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So I currently have a CC with about £3.8k on it. I am trying to pay it off but interest is killing me. I dont work as I look after my child but my partner does. She hasa Natwest Current Account. So I was thinking if she applied for one of there 0% cards I could transfer all part of the balance of my card to it ? Would this work or does the transfer have to go from a card in her name ?
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414A BT from her card to one in your name will work fine.
Does your partner have a good credit record? 0% cards are quite hard to get at the moment.The NatWest Platinum card is a good one for 0% as it has a 15 month 0%.
If you do this, do try to pay off more than the minimum each month so that the balance is cleared when the 0% ends.
manzanilla
Posted on 09 January 2010 |
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1She does have a good record yes, We got a 0% card from Halifax abt 1.2years ago. We managed to clear off a small amount.
Would she be better off putting in a solo request with her working and a good record ? or should we make a joint application ?
Posted on 09 January 2010 | Love 0 loves
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273As manzanilla says, it's absolutely fine to do that. However, you
and your partner should consider who will be responsible for paying it
off, and what will happen if you argue / split / either of you enters
financial difficulties. The debt will be transferred to her name, but
if you do split, one of you gets made redundant or any other change in
circumstances, she could potentially claim that you still owe the money
to her and insist that you pay her interest / pay the debt back
unreasonably quickly etc, leaving you in a worse financial position.
I don't know your situation, and you may not need or want to consider
this, but this it is worth thinking about putting something in writing
regarding your obligations to each other, particularly if you think the
debt will take a long time to pay off. I'm assuming of course that you are unmarried - if you are married or equivalent then your financial affairs are linked already so this isn't an issue.
A joint account may be more likely to be accepted, provided you don't have a bad payment history, CCJs etc. If you've had missed payments or other credit trouble in the past, then it's best to go with a solo in her name.
Posted on 09 January 2010 | Love 0 loves
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879You can't make a joint application for a CC. It has to be in one name but there can be additional cards, but there is no point in your case - see below.
Once it is operational, make sure that you pay at least the minimum on the new card each month to preserve the 0% status.
The next priority is to pay off other cards in full each month if you can and you won't rack up any more interest. Don't use the new card for new purchases because they would cause interest to be charged.
Try to pay off at least £150 of the balance transfer each month and you will be well over half way to clearing your debt by the end of the 0% period. One more 0% card would then see you clear.
Good luck.
Mike
Posted on 09 January 2010 | Love 0 loves
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1Our finances are indeed linked atm we are paying abt £150-180 off cards. Majorty going off the card in my name and a small amount from a card in her name that has little left to go.
So if we managed to get a 0% card and we managed to transfer a good portion the idealy steps would be :-
Pay the min Payment on the 0% card to keep it ticking at zero%
Make a bigger effort to clear off the card that isint on 0% to clear the balance.
Once the none 0% card is cleared use that extra funds to make larger payment to the 0% card hopefully clearing or largly reducing the amount on it before the period would end ?
Posted on 09 January 2010 | Love 1 love
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414Pay the min Payment on the 0% card to keep it ticking at zero%
Make a bigger effort to clear off the card that isint on 0% to clear the balance.
Once the none 0% card is cleared use that extra funds to make
larger payment to the 0% card hopefully clearing or largly reducing the
amount on it before the period would end ?
exactly right! good luck!
manzanilla
Posted on 09 January 2010 | Love 1 love
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879Priority 1 should be to clear the one that can be cleared first. Her's! That way it can get back to the interest-free initial period. Then clear it every month. The balance transfer could be for both accounts.
Set up a Direct Debit for the minimum on the new card. That way you can't miss a payment and get the 0% revoked. You can always pay more as funds permit, either by cheque or transfer. Sign up for that as part of the application, but don't assume that it will be in place for the first due date. They can take a while to establish and it has to be established before the account is issued for it to take place. The account should say if a Direct Debit is operational.
With the balance transfer in place you should be able to reduce the balance by nearly £200 per month once you are interest-free.
Mike
Posted on 09 January 2010 | Love 0 loves
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