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

northern_soul

you can be my friend

sleepyjones

I'm gonna go against the grain on this one ... it, obviously, depends who the friend is but I'm kind of the ilk that's what friends are for, having your back when you get into a bit of bother etc.

Obviously it comes down to whether or not said person has a spare £3k that they don't mind losing (I'm going to say in the short to mid term because I would trust my friends, at least, to pay it back eventually ( the friends that I would actually lend money to, some I won't because I don't think I will get it back)).

If it's just £3k on a credit card ... and you were in doubt as to whether or not you could trust the person (? Some friend, if you can't trust them) ... then why not offer to pay back the next 6 months worth of installments, or monthly payments giving them a bit of time to sort this out themselves?
It's not easy to ask a friend to borrow money, I know from experience ... so I wouldn't necessarily go down the (I think) slightly patronising here's a debt help number route because I assume they feel bad enough already for asking without being patronised and judged by a so-called friend.
Again though, it all depends on the friend (I'm talking as if it was my best mate asking me, or me asking my best mate for a loan of the money ... which could be a lot different from the scenario in this post).

Also we don't know the "friends" personal situation so I don't necessarily agree with all the "He's got bad credit for a reason" type posts, because you don't know the reason.

Sophie...

Absolutely not :eek: you could fall out at any time. Never ever lend money.

elizabethhull

....and NO again ! Don't even consider it.

double_mummy wrote: »

NO
NO
NO
NO
NO
NO
NO
NO
NO

dont even think about it just say NO

meknowalot-51

I'm quite sure that by now you've got the general idea of peoples thoughts on this and if your still a little bit undecided...........................................................

fightingirishman

You know how they say bad finances are the number one thing that destroys marriages? It can apply to friendships. So my 2 cent:s: don't do it.

fozmcfc

The only time you should take on family/friends debt, is if you consider it a gift, that may be paid back someday, but may never be paid back at all.

If you're happy to do that, then no problem, if you want it paid back 100% , then seriously consider not doing it, as it can lead to the end of the relationship and leave a very nasty taste in the mouth.

xdarata

Yes, you can help your friend to pay off his debts as cosigner, for example. But, if you pay off by keeping his name, it can be done in a separate agreement. Agreement about borrowing money to pay off the debts. Agreements must be clearly written in the letter of agreement so you get a guarantee for repayment.

omendata

Never lend money to anyone except immediate family.
Even then depending on how close your family is it can end up in disaster.

I have lent money to friends and it always ended in tears and even lost friendships - trust me you WILL regret it however well you know this person.

teffers

Smiley1402 wrote: »

Your friend has bad credit for a reason!

Besides it is illegal to obtain credit on someone else's behalf!

Even if it was, which I don't think it is, it's not obtaining credit, it's obtaining debt on someone else's behalf.

The original creditor is paid by the new debtor's creditor, the new debtor is then responsible for the debt.

I say nothing can possiblie go wrong :money: