Balance Transfer

Rob749

Thanks everyone for your comments, just to let you know, I've started a Balance Transfer process through Barclaycard. Looks like they've accepted it. 0% interest until Apr 25, 3.49% fee. My wife will be paying £300 a month by DD, at the end of the term I will pay off £3000, and she will pay off the remainder with savings or do another transfer if not. Either way it will be more manageable at the end of the 0% term.

#Fatbelly I'll try that link, don't think it will do anything, but I'll give it a go. Thanks everyone.

retiredbanker1

Martico said:

retiredbanker1 said:

fatbelly said:

retiredbanker1 said:

Once you know where the money has gone and she changes her spending habits I'm sure you can work it out - although with debt that high if she claims that she cannot repay speak to a debt charity about the possibility of an IVA?

What makes you think an IVA would be suited to her, given what we know?

It's an option . I was the first to respond to his post - a lot more information has come to light since I posted.

And more often than not a poor option. Probably best not proposed in the absence of information

We will have to agree to disagree. Now husband is taking over debt - if it was me I would not do it for that much.
Wife 75 years old on state pension unlikely to want fresh credit - an IVA would be an option in my book but to each their own.

Martico

retiredbanker1 said:

Martico said:

retiredbanker1 said:

fatbelly said:

retiredbanker1 said:

Once you know where the money has gone and she changes her spending habits I'm sure you can work it out - although with debt that high if she claims that she cannot repay speak to a debt charity about the possibility of an IVA?

What makes you think an IVA would be suited to her, given what we know?

It's an option . I was the first to respond to his post - a lot more information has come to light since I posted.

And more often than not a poor option. Probably best not proposed in the absence of information

We will have to agree to disagree. Now husband is taking over debt - if it was me I would not do it for that much.
Wife 75 years old on state pension unlikely to want fresh credit - an IVA would be an option in my book but to each their own.

It's generally a poor option for those with debts under £30k (plus some other stuff that may make it unsuitable)
Take a look here: https://forums.moneysavingexpert.com/discussion/6447889/individual-voluntary-arrangement-iva-debt-relief-order-dro-info-advice-and-help-thread#latest

No matter now, as they have a plan in place now

Rob749

Martico said:

retiredbanker1 said:

Martico said:

retiredbanker1 said:

fatbelly said:

retiredbanker1 said:

Once you know where the money has gone and she changes her spending habits I'm sure you can work it out - although with debt that high if she claims that she cannot repay speak to a debt charity about the possibility of an IVA?

What makes you think an IVA would be suited to her, given what we know?

It's an option . I was the first to respond to his post - a lot more information has come to light since I posted.

And more often than not a poor option. Probably best not proposed in the absence of information

We will have to agree to disagree. Now husband is taking over debt - if it was me I would not do it for that much.
Wife 75 years old on state pension unlikely to want fresh credit - an IVA would be an option in my book but to each their own.

It's generally a poor option for those with debts under £30k (plus some other stuff that may make it unsuitable)
Take a look here: https://forums.moneysavingexpert.com/discussion/6447889/individual-voluntary-arrangement-iva-debt-relief-order-dro-info-advice-and-help-thread#latest

No matter now, as they have a plan in place now

I agree Martico, took a look at your link, we are homeowners, my income is pretty good, and I think they could make you remortgage, sell assets, or equity release, which I don't want to do. I am taking over the debt, but my wife is paying what she was before on the credit card, to the BT card. So I'm ok with that, we have no other debts either.

I'm happy with my choice, and I think it's the least disruptive plan, and most cost effective available to me. Most of the BT will be paid off interest free, my wife is paying the same monthly, but not accumulating interest, and the lump sum I'm putting in will be in savings earning a bit of interest (5%) until end date, not great, but anything helps. I think I've made the best of a bad situation, and both myself and my wife can sleep easy at night, knowing its getting resolved without too much hassle. Appreciate all the comments anyway.