Legal Question in Credit and Debt Law in Michigan

Re: Transferring Debt

Absolutely. It is called a "novation".

BUT, the practical problems in establishing your credit and making the transfer will be the most difficult part.

For a Novation to occur, the lender must agree to substituting one individual for another - a complete transfer. It makes sense that everyone has to agree - the lender, you, and your Dad.

As a practical matter, you would need to establish a credit line (credit card, bank, etc.) and draw money down from that line (e.g. a credit card cash advance), give that money to your Dad, and have him pay off the debt related to you (he could, of course, NOT pay it off, if he pleases, spend the cash; he would still remain liable for the old charges).

Credit cards truly are evil. Very high interest, and the penalties for late payment/over limit etc. can choke a creditor.

The best option is to approach your bank and explain the situation and ask if they would please extend to you a line of credit. Even though it might be a high interest rate (say 15%) that is a LOT less than credit cards (I have a client who, after all of the charges, was responsible for interest (believe it or not) at a rate of 11,500% from Capital One!!!).

Bank is your best bet. Credit card cash advance is an option.

Good luck,

Tom Weiss

Mount Pleasant