Helping out the mother-in-law....

exponential

Hi guys.

Just a quick one.

My mother in law is currently paying extremely high monthly credit card costs and she has a poor credit rating so has no chance of getting another card to balance transfer to.

I want to help and thought that if I get a credit card, she could transfer her balance to my new card.

Is it possible to do this guys??

Its currently costing her in excess of £150 per month so I really want to help out.

blitzboy

exponential wrote: »

Hi guys.

Just a quick one.

My mother in law is currently paying extremely high monthly credit card costs and she has a poor credit rating so has no chance of getting another card to balance transfer to.

I want to help and thought that if I get a credit card, she could transfer her balance to my new card.

Is it possible to do this guys??

Its currently costing her in excess of £150 per month so I really want to help out.

Yes it is possible with most cards.

However you will become solely liable for the debt. So it is up to you if you want to risk having to pay it back should, for instance, you and your other half break up. I know it's not something we like to consider, but we've heard plenty of tales on here after it's too late

exponential

Hi blitz,

Well if what you say is true and I suspect it is then that makes me a very happy man indeed!

It just isnt nice seeing someone really struggling every month so if I can do it then thats great news.

I understand the risk involved, we have just had our first child together so breaking up isnt on the cards but I completely understand the risk involved. It just has to be done!

Probi

Just make sure she gets rid of the other card she has, otherwise she could end up doubling her debt!

exponential

Probi wrote: »

Just make sure she gets rid of the other card she has, otherwise she could end up doubling her debt!

Oh god yeah!! Thats the first thing to be done!!

Not falling into that trap! :eek:

[Deleted User]

I'd stay well away personally. Any other process than this.

MPH80

I would ensure there's an agreement drawn up between you to formalise it. I know that sounds over the top right now - but, for example, let's say you do split from your wife or there's a family argument or, god forbid, your M-I-L dies - in any of those circumstances, without a formal agreement, obtaining any repayments could be very tricky.

exponential

MPH80 wrote: »

I would ensure there's an agreement drawn up between you to formalise it. I know that sounds over the top right now - but, for example, let's say you do split from your wife or there's a family argument or, god forbid, your M-I-L dies - in any of those circumstances, without a formal agreement, obtaining any repayments could be very tricky.

We discussed this at length last night and although we had a bit of a laugh about us splitting up (as you do with the in-laws), there was still the serious issue of keeping up the repayments.
We decided to write up a formal agreement and, fortunately for me, my brother is a lawyer so he will go over the "contract" and make sure it is solid.

I totally understand your concerns though but a loan of any kind of money within a family is a touchy subject so should be handled properly.

CLAPTON

exponential wrote: »

We discussed this at length last night and although we had a bit of a laugh about us splitting up (as you do with the in-laws), there was still the serious issue of keeping up the repayments.
We decided to write up a formal agreement and, fortunately for me, my brother is a lawyer so he will go over the "contract" and make sure it is solid.

I totally understand your concerns though but a loan of any kind of money within a family is a touchy subject so should be handled properly.

just be absolutely sure that you can afford the payments if your MIL doesn't pay for whatever reason

it's your credit rating and your CCJs on the line if not.

no contract is any use if it's a 'can't' pay.

[Deleted User]

Wouldn't it better, to get a bank loan, and pay the whole lot off in one go?

CLAPTON

Bedsit_Bob wrote: »

Wouldn't it better, to get a bank loan, and pay the whole lot off in one go?

how does a loan pay the debt off in one go?