Debt consolidation on credit card

Anonimas

My partner has accumulated some debt in the form of a personal loan, entering overdraft and a credit card.

Most of these are historic and she's no longer accumulating debt (except interest of course) from being money-stupid in the past; now I'm trying to get her out of it.

In theory I've come up with a solution, but I don't know if it's possible:

- throw her loan onto her credit card, I assume then she'd save some money on early repayment and still be able to utilise the 0% balance transfer
- use the remaining credit card credit to pay off her overdraft
- initially only maintain the minimum repayment for the credit card, throwing most of her disposable cash at the overdraft
- once overdraft is paid, throw the money at the credit card
- when she's out of the 0% balance transfer phase, switch to another 0%

In theory it seems easy, I'm guessing the powers that be will make it more difficult in practice?

[Deleted User]

Does her card offer a money transfer option? She'll need that for the loan and overdraft, not just a balance transfer option.

What are the rates on her current debt? And what is the go to rate on the card? You need to consider the possibility of not being able to get another 0% card when the current promo ends.

Anonimas

Sadly I don't think it does, so that might kill this in the water.

I wonder if we could utilise my good credit rating to do this in my name, get the 0% for however long.

What's the likelihood of not being able to source another 0% card?

Paully232000

Anonimas wrote: »

Sadly I don't think it does, so that might kill this in the water.

I wonder if we could utilise my good credit rating to do this in my name, get the 0% for however long.

What's the likelihood of not being able to source another 0% card?

That all depends on how much credit debt you have, income, past use of credit whether you can get a 0% BT/money transfer card.
It is possible with all but a few cards to transfer debt from one person to another.

Foxy-Stoat_3

List up the debts and interest rates.

Anonimas

Foxy-Stoat wrote: »

List up the debts and interest rates.

These are the details I've been given:

HSBC overdraft: £1300 @ 19.9
HSBC loan: £4009.68 remaining (3856.44 pay off price), original loan £7000 @ 3.9%
NatWest CC: 3285.34 @ 11.1%

Foxy-Stoat_3

Rates are not that scary, maybe try and get a loan and clear the over draft and get HSBC to cancel the facility.

Resist the temptation to get a larger loan over a longer term to reduce the monthly payments as this type of consolidation rarely goes well.

CLAPTON

Anonimas wrote: »

These are the details I've been given:

HSBC overdraft: £1300 @ 19.9
HSBC loan: £4009.68 remaining (3856.44 pay off price), original loan £7000 @ 3.9%
NatWest CC: 3285.34 @ 11.1%

she could
-try for a superbalance (money ) transfer CC
or
-try for a 0% purchase card and use this for spending so allowing her OD to reduce

the loan is a good rate and best left alone for now.

Anonimas

Thanks folk, some great advice there - I especially like the idea of utilising the CC to reduce her overdraft.

jonesMUFCforever

I would leave the loan - just make overpayments when you can - with a balance transfer fee or cash/money transfer fee it is not worth consolidating this.
Try to get a new card for the overdraft and NW card.