Transfer?

Mimi_Arc_en_ciel

My ex owes me a substantial amount. He informs me that he can't pay it back in cash (unless I have a little bit each month but it will take a while to pay it!)

He's suggested transferring my CC debt (which I pay back IN FULL every month) on to his 0% CC and that would take out nearly half of what he owes

I'm tempted as he very rarely pays back so whilst offers there I'm thinking "do it"

But what repercussions are there if I do?

Nebulous2

Some people have reported difficulty in transferring a balance to somebody elses credit card, but many people seem to manage it.

Credit cards don't let you transfer balances between the same group - so if they were both MBNA cards for instance it wouldn't work.

Apart from those I can't see any downside. I'd be inclined to pay a bit more than usual this month and get as much money as you can. Obviously don't spend money you wouldn't have and keep money to cover if he doesn't come through.

I see some positives for him as well, particularly if he can pay it off before the 0% is over. Personal lending/borrowing to or from family and friends brings a level of emotional involvement which you don't have with a financial institution.

grumbler

Mimi_Arc_en_ciel wrote: »

My ex owes me a substantial amount. ...
He's suggested transferring my CC debt (which I pay back IN FULL every month) on to his 0% CC and that would take out nearly half of what he owes ...

If it's "substantial", is it not bigger than your typical monthly balance? If so, it can put your CC in credit that your CC provider may not like.
It's better to do several transfers over months if 0% offer allows this.

planteria

if the card providers will allow a Balance Transfer, then a lump sum will be fine, surely grumbler:think:

Mimi_Arc_en_ciel

Yes - he owes me more than my credit card balance. He isn't paying me it all back, he wants to 'pay' my credit card and I deduct that off what he owes. The rest he said that he will need to pay back when he 'can'

grumbler

planteria wrote: »

if the card providers will allow a Balance Transfer, then a lump sum will be fine, surely grumbler:think:

I don't understand your point.
The OP's balance is, say, £500 (monthly spending).
Her ex owes her, say, £5K (substantial amount) and transfers, say £2K from her CC to his CC.
The OP's CC is £1.5K in credit. The OP's CC provider doesn't like this.

However, post #5 clarifies that the transfer is supposed to be much less than the 'substantial' amount owed.

Nebulous2

grumbler wrote: »

I don't understand your point.
The OP's balance is, say, £500 (monthly spending).
Her ex owes her, say, £5K (substantial amount) and transfers, say £2K from her CC to his CC.
The OP's CC is £1.5K in credit. The OP's CC provider doesn't like this.

However, post #5 clarifies that the transfer is supposed to be much less than the 'substantial' amount owed.

We're speculating about figures, but the OP said the intention was to pay 'nearly half' in post one. That was why I suggested trying to put a bit more through on the credit card this month and getting as much as possible, as long as it is genuine expenditure and she has the cash to pay if the CC transfer doesn't come through.

Mimi_Arc_en_ciel

Sorry been away from PC


He is willing to transfer half of what he owes me from my credit card. This would be my "normal" monthly spend. My CC wouldn't be in credit, it would be reduced back to £0

He would still then owe me the other half

What I'm worried about is being liable or him using this in some way in the future to cause me issues.

The only other thing I can think of is get him to pay for something I am doing already (Holiday for example) but then I guess I would have to trust him not to cancel the transaction?

Candyapple

If he does a BT from your card to his, no you are not liable - this is the reason why we would warn someone who intended to do this for a partner/friend as that person then owns the debt so if said boy/girlfriend breaks up with them down the line and it was a messy breakup (usually the other party refuses to keep up with any financial agreements) then the one who did the BT will need to continue making payments regardless of them not running the debt up in the first place.

So if he's willing to do this and he has a 0% balance transfer card which would be able to do the transaction given it will be from 2 different names, go for it.

JimmyTheWig

Sounds like a brilliant plan.
Only possible problem would be one of timing. You'd need to get him to do the transfer with enough time for it to have gone through before your due date.

Could he do the same the next month to pay off the other half?

Mimi_Arc_en_ciel

JimmyTheWig wrote: »

Sounds like a brilliant plan.
Only possible problem would be one of timing. You'd need to get him to do the transfer with enough time for it to have gone through before your due date.

Could he do the same the next month to pay off the other half?

Nice idea but unfortunately not - He is shifting his own debts (Which are interest charged) onto this card so wont have enough funds for the other half