mention the problems it would cause between you if/when she defaults.

I am repaying my debts from abroad also. I just had to accept the high interest they were charging, cut back on my outgoings and pay as much off the most expensive card first, until it was cleared. NOw that it has been clear for a few months, I rang them up and asked for a balance transfer promotional rate and they just offered me 1.9% for 6 months. So, I have now transferred my last CC debt to that card and will clear it asap. I would suggest a similar approach for your daughter.

Has she done a full Statement of Affairs (SOA). Has she cut back on luxuries? How do you know she will pay you if she hasn't paid her debts in the past. All of these things need to be addressed first.