How to Take Responsibility for Paying Someone Else's Debt

When a friend or family member gets into debt, he may approach you at some point about taking responsibility for it. In some cases, your family member or friend may not be able to get approved for financing without your guarantee of payment. In other cases, he may simply need help paying the bill and you want to help. If you want to take responsibility for another person's debt, you can typically do so, but the process can vary depending on the policies of the creditor.

Instructions

1

Get the information about the debt from the other individual. You will need to know the account balance as well as the account number. You need contact information for the creditor as well.

2

Contact the creditor to ask about becoming a guarantor. If your friend or family member is applying for new credit, you will simply provide your information as a co-applicant for the loan or credit account. If the debt is already existing, talk to the lender about the possibility of taking responsibility for it.

3

Provide your personal information to the creditor, including your name, Social Security number, address, phone number and income.

4

Sign the appropriate documentation that is provided by the lender. The lender may want you to sign a document that states you guarantee to pay the debt back. If your friend or family member is getting a new loan, you will simply sign the same document she signs as a cosigner.