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Should I take out a credit card for my boyfriend's debt?
Comments
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Having a credit card which you pay in full every month will help your credit rating (if you don't have any other credit such as a phone contract etc already).
Ignoring the fact that it is a very, very bad idea to take on someone elses debt to start with, having a card which you only make minimum payments on each month will not help your credit rating at all. It would likely damage any mortgage application, unless it's completely paid off by the time you apply.
Your boyfriend may also not want you to bail him out, for the last 2 years my fiance has been on and on at me to let him pay my debt off in full with his liquid savings and I can repay him a token amount a month with no interest. I do not want to do this, I want the personal satisfaction of knowing I worked hard to pay each and every one of my debts off myself. Plus being in debt to someone changes the balance of a relationship, you could find even though things are great now they won't be the same if you take on his debts.
If you want to help him ask him to do a full statement of affairs, see if he can cut down his expenses somehow to enable him to pay more than the minimum payment to the credit card with the highest interest rate.Debt at 1/5/09 £21,996 _pale_
Current debt- 0 :j Final payment made October 2012.
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Read that "Lending Money to Friends and Family" thread: 33 pages of complete and abject misery.
It's not that your b/f might keep spending on the card once you've transferred the debt into your own name or that he might up-sticks and leave you with them. It's also about other issues: that he actually learns nothing after being bailed out of the mire. People rarely do. Plus, doing this could completely change the dynamics of your relationship. Or he could be totally well-intentioned and respect the life out of you BUT a change of circumstances like an accident leaving him unable to work or becoming unemployed and not being able to find alternative employment for a long time. These things you cannot easily make plans for.
It makes no sense whatsoever for the two of you to plan to acquire savings until and unless both of you are completely solvent. By your own efforts, separately. No joint-debts, no joint bank accounts, no joint-tenancies, absolutely nothing.0 -
It makes no sense whatsoever for the two of you to plan to acquire savings until and unless both of you are completely solvent. By your own efforts, separately. No joint-debts, no joint bank accounts, no joint-tenancies, absolutely nothing.
I'm sure bitterandtwisted means joint savings - you can save up whilst he is in debt to put yourself in a better place later. Just don't save in joint names, or plan joint spendies until he's as clear as you are.0 -
Hmm you are my friend some years ago. She was with an ex partner and did the same as what you are thinking about. She transferred his debt to her name and that mean't he was debt free. They split up some months after with him being debt free and her being in serious debt. Don't do it because even though you say you trust him, thats very nice and all but you could split up sometime in the near or distant future and then you will regret this. I really hope you listen to the sensible people on this forum.0
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Yes, I meant joint-savings as well as all of the other things. If there's already a joint-tenancy they could already be financially linked by now which could be unfortunate.
Four grand of debt should be manageable depending on how much he earns and what other responsibilities he has. I would encourage him to pop over to the Debt-Free Wannabe part of the forum and post up his SOA over there. Getting out of debt requires absolute determination and a willingness to forgo non-essentials: there is no quick-fix0 -
As long as you can trust him 100% and nothing can happen within the time the monies are being paid off like him losing his job, you losing your job, him dying, anything else which is beyond either of your control that may affect the repayments...
There are lots of people who post on here wondering how to get the money back. They trusted their OH 100% but for whatever reason, it didn't work out.
It probably would be a good idea for you to get a credit card and pay it off in full every month to improve your credit rating. Please stay clear of lending money to anyone. If for any reason you do, make sure there is a written record, signed by him.0 -
Another one coming in to say NO DON'T DO IT
Not even if you have a piece of paper signed in his blood that he will pay you back.
It's not worth anything, the debt would be yours and the company will chase you.
I don't think I've ever seen a thread with so much agreement!0 -
It depends whether you want the person you intend to buy a property with, possibly marry, have kids with etc to be someone who was given the chance to get themselves out of financial difficulty with hard work, sacrifice & pride or whether you want it to be someone who wa bailed out, learnt no valuable lessons about good money management and potentially gets you BOTH into financial troubles when you are well & truly in it together??
The best things come to those who wait! You will be far better off in the long term with him taking a bit longer to really understand, manage & repay his debts himself (with your guidance of course) than if you rush in & tackle them for him just to get into a shared property sooner.... believe me!
Good luck!0 -
Just incase you still aren't sure I thought I'd wrap up the bullit points of this thread neatly for you, like Graham used to do on blind date...dirtysexymonkey wrote: »no no no no no no no no no no no no!!!!!Do not under any circumstances take out a card in your own name for himNo! Dont do it!knithappens wrote: »no , no no.VestanPance wrote: »In no way take the debt on in your name.As other have suggested...no don't do it!thegirlintheattic wrote: »No! Never going to be a good idea.Don't do it - as others above have advisedI wouldn't do this - particularly since he has proved he has issues with getting into debt previously.I think I'd also advise against it.wannabehermit wrote: »I think you get the general gist from other posters but NO NO NO NO NO NO NO!!!!!I speak from experience, DON'T DO IT.Don't do it!Frankie_Howerd wrote:Nay! Nay! and Thrice Nay!Sorry to sound like a broken record...but DON'T DO IT!Lotus-eater wrote: »No no no no no no no no God no.No no no no no!
Hope That Helps....bobble_hat wrote: »Nooo nooo and definitely NO.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
... and no again.dirtysexymonkey wrote: »no no no no no no no no no no no no!!!!!0
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