Transfering someone elses CC debt onto a card in my name

tommcdonna

My credit rating, and hence my accessibility to cheap credit (0% deals, low % lifetime etc) is much better than my partners who has some existing CC debt we are working to pay off.

If I transfer the debt into my name allowing it to be paid off much quicker, is there any way of ensuring my partner cannot cut-n-run leaving me saddled with their debts?

MPH80

You could write a contract with them to ensure they pay you back. But you'd probably have to get a lawyer involved to ensure the contract is watertight - you'd effectively be instituting a credit agreement - so I don't know what regulations are involved.

But - from the point of view of transferring the debt to your card - once you do that, the debt legally becomes yours - and even if they cut and run - there's no guarantee you'd get your money back even with a contract.

Basically - if you don't trust them enough to be sure that they wouldn't do that ... then don't do it.

chattychappy

Agree.

The debt will be yours. Such a contract as suggested could work, but it would be difficult to enforce if your partner does a bunk. Depending on "how much" it might be too expensive to enforce and in the circumstances your partner might know that.

The only other possibility is if your partners has assets - eg a car. These could be transferred to you or held as some sort of security.

Another risk is that by transferring debts to you, your partner might be freed up to run up more debts again. Sounds like you will have to micro-manage your partners financial affairs - but perhaps you are both up for that.

Bear in mind that domestic deals may not be legally enforceable unless done carefully. If you don't want to use a lawyer then at least make it clear in what you write down that both sides agree that the agreement is intended to be legally enforceable.

MPH80

Agree completely with what ChattyChappy says.

Of course - forcing your partner to sit down and saying to them "I need you to sign this agreement before I'll transfer your money" is hardly condusive to a trusting, stable, relationship.

But then I come from the school that says "you're in a long term relationship ... it's a partnership ... combine your finances completely". I might be less inclined if it's not marriage - but that's me.

I'd simply ask yourself that if you're worried they might do a bunk - you have to ask why you're worried about it - and then ask yourself whether you'd be willing to pay back their debt if they do. If you aren't - and you think there's even a chance they will - don't do it, don't even raise it with them as a possibility, just let them get on with it.

The alternative is ChattyChappy's suggestion of micro-managing their finances for them and taking complete control - but that can be very hard to do.

M.