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Should I take on my friend's credit card debt?

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Former_MSE_Sam_M
Former_MSE_Sam_M Posts: 346 Forumite
in Credit cards
This week's MoneySaver who wants advice asks...

My friend has £3k on credit cards, on very high interest rates, and due to his terrible credit rating can’t get a balance transfer card. I have great credit rating. Do I take on his debt (in my name) and set up a repayment plan between us, allowing him to pay off his debt and rebuild his credit score?

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«1345678

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  • double_mummy
    double_mummy Posts: 3,989 Forumite
    Combo Breaker First Post
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    NO
    NO
    NO
    NO
    NO
    NO
    NO
    NO
    NO

    dont even think about it just say NO
    The only people I have to answer to are my beautiful babies aged 8 and 5
  • enjoyyourshoes
    enjoyyourshoes Posts: 1,093 Forumite
    First Post First Anniversary Combo Breaker
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    Life is difficult anyway, why make it more so? Never lend money to anyone, family, friends, priests,
    Debt is a symptom, solve the problem.
  • Tigsteroonie
    Tigsteroonie Posts: 24,954 Forumite
    Name Dropper First Anniversary First Post Photogenic
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    No. Not on your nelly. Never take someone else's debt.
    :heartpuls Mrs Marleyboy :heartpuls

    MSE: many of the benefits of a helpful family, without disadvantages like having to compete for the tv remote

    :) Proud Parents to an Aut-some son :)
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    Combo Breaker First Post
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    MSE_Sam_M wrote: »
    This week's MoneySaver who wants advice asks...

    My friend has £3k on credit cards, on very high interest rates, and due to his terrible credit rating can’t get a balance transfer card. I have great credit rating. Do I take on his debt (in my name) and set up a repayment plan between us, allowing him to pay off his debt and rebuild his credit score?

    If you haven’t already, join the forum to reply
    And what could possibly go wrong.

    Would you give your friend a gift of £3k? In many cases that's what it'll be so if your friend is a good friend just give them the cash and do not require it's return.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • greathat
    greathat Posts: 23 Forumite
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    No never, ever, ever, ever. No!
  • foxtrotoscar_2
    foxtrotoscar_2 Posts: 1,717 Forumite
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    Just gift them the 3k....it's usually how it ends up!
  • SnowTiger
    SnowTiger Posts: 4,461 Forumite
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    MSE_Sam_M wrote: »
    This week's MoneySaver who wants advice asks...

    My friend has £3k on credit cards, on very high interest rates, and due to his terrible credit rating can’t get a balance transfer card. I have great credit rating. Do I take on his debt (in my name) and set up a repayment plan between us, allowing him to pay off his debt and rebuild his credit score?

    Is this a made up question to keep us occupied?
  • SuzieSue
    SuzieSue Posts: 4,099 Forumite
    First Anniversary First Post Name Dropper I've been Money Tipped!
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    Yes but only if you can afford to lose the £3k.
  • Paul_1977
    Paul_1977 Posts: 992 Forumite
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    This is a case in the making for Judge Rinder if ever there was one.
  • lynz68
    lynz68 Posts: 323 Forumite
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    can you afford to loose £3000?

    Your friend has bad credit for a reason.


    So it's a big fat NO
This discussion has been closed.
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