Balance transfers for a family menber????

Sue_at_the_seaside

Is it possible?
A son has horrific debts and has come to his senses (I hope) He is wary about taking a new card to do the 0% rate transfer as he hope to get a mortgage when this is over and is worried about damaging his credit rating (lol) Is it going to be possible for me to take a new card, have him as a second card holder and transfer his current credit card debt.
Is it going to be possible? what do you think.

g6jns_2

Sue_at_the_seaside wrote: »

Is it possible?
A son has horrific debts and has come to his senses (I hope) He is wary about taking a new card to do the 0% rate transfer as he hope to get a mortgage when this is over and is worried about damaging his credit rating (lol) Is it going to be possible for me to take a new card, have him as a second card holder and transfer his current credit card debt.
Is it going to be possible? what do you think.

Very unlikely. It would be far better for him to really face up to the debt and restirct his spending whilst paying it off. Transferring blalances is not a long term solution.

grumbler

g6jns wrote: »

Very unlikely.

What is unlikely?
In fact it is possible to transfer the balance, and he doesn't even have to be a second cardholder for this.

It's a different question whether this is really worth doing.

Sue_at_the_seaside wrote: »

A son has horrific debts and has come to his senses (I hope) He is wary about taking a new card to do the 0% rate transfer as he hope to get a mortgage when this is over and is worried about damaging his credit rating (lol)

I guess 'hope' means that you aren't sure, and 'lol' means that it's difficult to damage the credit rating more than it is already damaged. In fact a new card can't damage it, but with 'horrific debts' it's likely that the son stands no chance to get a new card with a sizable limit to transfer the debt(s).
Do you understand the the debt becomes yours if you transfer it to your card?

Sue_at_the_seaside

grumbler wrote: »

What is unlikely?
In fact it is possible to transfer the balance, and he doesn't even have to be a second cardholder for this.

It's a different question whether this is really worth doing.

If we could get this sorted it would be worth it! how can I go about doing it without his name on the new CC account?

YorkshireBoy

Sue_at_the_seaside wrote: »

how can I go about doing it without his name on the new CC account?

Apply for a BT card in your name, and ask for a BT quoting his account details. You're usually just asked for provider name and 16 digit card number.


Avoid telephone requests* as you may be asked if the card is in your name. Better to do it online.





* Especially with Santander!

grumbler

Sue_at_the_seaside wrote: »

If we could get this sorted it would be worth it! how can I go about doing it without his name on the new CC account?

AFAIK, normally only the card number is required to transfer the balance. When doing this online some CC companies (Santander IIRC) ask the name as well and want it to be the same, but reportedly, you still can do this over a phone. Being a second cardholder doesn't change anything.

Paully232000

I have done this in the past, albeit a good few years ago. Transferred a balance from my card to my partners card when I was a student and couldn't get another 0% BT card. I carried on paying the minimum and then transferred the rest back to me when I was no longer a student.

Just be aware that the debt becomes yours even if he is a second card holder should anything happen (hopefully it will all be amicable but you never know).

Sue_at_the_seaside

Thank you, you have all been brilliant, I know it will become my debt, been in this mess too often not to realise the consequences, but hopefully this is it!
I'll give it a go in a couple of days, when I've got the time to settle to the form filling, and post back here to let you know how it went.

Sue_at_the_seaside

Just thought I'd let you all know, it worked, whether it is the right decision is another question all together, but we have achieved what we wanted to do. Thanks again for all the input.

Morglin

A couple of years ago, I transferred a balance from my husband's card to a card of mine.

I wasn't a second card holder of his, he wasn't of mine, and it went straight through.

They don't seem to worry.

Lin

Fingerbobs

Tesco is the only card I've come across that only permits transfers from cards in your own name. You don't actually have to enter the name of the cardholder, but if you read the "Important Information" below the balance transfer form when doing it online, it says you may only transfer balance from cards in your own name, and you have to tick a box to confirm that the other card is in your own name before it will allow you to submit the form.