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paying off someone elses debt!
den56
Posts: 6 Forumite
in Credit cards
My son and his partner have split up and he is responsible for a credit card debt, which he is happy to pay, but he does not have a good credit rating and so can't transfer the balance to a free/low interest rate. At the moment he is paying a very high interest rate.
Is it possible for me to transfer the balance to a credit card in my name?
Is it possible for me to transfer the balance to a credit card in my name?
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Comments
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you can use your CC to BT his debts... the CC companies usually only ask for a valid 16 digit CC number to do a BT.
You will of course be wholely responsible for repaying the debt.0 -
Do I have to pay the whole balance or can I pay a part?0
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you can BT only part if you wish or if your CC limit isnt sufficient for the full sum.0
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If you are going to pay off someone elses debts make an offer to pay half of the balance in a single payment on the understanding that thats the account satisfied.Let them know that your son is not in a position to pay them anything and that you are able and willing to give them half of the sum owed to close the account.
Make sure you get all the details of the person you speak to over the phone and get the agreement in writing before you give them any money.You must also ask them for a letter of satisfaction in relation to the debt.
I did this many years ago with my brothers catalogue account,it was about £800 and I offered them a settlement amount of just under £400 and they took it.I got a letter of satisfaction and that was that."Reaching out to touch the stars dont forget the flowers at your feet".0 -
you could try that approach but if there has been no evidence of deliquency and strugling to make payments, then the cc compnay will probably just laugh!
A catalogue is so different to a cc, catalogues canjust be walked over.
And i dont think that not being able to pay is the problem, its just the rate at which he is paying it at. Why should the bank accept half of the amount that he has spent as a settlement? is that how you would run your business?Halifax CC [STRIKE]£1322.88[/STRIKE] £0 :j 11.9% Virgin CC [STRIKE]£1534.76[/STRIKE] £1384.76 0% until AUG 13. Grant over payment [STRIKE]£166.66[/STRIKE] £0 :j DFD 31 JUL 13 #102 :beer:
Weight[STRIKE] 164lbs[/STRIKE] :mad: 05 May 164lbs
Target 146lbs by 30 JUN 13
Happiness is a way of life not a destination.:j0 -
It worked for me,I just thought it would be worth a try.If you dont ask you dont get."Reaching out to touch the stars dont forget the flowers at your feet".0
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Just found this thread which shows that it can infact be done and be done with cc companies. too.http://forums.moneysavingexpert.com/showthread.html?t=724087"Reaching out to touch the stars dont forget the flowers at your feet".0
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