Can I pay someone else’s debt?

Debts can be paid by pulling out a new loan and co-sign on it. Then simply sign the loan or credit card agreement to “buy” the debt. You can also use a credit card to pay off someone else’s debt. If you have good credit and can get a good interest rate, transfer the debt to your card to pay off.Click to see full answer. Furthermore, is paying off someone else’s debt a gift? Loans versus Gifts Technically, the IRS says a gift is anything you transfer to someone else without receiving full value for it in exchange. In the case of cash, such as if you write a check to pay off someone’s credit card debt, receiving full value means you’ll get the money back eventually – it’s a loan.Furthermore, can you pay someone else’s credit card bill? Yes, it is possible to pay someone else’s credit card or add money to someone’s debit card. You would typically only need the person’s name and account number to pay, and instructions on where to pay (which vary from bank to bank). You would need their name and account number for that and can walk into any branch. Beside above, can you pay someone elses debt? Absolutely. Though most people don’t realize it, you can sometimes be forced to pay credit card debt belonging to someone else. Such occurrences are rare, but it’s possible to take on liability for someone else’s debt without realizing it — or knowing the potential consequences down the line.Is it illegal to pay someone else’s bills?You can make a payment on someone else’s loan or deposit money into someone else’s bank account without any consent or knowledge of the person whose name the account is in and it is perfectly legal. As long as you know what bank. You don’t even need to know the loan number.

Leave a Reply

Your email address will not be published. Required fields are marked *