Credit card but not mine :((

Good day!

Please call me Honey, of legal age, a resident of Laguna and currently employed as an HR assistant.

I had a problem with one of my credit card accounts.

Credit card background:
1. I applied for a credit card in Credit Card company A on 2010.
2. I received a credit card from Credit Card company B without any applications.
3. Several months after, I received the credit card from Credit Card company A.
4. Voila! I now have two credit cards in one year.

Events:
1. I had planned to cut the line of the unused credit card B.
2. A friend asked if she can have the unused credit card B and generously I lent it and she took over since 2010.
3. All the statement of accounts was received by her.
4. By mid2011, I received the latest statement of account and I was shocked that it already reached the credit limit.
5. I gave statement of account personally and she said she will pay for it and will contact the customer service for assistance.
6. Collection officers started to call me on my personal phone, company phone and office phone. I rejected the calls and forwarded the number of my friend.
7. Early 2012, I had allowed her to use my email account in sending a restructure request to credit card company B.
8. We received the email response and faxed us the forms needed for the application of restructure program. Initial payment plus monthly payment for 24 months. The application is, as usual, subject for approval.
9. I saw the forms and my signature is needed.

Dilemma:
1. I don’t want to sign the forms even though the account name was mine BUT all transactions weren’t.
2. I don’t want to take responsibility of the transactions BUT I want to clear my name out of this debt.

Questions:
1. Is there anyway that I can transfer the responsibility to my friend? She is willing to pay for it.
2. Would a Special Power of Attorney work to clear my name from credit card company B?
Please please please. I need help. I will greatly appreciate any solutions or ideas.

Thank you so much!
Worried Honey

You alone are the one liable to pay for all the debt your credit card incurred. This is due to the fact that the same was issued under your name and the arrangement that you have entered with your friend does not bind the credit card company. So in terms of the credit card, the contract is between you and the credit card company.

You may argue that you signed no contract/application with regards to your Card B. However by failing to inform the company that you will not avail the services of said card is tantamount to a tacit acceptance of the service of said credit card. Secondly, you should have not allowed your friend to use the card that bears your name. Again, since the card bears your name, you bind your self to pay for the credit extended to said credit card.

maybe you and your friend can meet with the credit card company to inform them that it will be your friend who shall settle all the debts incurred for using the said credit card. just talk to them right away and perhaps you can ask your friend to sign a document stating that she will assume all responsibility with regards to the credit card of course the credit card company should be informed of this.