Balance Transfers - paying off someone else's debt

Louba77

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

Paully232000

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.

uncreative

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....

chanz4

cant say I have ever been asked the name or address, as the company bacs it anyway

Paully232000

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?

Louba77

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

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.

uncreative

Paully232000 wrote: »

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.

SnowTiger

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.