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Original poster

Transfer of Debt

10 replies

PinkFluffySliders · 30/07/2023 10:46

Posted in money matters too.
My DD has an account with a store. The payments are up to date but still owes around 5k
Is it possible for my name to go on the agreement instead of hers? She is struggling with her mental health and is moving into her own flat and I want everything to be as stress free as possible. She finds it hard to have this debt on her credit report as she struggles with admin etc, so I thought if I changed it to my name it would help her.
I pay it with my debit card every month anyway, so it's hers in just name only.
Is this atall possible? TIA

OP posts:
Sunflowersinthewind · 30/07/2023 10:49

If it remains on her report, isn't in default and regular payments are made by you, then this will help her credit rating though?

Sunflowersinthewind · 30/07/2023 10:50

There isn't any admin to do for it?

pippinsleftleg · 30/07/2023 11:00

Agree with @Sunflowersinthewind

If having the debt show is affecting her mental health can you explain that a debt that is up to date on payments is good for her record as it shows she can handle debt appropriately?

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Debt
Original poster
PinkFluffySliders · 30/07/2023 11:00

I know there is no admin but her adhd/mental health doesn't see it that way. She wants a blank page otherwise it plays on her mind. Strange I know but that's how she is. I'm super proud she is getting a flat, didn't think it would ever happen.

OP posts:
IamSmarticus · 30/07/2023 11:01

No, it wouldn't usually be possible. You could ask the compony but I can't see them agreeing.

Crinkle77 · 30/07/2023 11:05

The only other thing you could do is look for a credit card that allows you to do money transfers to your current account. You could then use that to pay off your daughters debt and then you would owe it on your credit card instead.

Crinkle77 · 30/07/2023 11:06

Or take out a loan.

Original poster
PinkFluffySliders · 30/07/2023 11:36

I doubt I would get a loan as I took out one last year for a car. Still got 3 years on it.

OP posts:
ArcticSkewer · 30/07/2023 11:40

If neither of you have the money to pay it off then she is better getting used to it being there and focussing on the positive - it's improving her credit rating.

Combusting · 30/07/2023 11:42

PinkFluffySliders · 30/07/2023 11:36

I doubt I would get a loan as I took out one last year for a car. Still got 3 years on it.

Can I ask you to think through this logic a bit?

If an organisation won’t allow you to take on further debt (hence a bank won’t give you a loan), why would an organisation allow you take on a further debt (ie transfer a loan to you which is the same as you taking on a loan?)

please see how very similar the two propositions are?

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