Using friends/family CC's to do a 0% switcheroo

BDeluxe

I have a large debt spread across 3 cards and 2 of them are on high interest because the deals have run out.

I don't have the room to switch amongst them so if I got a 3rd party to pay one off could I then use a balance transfer deal to switch back again and get me on a much better rate?

If I can do this is there a minimum time before I can switch or could I literally pay it off and then take a deal the next day?

I have made several posts on these boards in an effort to get a plan of action, I'm really trying to avoid payment plans or IVA's.

[Deleted User]

Hmmm, not so sure the 3rd party idea would be permitted, that might not be in the rule book !

born_again

While I know that you are looking at a way out of the hole. They must be good friends to take on a debt of someone else. 

grumbler

I did transfer my friend's balances to my two CCs - Barclaycard and Nationwide. However, you can't assume that any CC provider will allow this.

[Deleted User]

There is almost no chance they will ever find out as they simply get a balance from a card - they probably ask you to tick a box to say it is yours at best. However, your F&F would become liable for the debt if it was moved to them so they would have to be happy you were not going to do a runner

Chrysalis

Its usually not allowed in the t&c, but I have done it for a family member and it still got approved,  I think they rely on customers been honest on the owner of the card.

DullGreyGuy

Deleted_User said:

There is almost no chance they will ever find out as they simply get a balance from a card - they probably ask you to tick a box to say it is yours at best. However, your F&F would become liable for the debt if it was moved to them so they would have to be happy you were not going to do a runner

With open banking, confirmation of payee etc can credit card companies not see the name of the account holder to be able to enforce any requirements for the sending account to be in the same name as the receiving?

Certainly it was possible to do it in the past but it does technically require a reasonable level of trust by your friends as legally the debt is theirs as soon as their credit card company sends the funds and they couldnt force you to transfer the debt back to yourself. 

Not sure what "deal" you are talking about, terms would be dependent on the individual offer however in many cases you could bounce the debt to a card and then back for a promotional rate. If its next day or a few days later will depend on the banks in question and how quickly they process requests. 

[Deleted User]

DullGreyGuy said:

Deleted_User said:

There is almost no chance they will ever find out as they simply get a balance from a card - they probably ask you to tick a box to say it is yours at best. However, your F&F would become liable for the debt if it was moved to them so they would have to be happy you were not going to do a runner

With open banking, confirmation of payee etc can credit card companies not see the name of the account holder to be able to enforce any requirements for the sending account to be in the same name as the receiving?

Certainly it was possible to do it in the past but it does technically require a reasonable level of trust by your friends as legally the debt is theirs as soon as their credit card company sends the funds and they couldnt force you to transfer the debt back to yourself. 

Not sure what "deal" you are talking about, terms would be dependent on the individual offer however in many cases you could bounce the debt to a card and then back for a promotional rate. If its next day or a few days later will depend on the banks in question and how quickly they process requests. 

Why would you be worried about open banking? This is a credit card. Credit card balance transfers are like payments, the card that gets the funds just sees a payment made from XYZ bank and I have never been asked to put in the name of the card holder online. On the phone you might be asked it but could say yes it was yours.

Rest of it I agree with