Balance Transfers on 0% Cards

ziggi9803

New poster here. I am trying to help my daughter clear her debt which is under £1000. I'm thinking of getting a 0% Credit card, in my name, with 20 mths interest free on it. I will then pay off her debts she has and then she will set up a direct debit into the card for the 20 mths to clear the debt. Do I have to have a balance transfer to get one of these cards and do folk think this is the best way to clear her debt.

Paully232000

Assuming your daughters debt is on a CC, then there is nothing stopping you transferring it to a 0% BT CC in your name, albeit for a small number of companies (Santander are one i think) who will not allow different name transfers.

Just remembering that the debt then becomes yours (I am sure you know that and I am sure your daughter will pay).

Is certainly the cheapest way to clear the debt apart from someone else paying it off now in full.

If the debt is elsewhere (loan for eg) then there are other ways to go such as a money transfer CC card which works out a bit more expensive usually than a BT, with less options in providers. .