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Should I take on my friend's credit card debt?
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Former_MSE_Sam_M
Posts: 346 Forumite
in Credit cards
This week's MoneySaver who wants advice asks...
My friend has £3k on credit cards, on very high interest rates, and due to his terrible credit rating can’t get a balance transfer card. I have great credit rating. Do I take on his debt (in my name) and set up a repayment plan between us, allowing him to pay off his debt and rebuild his credit score?
If you haven’t already, join the forum to reply
My friend has £3k on credit cards, on very high interest rates, and due to his terrible credit rating can’t get a balance transfer card. I have great credit rating. Do I take on his debt (in my name) and set up a repayment plan between us, allowing him to pay off his debt and rebuild his credit score?
If you haven’t already, join the forum to reply
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Comments
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NO
NO
NO
NO
NO
NO
NO
NO
NO
dont even think about it just say NOThe only people I have to answer to are my beautiful babies aged 8 and 50 -
Life is difficult anyway, why make it more so? Never lend money to anyone, family, friends, priests,Debt is a symptom, solve the problem.0
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No. Not on your nelly. Never take someone else's debt.:heartpuls Mrs Marleyboy :heartpuls
MSE: many of the benefits of a helpful family, without disadvantages like having to compete for the tv remote
Proud Parents to an Aut-some son 0 -
And what could possibly go wrong.This week's MoneySaver who wants advice asks...
My friend has £3k on credit cards, on very high interest rates, and due to his terrible credit rating can’t get a balance transfer card. I have great credit rating. Do I take on his debt (in my name) and set up a repayment plan between us, allowing him to pay off his debt and rebuild his credit score?
If you haven’t already, join the forum to reply
Would you give your friend a gift of £3k? In many cases that's what it'll be so if your friend is a good friend just give them the cash and do not require it's return.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
No never, ever, ever, ever. No!0
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Just gift them the 3k....it's usually how it ends up!0
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This week's MoneySaver who wants advice asks...
My friend has £3k on credit cards, on very high interest rates, and due to his terrible credit rating can’t get a balance transfer card. I have great credit rating. Do I take on his debt (in my name) and set up a repayment plan between us, allowing him to pay off his debt and rebuild his credit score?
Is this a made up question to keep us occupied?0 -
Yes but only if you can afford to lose the £3k.0
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This is a case in the making for Judge Rinder if ever there was one.0
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can you afford to loose £3000?
Your friend has bad credit for a reason.
So it's a big fat NO0
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