Balance Transfers - paying off someone else's debt

I am looking to transfer my existing credit card debt to a new 0% card but at the same time I want to also transfer my partners existing credit card debt to my new 0% card. He has a bad credit rating so the interest on his current credit card is extremely high (whereas I have a good credit rating). Am I able to transfer his existing balance to my new card (so in effect I become responsible for the debt) and still obtain 0% on the transfer? Will this affect my credit rating by taking on his debt? We want to clear our debt as soon as possible in the cheapest way - our two separate credit cards are costing us a lot of money each month. Any advice would be much appreciated.
Thanks :)

Comments

  • Paully232000
    Paully232000 Posts: 2,108 Forumite
    Yes you can do that on most credit cards bar one or two. I think Santander is one of them. You will get 0% on all transfers.
  • The main restriction in doing this is you have to live at the same address. My dad couldnt transfer one of my credit card balances to his credit card as we live separately. Remember once you do this you are now liable for the whole debt and your partner is effectively debt free....
    Total Credit Used...=........£9,000 / £52,700
    Mortgage..............=........£138,000 , 20 Years left.
    :starmod:CC cashback for this year..=........£112.88 £205.81 banked in 2015
    :starmod:YNAB User & Mortgage Free Wannabe
    :starmod::A19/03/16
  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    cant say I have ever been asked the name or address, as the company bacs it anyway
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • Paully232000
    Paully232000 Posts: 2,108 Forumite
    uncreative wrote: »
    The main restriction in doing this is you have to live at the same address. My dad couldnt transfer one of my credit card balances to his credit card as we live separately. Remember once you do this you are now liable for the whole debt and your partner is effectively debt free....

    Never heard of that, who were the two companies?
  • Thanks for the advice folks, we'll definitely go ahead and do this I think. Hopefully this should improve my partners credit rating by clearing his debt. :)
  • Ben8282
    Ben8282 Posts: 4,821 Forumite
    1,000 Posts Combo Breaker Newshound!
    Louba77 wrote: »
    I am looking to transfer my existing credit card debt to a new 0% card but at the same time I want to also transfer my partners existing credit card debt to my new 0% card. He has a bad credit rating so the interest on his current credit card is extremely high (whereas I have a good credit rating). Am I able to transfer his existing balance to my new card (so in effect I become responsible for the debt) and still obtain 0% on the transfer? Will this affect my credit rating by taking on his debt? We want to clear our debt as soon as possible in the cheapest way - our two separate credit cards are costing us a lot of money each month. Any advice would be much appreciated.
    Thanks :)


    You ask if transferring this debt will affect your credit rating. Yes it will in the sense that you will have a higher balance and higher utilisation ratio,
    Doing the bt will not In itself create a financial association between you and your partner but if such a link does exist your own credit rating could also be being affected by his.
  • Never heard of that, who were the two companies?

    It was a Natwest card (mine) balance transfer to a Halifax card (dads). They couldnt do it.
    Total Credit Used...=........£9,000 / £52,700
    Mortgage..............=........£138,000 , 20 Years left.
    :starmod:CC cashback for this year..=........£112.88 £205.81 banked in 2015
    :starmod:YNAB User & Mortgage Free Wannabe
    :starmod::A19/03/16
  • SnowTiger
    SnowTiger Posts: 4,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    uncreative wrote: »
    It was a Natwest card (mine) balance transfer to a Halifax card (dads). They couldnt do it.

    Did you do it over the phone and tell them you live at different addresses?

    Halifax don't even appear to ask for name or address when you do the transfer online.

    Same goes for Santander, which others have had difficulties with.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.2K Banking & Borrowing
  • 252.8K Reduce Debt & Boost Income
  • 453.2K Spending & Discounts
  • 243.1K Work, Benefits & Business
  • 597.5K Mortgages, Homes & Bills
  • 176.5K Life & Family
  • 256.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.