Can I do a balance transfer from my account to someone else?

KevADI999

Hi,

I'm new to this forum and I am hoping that you can help me. My partner is struggling to keep up with her outgoings and is not in a position to apply for further credit at the moment. I am considering applying for one of the many 0% balance transfer credit cards currently available so that she can reduce the cost of her credit/outgoings.

My question is, when applying for a card, it asks about transferring balances from other accounts. Do those accounts have to be in my own name, or will they allow me to pay off my partners card in this way?

I look forward to hearing your advice and experiences of this type.

Kind Regards,
Kev.

zerog

I have done this successfully. If they ask whether it is your card, do not lie, but they usually don't ask.

CLAPTON

as said you normally can BT from some-one with another name.

however the debt will then be entirely yours and you will be responsible for making the payments

thenudeone

You need to check whether there are any limitations in the offer you've been given.

Santander DO NOT allow BTs from balance held in anyone else's name, but most card issuers aren't that bothered.

bargainbetty

As long as you are absolutely clear about the fact that the debt will now be yours and not hers anymore, you should be OK, as many lenders don't care.

You might wish to consider emptying her highest interest rate credit card, after checking to see if she could obtain a low-life-of balance rate on the empty card. She can then take the debts back into her own name at a much reduced rate, and her situation will be improved while yours will not be at risk.

Personally, I would not take on someone else's debt, even a loved one. You have no real idea of what the future holds, although if you do this and your OH walks away, yours will involve debt.

Help her budget, offer to contribute more to the household so she can bring her debts down, support her emotionally during what will be a difficult time and treat her to a nice dinner or a pampering session to congratulate her on reaching her milestones. Go over to the 'Lending money to friends and family' thread. Read it. There are a thousand stories of people who have taken on debt for loved ones and are now being utterly shafted. There are other ways to help, without bailing someone out.

I wish you both luck x

forgotmyname

You may not think it but people do come on here asking for help after their partner decided to leave them and all the debts accrued to help them.

Think very very carefully. Cam YOU afford to keep paying the debts you take out to help them? Because as mentioned they will be your debts now.

happycamel_2

As she's your partner, not your wife I'd be incredibly wary of taking on her debt yourself. As mentioned above there a lots of practical things you could do to help without making an ongoing commitment in case circumstances change.

Take over paying the groceries or housing costs, listen to her, ask her if she wants to be accountable to you or start a diary on here. Get her little treats but I'd strongly advise against taking on her debt and then trusting her to make the repayments, even if she does do that she may be tempted to run up the balance on the card again or apply for a new one.

Radshire

Im new to this particular board so please go easy.

Couple of general questions:
1. Can you do this if you're married (presumably you'll be linked on any credit report searches and lenders will know (if they ask) that the person you are trying to transfer debt from is your spouce)
2. (And just for interest) presumably debts are split in the same way as assets in a divorce settlement. Is this presumption correct?

forgotmyname

1 No
2 No.

1 The new loan is in his name alone so his debts.
2 Its his debt in his name. 100% his problem.

No joint finances unless they have a joint bank account or mortgage etc.

If they split up or she does a runner its 100% his problem.

Happens too often on here. Same if he guratanee's a loan in her name.
She doesnt pay he gets to pay instead.

happycamel_2

Forgotmyname is correct. The reason I mentioned marriage is because a divorce settlement would be negotiated where the source of the credit could be considered and there would be more formality to the split.

If you look on the loans board you'll see someone trying to chase a £1500 loan to an expartner who is now refusing to pay. She has got a ccj, tried for an attachment of earnings and even had bailiffs sent but the he refuses to answer the door or acknowledge the debt so the court won't enforce payment. In a marriage breakup that scenario isn't impossible but is less likely.

Radshire

Thanks happycamel, forgotmyname.
I wasn't referring to the OP. I have wondered in the past whether a BT to my wife's card was possible, and my second question, as stated was hypothetical.

I appreciate that things can go wrong in a relationship and I'm not contemplating this. I would be surprised if liabilities were not negotiated during a divorce as it would appear that it would be rather unjust to negotiate assets only.