Can I transfer debts on my Credit cards to my boyfriends HSBC credit card??

mazy_m

Hi there

After a few years of not having great credit my boyfriend was finally accepted a good amount of Credit with HSBC. Prior to this I put his debt onto my credit cards and he owes me over a grand now. So can I put this debt onto his new card does anyone know. Do they allow it as it will be a name different to his if this makes sense?

THe balance transfer offer is 0% for 15 months so this really makes financial sense to us and would mean that I would reduce the monthly interest I pay by more than 50% it would be so much less stress for me too as this means I can get out of debt wooooo!!! quicker than I anticipated!! I can actually have a life!!

Does anyone know what HSBCs policy is on this? Would I have to be an authorised name on his credit card etc?

Thank you any help is most welcome!!

Maz
Xx

chanz4

makes no difference on name, I would transfer it to his car as its his debt and if you split up its where it should be

thenudeone

I'm almost certain that YOU wouldn't be able to do a balance transfer which creates a debt in his name and pays a debt off in your name. Only the main cardholder could do that.
Some banks don't allow balance transfers off other people's card debts, others are less fussy, but it's usually laid out on the screens when you do it online. Why don't you go through the process (but don't complete it) to see what the conditions are?

mazy_m

Hey guys am a little confused now lol!!! yeah I'll put it on there if I can coz it's his debt but like you said (thenudeone) they could reject it coz i'm not the main user!!

SCO

If it is two diffrent cards one in your name one in his two seperate accounts then you are both main card holders. YES you can transfer the debt just means the debt is legally his then.

mazy_m

HI SCO so it doesn't matter if i'm not even an authorised to use his HSBC then it's still fine to transfer the debt from say a sainsburys one in my name?

Sorry to be really thick at this!! It's taught me a lesson not to get credit cards so someone else can use them as I was just hammered in interest!!

Thanks

Maz

SCO

mazy_m wrote: »

HI SCO so it doesn't matter if i'm not even an authorised to use his HSBC then it's still fine to transfer the debt from say a sainsburys one in my name?

Sorry to be really thick at this!! It's taught me a lesson not to get credit cards so someone else can use them as I was just hammered in interest!!

Thanks

Maz

Hi, never done it myself but from what i have read on here you can do it.

Basically when you balance transfer all the ask for (depending on lender) is the card number, amount, contact no and sometimes exp date. All you can do is give it a go, if doing it by call centre dont mention its in your boyfreinds name better trying it online if you can.

Unless you can trust someone financialy never get a credit card in your name for them, preferably never get finance for someone else.

[Deleted User]

Ok - just to make things clear - it can be done , but your boyfriend has to do it, not you. He contacts HIS card that you both want the balance to be transferred to, and give YOUR card details. His card then effectively makes payment to your card - so you go to zero (assuming a full balance payment), and he gets a new transaction on his card for that amount.

If you could do it to get rid of your debt, we'd all be at it, giving random card numbers to shift our debts to!

mazy_m

Hey all thanks again

I never would have got finance on behalf of someone else but he had just lost his job and needed to drive quickly to be able to apply for jobs further out so I had to book lessons etc n pay for other things so he could use money to get a cheap car. Thankfully he's in full time employment and it's a decent -ish!! wage!! So he can pay me back I know he was good for it tho as he was always going on about paying me back whenever he got a little but of money but I couldn't take it off him and leave him with nothing!

But phew it's a relief to hear we can do this as it really will solve most of the debt we don't have much but the interest rates were ridiculous and two of my cards sent me a letter through saying it was going up by over 5% I was fuming so I told them to close the account and that i'd be paying it back at the rate I agreed when I joined up! Once this is then paid off we might be able to consider getting a mortgage! once we've saved a deposit dread to think how much we'll need to save!!

Maz

mazy_m

Just to let ya all know we did it online and it worked yay!!!!! thanks for your advice everyone!

x

YorkshireBoy

mazy_m wrote: »

Just to let ya all know we did it online and it worked yay!!!!!

Probably a wise decision. We've only been asked once for the name on the other card...and when my wife said it was actually my card, HSBC branch refused to allow the BT.

We were only stoozing at the time and muling through my Egg Money card so it wasn't the end of the world and we found another way.