Transferring partners balance to my credit card

ssanaghan

My partner has a terrible credit rating and a hefty credit card bill, while I have an excellent credit rating and no debt. We are trying to sort out his debts and I wondered if it would be possible for me to open a 0% credit card and transfer his balance into it. He would then pay me to pay it off without incurring the interest.
Is this allowed ?

Better_Off_1983

I doubt you can open an account in your name and then him transfer the balance on to it... if that were the case... everyone would be at it!

YorkshireBoy

Better_Off_1983 wrote: »

I doubt you can open an account in your name and then him transfer the balance on to it... if that were the case... everyone would be at it!

The answer to the OP's question is yes, with the possible exception of Santander (if making the request via phone).

I've never seen an online BT request form yet that asks, specifically..."is the debt being transferred your own?"

Tigsteroonie

Beware if you split up though, OP, as it will have become YOUR debt and not his.

Money_maker

If anything happens further down the line, you will be responsible for the full amount of this debt. Please do not do it. Help and support in other ways but do not make it your debt.

ssanaghan

I know it is potentially risky, but we live together, are very happy and I trust him. The thing is, I could afford to pay off the debt for him, but am reluctant to do so ,as I think if I do so, he will not experience for himself the satisfaction of paying off his debts. Is that mean of me ?
I think his debts bother me much more than him,and he is financially clueless . He has 'consolidated' loans and added to his mortgage rather than partying them off!
I would love us to be debt free, but can't see that happening without intervention.

Better_Off_1983

If it were me, I would not take out credit for my partner to help him. I would advise him to seek help from a debt management company, make cutbacks, sell things on ebay etc.

I have been with my partner for several years too... but I would never take out credit to help him out... to me, he is 'big enough and ugly enough' to stand on his own two feet and sort his own mess out.

Hence why he has his money and I have mine. No joint accounts here!

ssanaghan

I'm not planning on paying the debt, just getting a 0% on his behalf, so he can pay the balance and not the interest . It means we will be free of debt sooner and able to enjoy things together. Otherwise. I'll be holidaying on my own !

Jules2012

ssanaghan wrote: »

The thing is, I could afford to pay off the debt for him, but am reluctant to do so ,as I think if I do so, he will not experience for himself the satisfaction of paying off his debts.

How is transferring his debt into your name going to give him "satisfaction" of paying off his own debts?

Better_Off_1983

It must be a very trusting relationship... I have seen loads of posts on this forum where people state that they took out a loan, the love ends and so does the THIRD PARTY'S payments!

I would not do it, but its your life and your choice.

Shelldean

Yes if you can get a 0% card and you can then transfer his debt on to it.
OH and I have done this several times, in our quest to become debt free. we both had debts and have juggled them in this way so we are clearing the detbs faster.

BUT the point to make again is by doing this it becomes YOUR debt and your problem should he decide NOT to pay you one month or even pay you again!!