The most obvious benefit of paying off your fiances debt is that he no longer has to worry about that obligation. Without debt, your fiances credit score will likely improve, which could help your chances to get a joint loan, such as a home mortgage, in the future.
Should I pay my partners debt?
Yes – guaranteeing that youre paying off a partners debt whilst you are not in jeopardy of putting yourself in debt, this could really improve your credit score and improve the profile of your personal finances, he says.
Does my boyfriends debt affect me?
Your partners debts do not affect your credit score in any way. Unless you are borrowing money through a joint account – which is as much your responsibility as theirs – their personal debts cannot affect your personal credit score.
What happens to my husbands debts when he died?
When someone dies, debts they leave are paid out of their estate (money and property they leave behind). Youre only responsible for their debts if you had a joint loan or agreement or provided a loan guarantee - you arent automatically responsible for a husbands, wifes or civil partners debts.
Do credit card companies know when someone dies?
Typically, a relative of the deceased person is expected to notify any lenders — including credit card companies — when that person dies. Unlike some debts, such as a mortgage or a car loan, most credit card debt isnt secured. In these cases, the card issuer may have to write off that debt as a loss.