Credit card balance transfer amount

in Credit cards
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Peco141Peco141 Forumite
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I've just learned my partner has debts amounting to £30+k on x3 seperate credit cards and to my absolute horror is paying in excess of £300+ in interest alone.

In order to help and address this I'm going to take out a credit card with 0% with a view to clearing this debt over the years.

Question(s):  Is there a limit on how much I can transfer to a card in my name and if so what is is based on?  My annual income or something else and is there a way to find out what the maximum is before applying?

Just to note my credit rating is very good at 999 as far as I know.

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  • DullGreyGuyDullGreyGuy Forumite
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    Peco141 said:
    I've just learned my partner has debts amounting to £30+k on x3 seperate credit cards and to my absolute horror is paying in excess of £300+ in interest alone.

    In order to help and address this I'm going to take out a credit card with 0% with a view to clearing this debt over the years.

    Question(s):  Is there a limit on how much I can transfer to a card in my name and if so what is is based on?  My annual income or something else and is there a way to find out what the maximum is before applying?

    Just to note my credit rating is very good at 999 as far as I know.
    The limit you can transfer is based on the limit of the card you get which in turn will be based on your credit history (not score, thats a marketing gimmick), income, other commitments etc.

    Some lenders have a soft search facility which gives you a likely outcome, some include an indication of the credit limit but both the offer and true limit only come after the formal application and this can be different to what the soft search outcome was.

    Before you do this...

    1) How long have you guys been together? Remember if you do this it becomes your debt alone so were there a relationship breakdown you walk away burdened with this debt

    2) How have they run up £30k without you knowing? What changes are happen that stops them running up another £30k of debt if you clear their cards for them?
  • Peco141Peco141 Forumite
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    Peco141 said:
    I've just learned my partner has debts amounting to £30+k on x3 seperate credit cards and to my absolute horror is paying in excess of £300+ in interest alone.

    In order to help and address this I'm going to take out a credit card with 0% with a view to clearing this debt over the years.

    Question(s):  Is there a limit on how much I can transfer to a card in my name and if so what is is based on?  My annual income or something else and is there a way to find out what the maximum is before applying?

    Just to note my credit rating is very good at 999 as far as I know.
    The limit you can transfer is based on the limit of the card you get which in turn will be based on your credit history (not score, thats a marketing gimmick), income, other commitments etc.

    Some lenders have a soft search facility which gives you a likely outcome, some include an indication of the credit limit but both the offer and true limit only come after the formal application and this can be different to what the soft search outcome was.

    Before you do this...

    1) How long have you guys been together? Remember if you do this it becomes your debt alone so were there a relationship breakdown you walk away burdened with this debt

    2) How have they run up £30k without you knowing? What changes are happen that stops them running up another £30k of debt if you clear their cards for them?
    Thanks I'll try research getting some soft searches done somehow.

    I understand the questions.  We've been together 15 years but have always kept our finances seperate.  I pay the bills, mortgage etc and she covers the food and other bits and bobs.

    It should never have got to this I appreciate but we're very close despite this and it came with distraught confessions that she has a problem with money (clearly) which we will both address.  We're are both on reasonable wages so should be able to play this off fairly quickly perhaps over 3/4 years (I hope).


  • DullGreyGuyDullGreyGuy Forumite
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    Peco141 said:
    Peco141 said:
    I've just learned my partner has debts amounting to £30+k on x3 seperate credit cards and to my absolute horror is paying in excess of £300+ in interest alone.

    In order to help and address this I'm going to take out a credit card with 0% with a view to clearing this debt over the years.

    Question(s):  Is there a limit on how much I can transfer to a card in my name and if so what is is based on?  My annual income or something else and is there a way to find out what the maximum is before applying?

    Just to note my credit rating is very good at 999 as far as I know.
    The limit you can transfer is based on the limit of the card you get which in turn will be based on your credit history (not score, thats a marketing gimmick), income, other commitments etc.

    Some lenders have a soft search facility which gives you a likely outcome, some include an indication of the credit limit but both the offer and true limit only come after the formal application and this can be different to what the soft search outcome was.

    Before you do this...

    1) How long have you guys been together? Remember if you do this it becomes your debt alone so were there a relationship breakdown you walk away burdened with this debt

    2) How have they run up £30k without you knowing? What changes are happen that stops them running up another £30k of debt if you clear their cards for them?
    Thanks I'll try research getting some soft searches done somehow.

    I understand the questions.  We've been together 15 years but have always kept our finances seperate.  I pay the bills, mortgage etc and she covers the food and other bits and bobs.

    It should never have got to this I appreciate but we're very close despite this and it came with distraught confessions that she has a problem with money (clearly) which we will both address.  We're are both on reasonable wages so should be able to play this off fairly quickly perhaps over 3/4 years (I hope).
    Ultimately your call, some would want to see the improvement in the problem before taking on the debt. A colleague didnt do this, their partners debt was nearer £40k, and after a year or two they'd paid that down to £20k but discovered the old cards had been maxed out again. 

    Normally I'd say its better to use the soft search facilities on the banks own websites rather than those provided by the aggregators but I have found the results from ClearScore's to be accurate and with some they "guarantee" the rate/limit is accurate... not read the T&Cs of the guarantee but thats because what they've said has always proven true.
  • edited 13 February at 11:03AM
    Peco141Peco141 Forumite
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    edited 13 February at 11:03AM
    I know what you're saying.  Seems like spending may be an addiction of some sort and not something that can be fixed easily.

    The trouble is I'm not sure how the problem can be improved without me stepping in.  £300+ a month on interest is difficult to wrap my head around. I once forgot to pay off my credit card about 5 years ago and was charged about £12 fine and actually went to the lengths to call the bank and let me of with it as a goodwill as it was a genuine mistake forgetting to pay it.  £300+ a month lost to interest!!!!!  (it's difficult to come to terms with).

    I've just ran a soft search on MBNA and max credit limit is estimated at £6,200.  Quite disappointing really but it's a start I guess.

    Edit: My estimate of 3/4 years might be wide of the mark based on the £6,200 offer.
  • edited 13 February at 11:31AM
    Peco141Peco141 Forumite
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    edited 13 February at 11:31AM
    I've just tried ClearScore but unfortunately all 31 cards available show the Credit Limit status as "upon application". Unclear if any of these cards are 0% interest either.  It does actually.

    To make matters worse (not sure if this is an issue).  My 2 year fix mortgage is coming to an end at the end of March.  I was going to shop around to get the best deal but any new lender will want to do a credit search so I guess I'm better staying with who I'm with and tie into a fixed rate execution only.  (Although I pay the mortgage myself it's a joint policy in both our names).
  • born_againborn_again Forumite
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    I think you would be better heading to the debt board and post a statement of affairs. 

    While it is a noble move of yours. I feel it will be like paddling up a water fall.

    Maybe better to simply default on her cards, which would remove the problem of spending as they would not be able to get another.
    Life in the slow lane
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