Money transfers0%

Cazmeena

Hi 

I appreciate everyone’s comments and advice on my previous post after I completed the SOA. Now it’s clearly written down I can get my head around it a bit more now.
so I have a long to do list which includes looking at food shop bills, insurances and ways I can try and save money to pay off debt.  So question if husband is not being offered any 0% balance  transfer but his credit score is ok shall I take out a money transfer for him as they keep offering me them I can’t do a BT as the credit cards are not in my name.  We have 4 CC in total all ranging from 17 to 21%.  Or just do the highest one first for now?  TIA  

Ebe_Scrooge

Cazmeena said:

 if husband is not being offered any 0% balance  transfer but his credit score is ok

A credit score means nothing, it's not used in making lending decisions and is not even seen by a lender.

You can't take out a MT card "for him".  By all means apply for one in your own name - once the money is in your account, you're free to do with it as you wish.

Strictly speaking lenders don't like you doing a BT from a card in someone else's name to one in your own.  But anecdotally, lots of people manage to do this by doing the transfer online, rather than over the phone.

If you're unable to get either a BT or MT cards then yes - prioritise the highest-rate debt first.  Pay as much as possible to the one with the highest APR whilst paying the minimum + £1 to each of the others (the +£1 stops your credit file being marked as "minimum payment" which can be interpreted as a sign of financial hardship, and is viewed as a negative by lenders).

Finally, do remember that by doing either a BT or MT, you're not getting rid of the debt, merely moving it to a different vehicle.  You must make use of the "breathing space" afforded by the lower interest rate by doing everything you possibly can to clear the debt.  And remember, if you're left with any remaining balance at the end of the promotional period, you'll revert to the card's standard APR - with no guarantee that you'll be able to do another BT.

Cazmeena

That’s great advice I didn’t realise about the min payment plus £1 etc ok I might try that instead and do it online and try a BT instead.