Homemaker advice, balance transfer

GB01

Hi all,
I'm trying to help my mum out with her finances. She is and has been stay at home mum for 30 years, but has a credit card from when she was employed. This credit card has £18k on it and she is paying it off £500 a month but the interest equates to half of that. I am therefore trying to get her a balance transfer - but obviously she has no income herself. The household income is £100k+ through my dad. We did the eligibility calculator and it says she has zero chance, presumbly because her income is zero. I might add, if you are wondering how the balance got to £18k, it has been used by my dad - even though it is in her name - she is not irresponsibly spending!

My dad is very traditional in that he believes finances are the earners issue, despite my mum being on the accounts and also being her responsibility in the eyes of the law, the amount of arguments we get into when i try *calmly* to offer to help them out. So unfortunately speaking to him is not an issue - hence why we are doing it today while he is at work!

Can anyone advise us on this - paying the £500 a month when only half is truly clearing the balance is just ridiculous.
Please only helpful answers, this is obviously a very difficult situation and I am trying to my best for my mum!

shiny76

GB01 wrote: »

My dad is very traditional in that he believes finances are the earners issue

Perhaps I've misinterpreted the above but:

If your dad is the only earner then he could (should in his eyes) take responsibility for the debt. Presumably he is better placed to get a 0% BT (or MT) card.

GB01

Hi Shiny76 - you have interpreted it right!
He will definitely help, but my next question is can you balance transfer between accounts that have different names? I guess the only answer is to speak to the provider!

System

GB01 wrote: »

Hi Shiny76 - you have interpreted it right!
He will definitely help, but my next question is can you balance transfer between accounts that have different names? I guess the only answer is to speak to the provider!

https://www.money.co.uk/credit-cards/can-you-transfer-a-balance-from-someone-elses-credit-card.htm

GB01

Thanks beany_bot, unless i have missed it the link still doesn't say what banks allow it!

System

Nope, go digging and ask them.

chelseablue

GB01 wrote: »

Hi Shiny76 - you have interpreted it right!
He will definitely help, but my next question is can you balance transfer between accounts that have different names? I guess the only answer is to speak to the provider!

I have done in the past.

My husband had a Capital One card where the interest rate was over 20%

I did a balance transfer to my Sainsbury's card as they were offering 0%

GB01

I've called sains, halifax & tsb and none of them do it! Urgh I will keep calling

shiny76

GB01 wrote: »

Thanks beany_bot, unless i have missed it the link still doesn't say what banks allow it!

The alternative is to get a Money Transfer card. It might cost a bit more in fees but once the money is in your dads account he can use it as he sees fit (i.e. pay off mums card). Thus avoiding banks rules on BTs between individuals.

It might take a MT card and a few BT cards to get it all shifted.

e.g.

1) MT £4500
2) Pay £4500 off mums card
3) BT £4500 to a different 0% BT card (card1)
4) Repeat from step 1 until all debt is at 0% or your Dad runs out of credit on 0% BT cards


All the above assumes your dad is an attractive proposition to CC lenders!

Nasqueron

Last time I did a BT all I needed was the credit card I was moving it from, the old card provider just sees a payment to the card and the new one, a debt - can't see how they'd know you were moving it from another person

MalcRH12

Would it be possible for your dad to make overpayments on the balance to reduce it being as he is the earner in the household?