Credit card balance transfer amount

309 Posts


in Credit cards
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.
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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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?
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).
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.
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.
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).
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.