Transfer of Debt

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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

Can you take out a loan with a decent interest rate and pay it off in full? Most store cards have astronomical interest rates so if you are paying it anyway, that would save you money.

The loan would be in your name so the debt would be transferred to you.

No, she took out the credit. The checks were done on her and the company made the decision to lend her the money.
You can take out a loan and pay it off for her (unless you have the money spare). You would have to make sure she closes the account though

Yes that is one idea, not sure I'd get a loan tho as I took one out for a car last year and have 3 years left.

I’d be very wary of taking over this debt, even if it were possible. Your DD has built up a huge debt whilst living at home and paying it off completely will open her up to building up more debt once she moves out and has to pay rent etc.
If she has a direct debit set up to pay this debt off, there really is no admin involved, even less if you’re paying it monthly for her.

Surely it would be better to teach her to manage the debt calmly and responsibly, than to wipe it all away and risk her running up another debt.

Could you take out a loan in your name at a lower interest rate and then have her make payments to you by standing order each month?

The same would apply to transferring the debt then. I mean, I don’t think it’s possible anyway since the shop won’t have procedures for it but that’s irrelevant. If the store were prepared to do it (and I don’t think they would be), it would only be if you passed full credit checks pretty much identical to those the banks use.

If you can’t pass the bank checks for a loan (at a reasonably low interest rate), you certainly won’t pass the store credit check at a much higher interest rate.

You can do a soft search for loans on moenysupermarket/clear score/moneysavingexpert etc, or look at a credit card with interest free periods either for purchases or a money transfer credit card with a soft search too, as could your daughter. At least then you can see if you’ll be eligible for it!

Agree that you should look at transferring the debt as the interest rate could be huge. Look at how much of the minimum monthly payment goes on interest.

Can you help her apply for a 0% offer before she moves out?

You say she struggles with admin, but even without debt, moving to her own place is going to generate loads of it, setting up utilities etc. Are you she's ready for this and can she actually afford to live independently? £5k on a store card is a lot, especially if she's been living at home so presumably cheaper than paying all her own bills.

Perhaps if she does the balance transfer and she moves, you could help her go through all her bills each month so she learns to manage everything herself but you know everything is being covered. That would be better in the long term than taking on a debt you might not be able to afford.