Other person's debt transfer

[Deleted User]

GANYMEDE23 wrote: »

Thanks for all the replies & suggestions.
It's difficult to sit by & watch him panic over this, as he's married with kids & has a house & mortgage so could end up losing everything.
Hopefully he's up for posting a SOA on the debt board.
Thanks once again to one & all & hopefully he'll sort himself out & learn an important lesson.

Has he told his partner about this as well or is he hiding the debt?

Terry_Towelling

£30K debt on one card! Has he told you what he's spent it on (you need to know this) and are you certain he won't just do the same again? What sort of salary is he on?

If you really want to help, you might start by offering to make payments towards his debt - perhaps covering the interest only on a monthly basis. You will need to see the card statements to be sure you are paying the right amounts (directly to the card) and to be sure that he is also making payments and isn't running up more debt at your expense.

Yes, I know that doesn't do anything to reduce the interest burden but it stops your son from abdicating all responsibility for his debt, stops you from getting landed with a whole heap of trouble and also gives you some time to get used to what is happening and the ability to opt out if he doesn't keep to his side of the bargain.

If you find the arrangement works and you are satisfied that he is serious about his attempts to get out of debt, you can review the situation in a few months and maybe offer to BT some of his debt into your own name to reduce the interest burden. Personally, I'd think twice but you know your son (I trust) and I don't.

cymruchris

Money can really divide families - and I don't think it should be considered to transfer the debt to your own name. That kind of spending isn't just the washing machine breaking down and needing an emergency repair - it's something far more in-depth. I would agree with Terry's approach above - offer a token payment monthly for a while to cover interest, and to see how serious they are about getting themselves out of debt. There has to be a realisation that they have to take responsibility for their actions and find their own way out. The only way I'd look at this differently was if the 30k was used on something like 'life saving treatment at a private hospital' or something similar. If it was just racked up through grocery spending, holidays and cinema trips then that's something for them to sort out themselves. Hope you make the right decision.

undetterred

GANYMEDE23 wrote: »

Thanks for all the replies & suggestions.
It's difficult to sit by & watch him panic over this, as he's married with kids & has a house & mortgage so could end up losing everything.
Hopefully he's up for posting a SOA on the debt board.
Thanks once again to one & all & hopefully he'll sort himself out & learn an important lesson.

Bail out..probably need gamblers anonymous

sleepyjones

Someone with more experience will probably correct me but if you allow the debt to default and go to a CCJ, does this stop them from adding any more interest?

Obviously a CCJ is generally not a good idea but if a CCJ stops interest being added and will also negatively affect him getting any more credit for a while, it might be worth considering?

I imagine the interest on £30k will be a lot, plus any fees if he's not making, at least, minimum payments.

I wouldn't consider this as an option until someone with more experience can make a comment, 'cause I really don't know.