Debt and change of name who ones it

Lunagirl

Hi

Sorry of this is the wrong section but I need some advice me and my mam and currently on a joint debt management programme with payplan. But my question is if she agrees could I put her debt into my name?so it then becomes by debt.

Many thanks

Jo

Trajal

Heya, simple answer is 'no'. You can't transfer debt liability like that.

More complicated answer... if you were able to somehow get credit in your name sufficient to pay off her debt, then she would have no debt and yours would have increased to cover that amount.

However, given the DMP that's not really an option as far as I'm aware, so.. well again... no.

zzzLazyDaisy

Your problem is that the contract is between your mum and whoever she owes the money to. You can't change that. The only way you can take over the debt is to take out a new loan in your own name and use the money to pay her debt off. But as the previous poster pointed out, that isn't a viable proposition.