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Transfer Credit Card Debt

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abu31july



Joined: 10 Sep 2010
abu31july's page
Posts: 10



149 Magic Points

Subject: Transfer Credit Card Debt
 
Posted on Fri Sep 10, 2010 5:27 pm  

How can I get my spouses credit card debt put into my name so all our debts will be mine?
Archie



Joined: 09 Nov 2009
Archie's page
Posts: 57



37 Magic Points

 
Posted on Fri Sep 10, 2010 6:25 pm  

There are two means to accomplish what you seek. You can transfer all or a part of the balance from one account to another. Or, you can refinance the account in question in your name. Let us look at both.

Moving a credit card balance from one person's credit card account to another person's credit card account is relatively easy. However, this assumes two things. First, it assumes that the second person has a credit card account. Second, it assumes the second person's credit card account has enough of an available balance to handle the incoming debt. If both assumptions are true, then simply contact your card issuer and explain that you want to transfer the balance of another person's account to yours, and they will either do so electronically or issue you a check-like document that the other person will send to his or her card issuer and the balance transfer will occur. Either process is much simpler than I described here.

The other way to assume another person's credit card debt is to refinance the account. To refinance, you and the account holder contact the card issuer and do one of two things. Either add your name to the account as a joint account holder. Or, simultaneously add your name to the account and remove the other person from the account. Your credit history will be reviewed along with your income and DTI during this process. You will be added as joint account holder or the sole account owner if you qualify.
cinnamngrl



Joined: 01 Nov 2008
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Posts: 1320



6419 Magic Points

 
Posted on Fri Sep 10, 2010 6:58 pm  

I don't think you can do that. However you can pay her debts as you like
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Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: transfer credit card debt
 
Posted on Sat Sep 11, 2010 9:36 am  

Hi abu,

As Archie has suggested you can transfer the balances from your wife's credit cards to your accounts and pay them off. In that case I think you will have to negotiate with the creditors.

However, it won't be that easy. If you can't transfer balances from her credit card accounts you can simply pay those off in her name.

Thanks,

Aaron
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cinnamngrl



Joined: 01 Nov 2008
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Posts: 1320



6419 Magic Points

 
Posted on Sat Sep 11, 2010 12:01 pm  

Aaron, i don't think that you can transfer balances from another person's account. have you done this?
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Aaron

Aaron

Joined: 08 Feb 2010
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48565 Magic Points

Subject: transfer balances
 
Posted on Mon Sep 13, 2010 12:41 pm  

Hi cinnamngrl,

I myself haven't done this. But I have heard people doing this.

Thanks,

Aaron
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cinnamngrl



Joined: 01 Nov 2008
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6419 Magic Points

 
Posted on Mon Sep 13, 2010 10:05 pm  

no, I don't think it works. but they will let anyone pay it off
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Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: transferring balances
 
Posted on Tue Sep 14, 2010 9:51 am  

May be it's not possible. However, I found some details from some sites.

Thanks,

Aaron
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