Can someone's debt be transferred to someone else's name?

Question

I have a debt because of someone else and they are now saying that they are willing to take responsibility for that debt by transferring it to their name so that it wont affect my credit. Is that possible and how can it be accomplished?

Ok so the debt is actually a apartment complex. An apartment was leased for someone else and they bailed on the lease and now I owe the rent for that month and the late fees and the rent for two months and the early termination fee with totals to nearly 5k.

Answer 1

No, the only way they can transfer it to their name is if they use a credit card or take out a loan and pay your debt off.

Take it from me, you will want legal representation here before you go any further. For one, to protect yourself against the apartment complex. And two, in case you need to sue the current party who left you with the bill. At any rate, make sure you get whatever you agree to in writing.

Answer 2

It depends on the debt... what kind it is. If you have unsecured debt, such as a credit card, or a bill you owe, it may not be able to be transferred. If it is secured debt, like a car, the title can be transferred and the loan can be assumed by another party after proving sufficiently good credit to do so. Without knowing more about the debt, its hard to give a really good answer.

Answer 3

I would have them pay you off in cash. I don't know what kind of debt you are referring to. If it's a bank loan, they would need to start a new loan with the proceeds being paid to you. If it's credit card debt, the only way to do this that I can think of is to have that person use their credit card to pay off your bill in full and the debt is now on their credit card, not yours. Give me more details and I'll try to help more.