Transferring partners balance to my credit card

YorkshireBoy

ssanaghan wrote: »

Otherwise. I'll be holidaying on my own !

The use of an exclamation mark would indicate you made that comment in jest?

If you didn't, then you're not as close as you think you are and may wish to re-consider your plan.

Vikipollard

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. 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.

The bold bit above has sent my eyebrows into my hair line. You will be taking sole responsibility for his debts, and being 'financially clueless' what will he do? Yep, he'll run them all up again because he hasn't had to suffer the consequences. His get out of jail free card is your ability to get 0% deals.

Whilst it is commendable to want to help, particularly as you want to be debt free, unless and until he has his LBM, this circle will perpetuate itself until he stops being irresponsible with money.

ssanaghan

What is LBM ?

jonesMUFCforever

Light bulb moment!

B19JON

How much is a hefty debt?

Really, he does need to learn for himself. I've been there and yes, I would have loved it if someone could have helped me to get a 0% card, the amount of interest I was paying was silly.
Maybe sit with him and work out his finances.
http://www.stoozing.com/msoc/snowball_calc.php Might find this useful

dealer_wins

There have been 100s of threads on mse about X-partners stitched up for debts of £1000s.

OP dont do it no matter how loved up you are!

Any

I did it too. Once. No heartbreak story ere, we were husband and wife and I suppose I felt I can because in divorce I would have taken part of his house ha ha
But on a serious note. I did sit him down and kind of forced his LBM on him. I calculated, showed him and forced him to acknowledge the amount of interest being charged over the next year and over the length of the debt. Utter shock for him. Before he was hiding head in the sand. I transferred all the balances to one card and then cut them up. I virtually demanded to see statements and payments being made to the one I left him (0% card he needed for work expenses). There was lot of shouting, arguing and threatening being done. Not for the faint hearted. Not pleasant.
After the first period I was able to transfer back to his name (fortunately he remained with good score, never actually missed payments just wasn't paying off in full and was fully loaded).
Now he is at 1/5 of the debt he was at before and really working on paying it off.
But it was hell of a hard work and I had marriage commitment behind me. I did it for the sake of our future and he did it for the sake of me and the marriage. Because I couldn't live like that. He is a lovely man in every other aspect but his attitude to money (brought up with the idea that talking about them is vulgar and at first hating my intervention).
Are you 102% sure your partnership is this strong??
Because otherwise you are really running very very high risk proposition.
If you are-fair enough.

TheGenerus1

My mother was recently given a BT promotional offer from Barclaycard (0% for 15 months).

She BT an amount from my Creation card via her online Barclaycard account (Asked for the card number and amount, no name was required) .

Mother got a call the next day from Barclaycard asking her if she could answer 3 questions.

1. Which of these names do you recognize? (She was given 3 names of which one of them was mine).

2. Which of these addresses do you recognize? (She was given 3 addresses for which one of them was mine).

3. How much did your BT request come to? (She was given 3 total, for which one was the correct amount requested).

Once all the questions were answered, the rep said the BT will now be processed.

Barclaycard must have seen somehow that the card was in a different name and required some security checks.
BT went through as normal within 5 days.

This was my experience of Barclaycards handling of a BT from a card in another persons name.

moneymuffin

I know some people are reluctant for you to take on the debt but only you know your relationship. And ultimately its your decision.

I have been in your partners place, i.e. financially inept (still am). I confessed all to my partner who paid some of it off and transferred the rest of it into his name on a 0% deal. Did this work? Yes and No.

Yes from a point of view I wanted to quickly pay off the debt that was in his name so I made larger payments than I would have otherwise.

No from the point of view that it did not make me deal with the reasons for spending, so therefore I ran all the debts up again back in my name.

So a couple of things you should do to protect yourself and also your partner from himself if necessary is to make sure that letters are sent to all his creditors closing the accounts once balances have been transferred and that they sign up to Noddle for a free credit report and that you have the password so that you can check they aren't opening up any new lines of credit.

As I say only you can make the decision but it is not always the best decision in the long run. I know logically it seems to make sense but I have found spending isn't always logical.

ssanaghan

Thanks for your helpful advice. I will have a talk with my lovely partner today. His main problem is burying head in sand and not addressing the debt , so hopefully will find a way forward .