do I pay off my chap's credit cards

valkyrie

I am about to recieve a big redundancy payout. I was thinking about using a third of the money to pay off my partners credit cards, he owes ca 19k. We've been together 17 years and have a joint account but I am not sure I'm doing the right thing because after talking to a few solicitors there doesn't seem to be any way I can ensure I am paid back in the event of a split. His debt hasn't increased over the last 4 years, so I think he is getting the hang of not spending what he hasn't got. The debt is equally split over two cards, 19.9% and 21.9% apr. Dunno if he will be able to move to lower rate cards since I am now redundant (though he is working) and I don't know if he will be able to get that much credit since the big crunchie. His debt repayments affect both of us because of the joint account thing which with hindsight i should never have done but i was young and in lurve! any thoughts/advice?

Buffythedebtslayer

I wouldn't but then I am a) quite mean when it comes to men - as in don't trust them at all and b) not in a relationship.

I have to say it would never enter my head to pay off some one 's else's debts, any more then I would expect a boy friend to pay off mine?

Also if you use your redundancy to pay them off what are you going to live off? How will you pay the bills if you can't get another job?(or have you already sorted a new job?)

If you think he is getting the hang of it let him get on with it!

xxx

Horace

Hi

I would open a separate account and put the redundancy money in there (an account just for you not a joint one). If you pay off his debts then basically he will never learn and will rack up more debt.

I wouldnt dream of paying off someone's cards for them just as I don't expect anyone to pay off mine.

He may be able to switch to a 0% balance transfer card but he would do it in his name and not yours so you wouldn't feature in the equation at all. Mind you with a 0% balance transfer card he mustn't use it as a credit card to rack up more debt.

tallyhoh

Noooooooooooo, please dont do it. You wont get it back & he will run the debts up again.
What efforts has he made so far to repay his debts?

kissjenn

If his debt repayments are coming out of your joint current account then as a couple you will be financially better off without them.

Two thoughts (they hurt so I try to have as few as possible :rotfl:).

Firstly you've been together 17 years and presumably your lives are very tied together anyway. Why query paying this debt now and thinking about "what if we split"? Is your logical brain sending your heart a message?

Secondly, and maybe its one for the solictor, what if you formally loaned not gave him the money with an agreed rate of interest? That way it's legally documented and signed and if you split he has to pay you back, you earn more from him, say 7%, than you would in any savings account and as a couple you drastically reduce your month to month spend on his debt?

immoral_angeluk

2 words.
heeeeeeeeeeeeeeeeeeeeeeeeell no.

You'd simply be bailing him out and he will inevitably run up the debts again. He won't have learnt anything apart from that you'll bail him out.

mummum2

No and No, and Nooooooooooooooooooooo! you yourself is question the logic behing this and afte 17 years if you're in doubt, then that's saying you shouldn't. Maybe get a solicitor to draw up a contract whereby he pays you back in instalments if you decide to pay his debt.

At the end of day only you know what you have/will do, but think very, very carefully as I think you heart isn't really 100% sure.

Good luck.

MM2

sarahs999

No, I wouldn't. You don't sound very sure about where his head is with the debts so what's hte point?

Also, I don't think your redundancy would have anything to do with whether he can get a 0% card or not. Why on earth hasn't he tried before to shift the debts? He clearly doesn't really care about them, so why should you?

anh1904

Oooooooh .. what a tough one.
You won't be earning, but he will be providing from his ongoing income?
You could pay off the high rate debt if he cannot rate tart, and then he could pay you back at an agreed sensible rate, or you could say that it is your contribution to the household finances for X months.

Depends how trusting you are in your relationship - but I would pay off my wife's debt in a heartbeat (and did when we met) as not sharing money openly and freely is an unnecessary potential barrier?

Just my tuppence worth.

valkyrie

Thanks everyone. I'm going to offset the money and encourage him to go to 0% cards if he can.