Paying off somebody else's Debt/s

NoNoDrama

What's the best way to do it without creating a financial association? I guess ringing up with debit card won't be acceptable as both banks/accounts will be like !!!!!! or won't they care?

It's a 4 figure debt over 2 cards and one loan if that makes a difference.

This would be paying off all in one go btw.

Thanks

sourcrates

It won’t create anything, why would you think it would ?

There are numerous payment options, debt card, bank transfer, standing order, nothing will link you.

We live in a free country, if You want to pay someone’s debts, then feel free.

DCFC79

Why would you do this ?

Have ypu considered the "what if they create new debt" scenario ?

Karonher

DCFC79 wrote: »

Why would you do this ?

Have ypu considered the "what if they create new debt" scenario ?

Some family and friends help each other. It could be a one off time and is a nice gesture.

When I was younger my mum paid a card off for me £100's on it not £1000's and I have since done it for a friend.

chevalier

It is a bit different if it is 1000 to if it is 9999! How did they get into the debt, have they cut up the cards so they can't spend. Do they feel entitled to your help. Ie they are someone you have always helped out because you are family. Have you bailed them out before? If yes how come they need bailing out again.

if it is 'only' 1000 then i would be tempted to say no your sort out a budget and pay it back carefully yourself.
good luck
chev

enjoyyourshoes

It will not solve the 'problem'.

It will be a sticking plaster, possibly at best.

You may feel good for a while, but when the habits continue that created the debt in the first place , you may wonder if it was the best approach?

Why not sit down with he individual and discuss the following:-

what are their life goals

can they be put into financial terms

what has caused their debt (the hidden reason, not that i had some unexpected bills (we all have unexpected bills but plan for them as they are not as unexpected as you think)

What triggers their spending (the psychological reason)

Can they perceive the bigger picture (item 1 you have discussed with them) and can they apply themselves every day to achieve this

how financially savvy are they

can they apply themselves to managing their money day by day by day?


It may be helpful and once they have accomplished these facts, then resolving the short term debt crisis they are afforded with may have a long lasting benefit for themselves?

fatrab

The only way there would be a financial association would be if it was a joint account, i.e. if you had made a joint application for the cards/loan.


I've paid small "debts" for my son (which he then paid back to me) and as long as you're both present at the time then I can't see it being a problem for you to pay. The person who owes the money won't be able to use your card without your presence. Some financial institutions don't accept card payments though, and may only accept a bank transfer.


But I completely agree with the comments above, if you are bailing someone out then you may simply be fuelling the fire.

DCFC79

Karonher wrote: »

Some family and friends help each other. It could be a one off time and is a nice gesture.

When I was younger my mum paid a card off for me £100's on it not £1000's and I have since done it for a friend.

Its not something I would do for friends, touch wood Ive not been asked yet and I hope I'm not,

Be a bit pointless for the debt is paid if more debt is run up.

Tiptop79

I think people are quick to judge why someone got into debt in the first place. If frivolous spending then I understand the reluctance to pay that off for someone. OP has not said the reasons for the debt...could be many things outside of normal control (sick family member, emergency travel needed, house emergency, car problems)
I would do exactly the same for my friends as what is a big amount to them may not be so big to me. It's all relative and I believe in the "pay it forward" theory.

I'm sure the OP's friend appreciates him/her very much.

NoNoDrama

post 2 answers my question, thanks.

The rest of you, don't be so bloody nosey and just answer the question