Credit card, taking on someones debt.

silkyuk9

Hi.

I would like some help regarding myself taking over someones debt. Please I do not want to go into details why this is happening its purely my choice to help out a family member for a while until circumstances change. All I am looking for is help on how I can do this in the cheapest option using a credit card on a 0% deal for a year or 18 months.

Ok, the debt is £3700 it is currently on a cc but the interest has now taken place and the monthly bill is £101 which of course means there is a good amount of interest on this bill now. Infact the interest is £62 per month.

Last month until the interest took hold the bill was around £40.

Ok, ive now taken on the debt, but do not have a surplus £3700 to pay this card in one lump sum. So I intend to pay the bill monthly. I called my cc company, different from the one in question to see if I could move this debt over to my card on a 0% deal but they say I cannot move someone elses debt to my card, so that idea seems out of the question.

I can get another cc if I apply im sure and take £3700 in cash from the new card and pay onto this card but this will not be classed as transferring from one to another so the 0% deal will not apply.

What can I do here. I can afford at a tight squeeze the £101 per month for the time being but really would like to get rid of the interest and get the amount down quicker.

I would like to do this by cc if possible on a 0% deal as a loan is another option but again I will have to pay around 8% for around 4 years loan deal.

So any suggestions here please.

redpete

silkyuk9 wrote: »

I called my cc company, different from the one in question to see if I could move this debt over to my card on a 0% deal but they say I cannot move someone elses debt to my card, so that idea seems out of the question.

Many cards do allow you to transfer from an account in someone else's name so...

I can get another cc if I apply im sure

...doing this might be a possibility using their 0% transfer deal.

and take £3700 in cash from the new card and pay onto this card

paying cash withdrawal fee and CC interest as soon as you make the withdrawal is an expensive way of getting a loan.

I would like to do this by cc if possible on a 0% deal as a loan is another option but again I will have to pay around 8% for around 4 years loan deal.

8% is a lot cheaper than most CC interest charges (and I got a mailshot from M&S offering loans at 3.9% this week)..

YorkshireBoy

I'm only aware of 2 providers who are quite keen to ensure the debt is your own if balance transferring...Santander and Tesco.


But whichever BT card you go for, be sure to read the T&Cs re minimum payments. Some providers require 3%, so if £101 would be a "tight squeeze", then £111 might not be possible for you!