Balance trafer from one person to another and from debit to credit

pmartin86

Hi, me again, sorry!

I'm looking to help out my partner with her debts, she currently owes around £800 on a barclays current account Overdraft. I've just had a barclaycard accepted with a balance transfer for myself and Ive got just over £1200 left on the limit. I was wondering if there would be any way of transferring her debt onto my CC as a BT? I know that I would be legaly responsible for it etc and i dont ever intend for her to pay me back so Im not worried about that.

Another theory I had is I have another CC that I can take up to £500 cash advance on, if i took a £500 advance on that, and paid it directly to her account, and did a BT from that card to my new barclaycard, would that work?

Regards
Paul.

YorkshireBoy

pmartin86 wrote: »

I was wondering if there would be any way of transferring her debt onto my CC as a BT?

No, not unless they're offering you a 'money transfer'. This is something they do occasionally, but never (that I've heard of) during an introductory period.

...if i took a £500 advance on that, and paid it directly to her account, and did a BT from that card to my new barclaycard, would that work?

Yes, providing they're not run by the same company.

It'll probably cost you 2 lots of fees, around 6%. Unless she's a static £800 overdraft, ie no income, then this may equate to several months debit interest on her current account, so do your sums thoroughly.

pmartin86

Ok, thanks for that, i'll look into the exact costs of the cash advance, she has a good income, but not enough to comftably pay back all her debt anytime soon, she supported me for a while when i was out of work thus the reason for the debt in the first place, now im better off myself im looking to "pay her back" so to speak.

Paul.

lee-lee-2nice

a. Get a virgincard@ 0%for bt they will allow you to tranfer cash into your own account @4%

b. so you owe virgincard£832

c. tranfer cash to your wife account from your current account

d. wife overdraft is clear

e .you can pay virgincard at a rate of 1%of the £832 balance

f. you pay £8.32 per calender mth


Hope this helps , Always set up a direct debit as if you miss just one payment your rate goes up to 16%

YorkshireBoy

lee-lee-2nice wrote: »

f. you pay £8.32 per calender mth

...or £25, whichever is the greater.

So that'll be £25 then.

lee-lee-2nice

yep your totally correct about the min being £25 sorry about that