Consolidating someone elses debt
There’s usually a fee to pay for this of between 1.5% and 3% of the balance transferred, but it can be worth it as the following example shows.
Use this credit card reality checker to find out how long it will take you to pay off your balance If you have store cards, they will probably be more expensive than credit card debts, so make sure you pay them off first.
Credit cards also charge different rates of interest. Out of all your cards, pay the most on the one with the highest interest rate first, depending upon what kind of balances you have on the card - whether purchases, balance transfers or cash withdrawals.
There’s a chance that if this debt is passed on to a collection agency that you may start receiving letters again.
If this happens, just repeat the process and the letters should hopefully stop.
This is especially true if the contact seems quite threatening in tone.
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It’s not always obvious how you’re best dealing with this kind of contact from creditors.Also, if you make only minimum repayments, this will show up on your credit file, and other companies might assume you’re struggling and will be more reluctant to lend you money.This could even affect your chance of getting a mortgage. Even if you only increase it by a small amount each month, it can make a huge difference.You’re not legally obliged to provide proof that you’re the current resident of the property.However, you can offer to send a photocopy of your council tax bill to the court or bailiff to prove that the person they’re looking for is no longer a resident. Should a bailiff (or a sheriff officer if you live in Scotland) visit the property to take control of goods for someone else’s debt, we recommend that you do not let them in.Visits from debt collection agents tend to be more implied rather than something a collection agency resorts to, as sending agents to a property costs more to the agency.If someone calls your number looking for payment on someone else’s debt, make them aware of this and ask them to cease contact by telephone immediately.This might have cost you hundreds or thousands of pounds which will be refunded to you if your complaint is successful.Receiving letters, texts or phone calls addressed to someone else or for a debt someone else is liable for can be frustrating.This doesn’t always happen, or there may be a delay while their creditors update their records.The important thing is that you are NOT liable for debts owed by someone who lived in your house before you.