The Moneyist: ‘My girlfriend owes $200,000 in medical and credit-card debt’: She wants me to settle it — by paying a portion of the outstanding amount

by | Oct 25, 2022 | Stock Market

Dear Quentin, My girlfriend owes over $200,000 in medical and credit-card debt, but she believes it can be settled for 5% of the total amount if someone else will pay that. She reasons that her creditors wouldn’t have a claim on anything in my name, so they will take whatever I offer to settle on her behalf. She said she can give me the money in cash. 

Could this make me responsible for her debt? Would it be better for her just to declare bankruptcy, or try to negotiate the debts herself? Is this a good idea? The BoyfriendDear Boyfriend, Your girlfriend’s proposal is woven from red flags.  You don’t say whether or not the credit-card debt was part of your girlfriend’s medical financial crisis, but either way I can understand her worry, stress and — yes — desperation to clear this dark cloud hanging over her head.  The logic of your girlfriend’s proposal appears to be based on her assumption that the creditors will be more likely to negotiate with her partner in the belief that she has no money. Hence, her paying you cash for whatever sum you settle for. I have very little doubt they would see through that charade. Her estimate that you/she would only have to pay 5% also seems like a …

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