Credit card to pay off partners OD

doxybite

My partner has ODs totalling 1000 which is getting charged over 150 each month. He is spiralling further into debt.

I am considering getting a cc to pay off his ods for him (as his credit is poor) and i will take money out of his account each month to pay it off.

my issue is, i don't know how to do this in the most cost efficient way. is there a long term 0% interest card i could get that would allow me to transfer the money into his bank account? Is there a fee for doing this??

Any advice is appreciated!

CLAPTON

you need a 0%BT card that allows you to BT money into your bank a/c (then you pay his OD off).
not many do this ..MBNA stable, PO and the occasional special offers


of course, the debt will now be yours and not his, so think carefully before doing this

bengalknights

Use a SBT card to do it any mbna derivatives usually have this

jonesMUFCforever

OP what makes you think if he cannot get out of debt that he will be able to give you funds every month?

Even if somehow you have access to his account and take money from him it will only mean someone or somebody else won't get paid.

IMO the best thing you can do to help him is to teach him to budget properly.

doxybite

CLAPTON wrote: »

you need a 0%BT card that allows you to BT money into your bank a/c (then you pay his OD off).
not many do this ..MBNA stable, PO and the occasional special offers


of course, the debt will now be yours and not his, so think carefully before doing this

Thank you. Yes I know, it's a lot to think about and is really a last resort.

Does anyone know how easy it is to get the cc company to put the money in my bank account? Do I need to phone or is there a way to do it online? I was looking at mbna.

doxybite

jonesMUFCforever wrote: »

OP what makes you think if he cannot get out of debt that he will be able to give you funds every month?

Even if somehow you have access to his account and take money from him it will only mean someone or somebody else won't get paid.

IMO the best thing you can do to help him is to teach him to budget properly.

Yes, I see where you are coming from. What I'm thinking is, he can't afford the charges. Each month it takes him further into the overdraft. So if I pay for the charges and bring the overdraft down to the planned limit at least, he will be able to start paying it off.

doxybite

doxybite wrote: »

Does anyone know how easy it is to get the cc company to put the money in my bank account? Do I need to phone or is there a way to do it online? I was looking at mbna.

Never mind, I have found info on the mbna web page

jamesml

As said, at least he won't be paying £150 worth of charges every month - generally there is a 3-4% fee for money transfers (at least on the cards I've had through MBNA that has been the case). Doesn't sound like its a bad move financially providing you can get credit - if you are financially linked to him will his poor score affect your ability to get credit? And also ensuring that you have a plan in place to repay so he doesn't shaft you and do a runner, leaving you with the debt.