I had opened a credit card for a very good friend of mine several years ago. He owes several thousands of dollars to the IRS and now they are taking $2000 from each paycheck...so he is unable to pay on this card. The credit card company is willing to settle for 80% of the entire bill. I am wondering if I should just pay off the settlement fee (it is about $13000), or if I should try to transfer the debt into my friend%26#039;s name? Do you think that is at all possible? I%26#039;m not sure the credit card company would allow that since his credit is pretty bad.
Thanks for your help!
Transferring a credit card debt?
Unless I am mistaken, if you open a credit card in your name, it%26#039;s legally your debt.
Transferring a credit card debt?
The credit card was issued in your name thus you%26#039;re solely responsible for all outstandings. Besides needing the approval of the credit card company, you will also need your friend%26#039;s approval to have the debt transferred.
Transferring a credit card debt?
it might ask the card company..
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