Balance Transfers to help someone else

Robsta1973

Hi
My best friend owes money on a store card and is struggling to mamage. They have poor credit so can’t get more credit. I was going to help out by trying to get a 0% balance transfer card Does anyone know if I would be able to do this with Virgin Money. Or know of any other ckmpanies I could do this with please? My own credit rating is good. Thanks for your help
👍

Robsta1973

sorry it may be a catalogue rather than a store card.
thanks

[Deleted User]

It'll need to be a money transfer, not a balance transfer.

Just make sure that you're happy taking on the debt.

MalMonroe

Robsta1973 said:

Hi
My best friend owes money on a store card and is struggling to mamage. They have poor credit so can’t get more credit. I was going to help out by trying to get a 0% balance transfer card Does anyone know if I would be able to do this with Virgin Money. Or know of any other ckmpanies I could do this with please? My own credit rating is good. Thanks for your help
👍

What a lovely friend you are.

However, the best way to help your friend, I think, is to help them to get out of debt themselves. They can call StepChange, who help with debts and are excellent - I've used them in the past. They are not at all judgemental, they don't want to know how people get into debt, they just want to help them get out of debt. It's a free service and a free phone call.

 Here is the link:  https://www.stepchange.org/

In my experience, if someone else is always digging you out of trouble, you never learn to do it yourself. If you do pay off your friend's debt, then they've simply shifted it from one place to another. Instead of a catalogue, they'll owe you. And you have to be prepared to lose that money if your friend can't repay it.

It doesn't sound as if you have a lot of money to spare either because if you did, you'd be transferring some to your friend.

The best way out of this for both of you is to encourage your friend to contact the experts who can help. Such as StepChange. And I always recommend them because I was really desperate when I contacted them. After just one phone call I started to believe that there was a way out and I could do it. It wasn't easy, I have to admit. But I did it. I'm not wealthy now by any means but I have learned how to budget and live within my means. If I can do it, anyone can - I was really bad with money before.

tealady

Never lend money you cannot afford to lose. If you do you will probably lose that and a friend.
If you want to help work out what you can afford to GIVE. Then tell your friend it is a gift, but emphasise it is a one off.
Then point them to Stepchange, CAB, Christian's Against Poverty, all of whom offer debt advice for free.

Rich_richardson

As has been said, it doesn't sound like a great idea as your just taking on someone else's debt. It could end badly.
Last year your were looking to get a mortgage. How did that go? Could you doing this for your friend impact on that situation?

born_again

Remember that no matter what if you do take out a credit card and take on the debt. It becomes yours to pay back.
While it is a nice thing to do, how sure are you that they just won't do the same again and end up in a even worse situation? Along with you ending up with a debt that was not yours and a friend that no longer wants to know you.

As above posts, the best help you can give. Is to help them help themselves. By getting them to talk to the debt charities. Once they are sorted, they will know who their real friends are.

CRISPIANNE3

Robsta1973 said:

Hi
My best friend owes money on a store card and is struggling to mamage. They have poor credit so can’t get more credit. I was going to help out by trying to get a 0% balance transfer card Does anyone know if I would be able to do this with Virgin Money. Or know of any other ckmpanies I could do this with please? My own credit rating is good. Thanks for your help
👍

If they are struggling to manage they  will have a problems paying you back. As one contributor has said get them to speak to a debt charity and that way you will be really helping your best friend in a practical way. Good luck!

cymruchris

Definitely re-iterate all the above points - it's nice that you want to help - but unless you are prepared to pay for the debt yourself - don't take it on. Credit generally is harder to come-by at the moment - so you could say (and I don't usually recommend fibbing!) that you'd also been turned down for a credit card - so you're not in a position to help at the moment - but stepchange would be the best place for them to start. Better to offer moral support, keep the friendship strong, and don't get yourself in a situation where you fall out over money a few months down the line.

nick74

Think of it as a gift, and be pleasantly surprised if they ever pay you back. My wife did this for her ex in about 2010. They split up in 2012, shes not spoken to him in over 8 years. She's still paying 'his' debt off even now!

keiran

Please do not lend money or offer to pay off balances for others. 
It always ends badly
As others have said,  the debt (which they can't afford to pay) simply moves to you
I've learned the hard way

BTW - the best way to get rid of someone you don't want in your life??
Lend them money!!