QUESTION
Is it possible to trade credit from one person to another to avoid being indebted?
Asked on Aug 15th, 2013 on Bankruptcy - Oklahoma
More details to this question:
I have a friend whom I had given my credit card to a few years ago, I have just received a call from some attorney's stating that I owe them R50 000 for a credit card of which was opened 5 years ago the same one that my friend was using so I have spoken to my friend and he agreed to take the debt on to his name so what I want to know is, is it possible to trade credit from one person to the next because I don't want this debt on my name .
3 ANSWERS
No, it is not. You are ultimately responsible for the debt.
Answered on Aug 16th, 2013 at 1:23 PM
Debt Collection Attorney serving Chicago, IL
Partner at
Edelman, Combs, Latturner & Goodwin, LLC
2 Awards
Only with the agreement of the creditor, which should be documented in writing.
Answered on Aug 16th, 2013 at 1:06 PM
If you owned the account that was used, the credit is in your name. You are dependent on your friend being honorable. The company does not have a prior relationship with the person to whom you loaned the card.
Answered on Aug 16th, 2013 at 1:06 PM