Balance Transfers and Payday Loans

suze369

Hi

I hope you can help me with a question - I couldn't find any other posts on this subject and not sure if this is possible.

I have a Nationwide Credit Card with a 20 month 0% BT offer, I wasn't planning to use it, the card is just for emergencies. However my little brother has just lost his job and I have just found out he has a Payday loan :(

Is it possible to transfer the loan to my card? I can afford to pay it off over that time whether he can pay me back or not, I just want to stop him getting in even deeper...

I wasn't sure this would count as an eligible debt for transferring to a CC?? Would love any advice please

Am equal parts worried and annoyed at the moment :mad::(

[Deleted User]

No, you can't do it as a BT. I doubt they will accept cards as a payment at all, but even if they did, I would advise against it as they may retain payment details for future loans. Same goes for a debit card.

jo-bo

Do you have another credit card that you can possibly do a money transfer to a current acount or cash withdrawal from? If so you could use this and then transfer to the nationwide card for the 20 months 0%. It's not ideal given the fees that it might cost but if needs must

suze369

Thanks guys.

jo-bo, I have a Barclaycard I was about to cancel which I could do a cash transfer from and then immediately transfer to my Nationwide account. I will take a look into using that as the interest will be nowhere near the other one.

zx81, I hadn't even considered them keeping my details, that's scary...

But I feel positive i can help him, at least he has had a LBM moment about debt