Helping my parents get out of debt - transfer help needed!

Shadowplay_2

Hi all,

This is my first message so i'll try to be as clear as possible.

Here is my situation. I am trying to help my parents out of some of their debt, i don't know exactly how much they are in debt but i have seen enough to be worried so i am trying to use my good credit rating to help them out (as they seem to only be offered high interest rates or get denied credit).

1st i have got a loan with a relatively low APR to help them pay off some of their cards.

Secondly, they have £2,000 on a credit card at a rate of 24.9% which never seems to get paid off as the interest is so high and they have other debts to pay.
I am planning to get a credit card myself which offers 0% on balance transfers for 13months so i can move some of their debt to this card. Then they can set up a direct debit to pay this off. My questions are:

1. Is this a real deal or can the credit card company increase the interest later on? (i realise that they should never spend on this card after the transfer)
2. Can i transfer my parents debt on to a credit card in my name?
3. There is usually a 2%-3% fee for transfering - is this a one off fee?

Also, are there any cards out there which offer 0% on balance transfers for the life of the balance? or even very low interest rates for the life of the balance?

Hope someone can help me out!

Thanks

---lee---

Shadowplay wrote: »

1. Is this a real deal or can the credit card company increase the interest later on? (i realise that they should never spend on this card after the transfer)

I don't know which card you are talking about but as long as you stick to the terms and conditions they will not cancel the deal - be aware however that if you are late with a payment, they will cancel the 0% deal so be sure to setup a direct debit for at least the minimum payment.[/quote]

2. Can i transfer my parents debt on to a credit card in my name?

Yes. They then become your debts however.

3. There is usually a 2%-3% fee for transfering - is this a one off fee?

It's a one off fee for each balance you transfer in.

Also, are there any cards out there which offer 0% on balance transfers for the life of the balance?

No.

or even very low interest rates for the life of the balance?

Yes, see here

YorkshireBoy

Shadowplay wrote: »

i don't know exactly how much they are in debt

No offence but shouldn't you find this out before committing to a possible lost cause?

1. Is this a real deal or can the credit card company increase the interest later on? (i realise that they should never spend on this card after the transfer)

The lender will only withdraw the 0% (or other special rate) if you break the T&C's. Usually this is by paying late, so a direct debit for the minimum payment would be a wise move.

2. Can i transfer my parents debt on to a credit card in my name?

Yes. I haven't had any problems when transferring from someone elses card.

3. There is usually a 2%-3% fee for transfering - is this a one off fee?

Yes, but don't forget you'll pay it every time you move the balance - if you can't clear it within the 13 months.

Also, are there any cards out there which offer 0% on balance transfers for the life of the balance?

No.

or even very low interest rates for the life of the balance?

M&S, IF, Morgan Stanley (until 2010 I believe), and others.