Should I take on my friend's credit card debt?

KRB2725

If you could comfortably afford to pay the required payment yourself and in doing so clear the balance whilst in the promotional 0% time, then I would do it.

I would always help a friend in need if I could, even if that need was money.

I would lend in the hope I would see the money again, but on the assumption I wouldn't.

My friends are more valuable to me than money, they have helped me through some rough times.

ViolaLass

FireWyrm wrote: »

NO

You will lose both the money and the friend. This never works. Ever. Not in a million years.

I don't advise it either but you're incorrect to say that it necessarily leads to losing both money and friend or that it never works. I've done it twice.

scotsbob

Yes, to help out a friend in difficulty.


Just to be on the safe side make sure you get a signed IOU.

Barryfan

I have personal experience of this. My husband and I took out a loan for one of his daughters (supposedly to pay off her credit cards), and she said she would make the monthly repayments to us. This happened for a few months and then she stopped. We were left having to pay the whole thing off! I would never do this again.:(

gainsboroughgirl

Why is this even a dilemma?

The dilemma is your friend's and there are many ways other than coming to you to get themselves sorted out- citizens advice for starters.

If you can afford to lose it and would be so unaffected by the loss of the money that it would never affect the friendship then go ahead and on your own head be it.

If you can afford it for now but want some risk cover, then draw up a contract- but why you- let your friend draw up a contract with the bank manager!

If it's so bad they are at risk of loan sharks, feed them and help 'in kind' not in cash.

Think about whether you would really help them in the long term if they never have to learn how to prevent it happening again.

Are you suffering from hardening of the oughteries? Would they do it for you?

Think what will risk the friendship most- you supporting them indirectly by paying for treats, dinner etc, or them never paying you back.

I presume you know what made them get into such debt? If it was for some urgent need that arose, weigh this in the balance, if not and it just crept up then surely you can see that it would simply happen again....

Talent

If you can afford to lose £3k forever and possibly lose a friend forever give your friend £3k and see if they pay off the complete debt or not.
Hopefully they will but in my experience they won't and if the original debt was from gambling some of the £3k will be heading for the casino!

John58_2

Only if you can afford to lose the £3,000 and the friend.

20aday

No, no, no.

This 'friend' needs to work out where he can budget and any money saved should be then thrown at the debt.

d70cw6

foxtrotoscar wrote: »

Just gift them the 3k....it's usually how it ends up!

idd - no point piddling about with taking on their debt. if you want to give them £3k, give them £3k.

trishno1

NO WAY
Tell your friend to phone PAYPLAN