Transfer debt

Hodds2501

Hi,

I need help please. My boyfriend got a catalogue in his name due to me having a bad credit rating but it was for me. I was paying it monthly and all was fine but we split for a while and debts got on top of me and I missed a lot of payments anyway the debt got sold to an external debt company. Me and him are back together but it is defaulting on his credit score even though a payment is being made monthly. I want to transfer the debt to me as its my own fault so I can take the bad credit score. What can I do? Can this be done? If so how can I do it? Please someone help!

[Deleted User]

No, you can't.

You'll need to help him pay it off and then he can close the account.

It will drop off his file six years from the default.

sourcrates

You can’t transfer debt, debt stays with the account holder.

The default was caused by not making the contractual monthly payments, it makes no difference now what payment is made, that will not change.
Defaults stay on your credit file for 6 years regardless of what you do.

Hodds2501

So even though we are now making payments until the debt is completely clear each month will show a default? I understand the previous defaults but why is it still saying we are defaulting each month when we are making the agreed payments on time?

Sea_Shell

His credit record will already have been affected, nothing you can do about that.

However, one way you might be able to "transfer" the debt, would be for you to apply for a Money Transfer Credit Card (IF you were eligible)

In this way, they pay money into your account, you can then settle off his debt in full, and you then have a CC balance to service.

I'm not suggesting this is the best route for you, or even possible in your circumstances, but just saying how this could be a way to "transfer" the debt, as you asked.

[Deleted User]

Hodds2501 wrote: »

So even though we are now making payments until the debt is completely clear each month will show a default? I understand the previous defaults but why is it still saying we are defaulting each month when we are making the agreed payments on time?

Because you're not making that agreed payments in time. The agreed payments were those in the original agreement

The monthly default is just a status update.

Suseka97

Hodds2501 wrote: »

So even though we are now making payments until the debt is completely clear each month will show a default? I understand the previous defaults but why is it still saying we are defaulting each month when we are making the agreed payments on time?

As has been said the 'default' is just a marker that indicates at some point in the past you broke your contractual payment agreement. That would have happened probably around 3 - 6 months after you stopped paying them. Once an account is defaulted, that's pretty much it. As has been said the 'D' will remain on file for 6 years after the date it was applied - irrespective of whether you are now making payments. So there's nothing to be gained from paying it off quickly now. You could pay the whole amount off tomorrow and the 'D' would still remain, but the account would then also be marked as 'settled'.

sourcrates

Hodds2501 wrote: »

So even though we are now making payments until the debt is completely clear each month will show a default? I understand the previous defaults but why is it still saying we are defaulting each month when we are making the agreed payments on time?

Once you stop making the contracted payment, for whatever reason, the creditor can default you, you will have received a default notice in the post advising that the account must be brought back up to date within 14 days otherwise a default may be registered on your credit file.

As this was not done, the default was registered, the agreement between you was irreconcilably broken, your relationship with the original creditor ended, and the account was sold.

This default will have a date on it, it will be clearly shown on your credit file, 6 years from that date the default will disapear from your file automatically, nothing else you do will remove it, the credit reference agencies just report the status of the default on a monthly basis, your payments now do not affect this in any way, shape or form.


https://www.experian.co.uk/consumer/guides/defaults.html

Hodds2501

Ok thank you so even thought I'm paying monthly payments its stop going to show every month as default?
I want to screen shot a and send over but not sure how I do that?

Willing2Learn

Hodds2501 wrote: »

Ok thank you so even thought I'm paying monthly payments its stop going to show every month as default?

A default means you have broken the terms of your agreement and that the relationship between the creditor and the debtor has broken down. On your partners credit file, the account will be recorded as a defaulted every month. This will continue to be recorded like this until the default is six years old, at which point it will be automatically removed. There is nothing you can do except continue to make your agreed scheduled debt repayments. There is no need to post a screenshot...

Hodds2501

Hi,

My boyfriend opened a JD williams account for me as I couldn't open due to bad credit and one thing lead to another and I couldn't pay and it is now you cabot financial.

Prior to being sent to then JD have added loads of charges and interest. £1300 worth!

Is there anything I can do to dispute these charges or get them reduced?

Many thanks