how do i transfer a debt?
ok my boyfriend is in debt. i love him so much and im so gratefull for all the help he has given me. he went into debt about $11,000 for me helping me with rent and bills. i wanna transfer the debt i put in him in under my name because all the stress is affecting his health. how would i get started on this and what do i have to do?
Update:sorry i forgot to add that i want it transferred under my name so it doesnt affect his credit anymore so it can affect mine.
Comments
You would either have to pay off the debt yourself or get a loan in your name to pay off the debt.
No, no, no. This is the BIGGEST mistake you could ever make.
If you really want to help him out, get a good job and pay his rent and expenses till you think you're even. Can't afford it? Then you won't be able to afford his debt, either.
You may also consider debt consolidation, and make half the payments. He chose to go into debt - it's not your problem.
I have a feeling you're doing this to try and save the relationship. Please don't do it. He'll just rack it all up again, and before you know it, you'll owe $11,000 and he'll owe another $11,000.
If you have a credit card that has an available amount to transfer, ask them for a check that you can make out as a balance transfer, write the check to him. I am guessing though that since you are in this situation to begin with that you don't have an available credit card with a $12,000 + limit on to do this with. In that case, there isn't much you can do.
Transfer balances to a single low-interest credit card is to simplify your financial life. If you've maxed out multiple credit cards, can't keep payment dates and minimum payments straight and often accrue late fees, putting all your credit card debt on one card may be a good move. You'll have just one card to keep track of and one payment to make each month.
Read more:
http://payplansolutions.blogspot.in/2013/12/debt-s...
god somewhere along the line i wish i had fell head over heels in love -oh well -- do not transfer the debt to your name either
if you have the money now write him a check
if not than give him what you can and let him apply it to his debt
if you don't have a job - and you are going to marry you will have to get one anyway so get used to working and than you have money to help him out.
but in no uncertain terms do you transfer his debt. at least keep one of you credit scores in good standing.
Be smart...and help him pay the credit card bill...DO NOT...I repeat DO NOT put it in your name!
Unless you don't have a problem paying the 11K when he has moved on to someone else and your struggling to pay it.
Write him a check for $11,000.
call the account and ask what your options are. every agency is different so you'll want to make sure before you get too caught up.
give him the money to pay the debt.
Don't listen to anyone on here. GO AND SEE YOUR BANKER. HE/SHE WILL ASSIST YOU IN ALL MATTERS CONCERNING THIS SITUATION. YOU ARE TO BE COMMENDED.
C'ya