Main site > MoneySavingExpert.com Forums > Essential Money > Loans > Transfer loan into another name? (Page 1)

IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
Transfer loan into another name?
Closed Thread
Views: 9,134
Thread Tools Search this Thread Display Modes
# 1
simplymegreg
Old 27-04-2009, 5:35 PM
MoneySaving Convert
 
Join Date: Jan 2009
Posts: 73
Default Transfer loan into another name?

Hi guys,

Is it possible to transfer a loan into another person's name

Here is the hypothetical (as it has not happened to me):
Loan taken out in person A's name and thus against person A's credit file - but the loan is actually for person B.

Would it be possible somehow to then transfer the loan into person B's name?

Thanks
simplymegreg is offline
Report Post
# 2
Forris
Old 27-04-2009, 8:05 PM
MoneySaving Stalwart
 
Join Date: Dec 2006
Location: Oxfordshire
Posts: 364
Default

To the best of my knowledge, the simple answer is 'NO'.

I asked the same question to Barclaycard Loans regarding a car loan that I took out on my brother's behalf, and this was their answer.
Forris is offline
Report Post
# 3
talana
Old 27-04-2009, 8:16 PM
Serious MoneySaving Fan
 
Join Date: Jan 2008
Posts: 1,028
Default

Don't know for sure but I'd guess the answer is no.

However, why doesn't person B apply for a loan independently then simply give the money to person A to pay off the original loan.

Achieves the same end result surely? :confused:
talana is offline
Report Post
# 4
Forris
Old 27-04-2009, 8:18 PM
MoneySaving Stalwart
 
Join Date: Dec 2006
Location: Oxfordshire
Posts: 364
Default

Surely that would just add extra interest to the second loan, unless they could get a low interest deal.

Also, if they could get a loan, then they would probably have done so in the first place!
Forris is offline
Report Post
# 5
talana
Old 27-04-2009, 8:26 PM
Serious MoneySaving Fan
 
Join Date: Jan 2008
Posts: 1,028
Default

Quote:
Originally Posted by Forris View Post
Also, if they could get a loan, then they would probably have done so in the first place!
Well if they couldn't get a loan in the first place, then surely they're never going to get any existing loan transferred to their name either? Even if it were possible

Quote:
Surely that would just add extra interest to the second loan, unless they could get a low interest deal.
Perhaps I should have said all things being equal it can be done. Sure it depends on available deals, interest rates and the like.
talana is offline
Report Post
# 6
simplymegreg
Old 27-04-2009, 11:02 PM
MoneySaving Convert
 
Join Date: Jan 2009
Posts: 73
Default

Thanks for your replies,

Probably the best solution is to just get the money paid to settle the loan. Loan amount isn't massively high its around 600.
simplymegreg is offline
Report Post
Closed Thread

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT. The time now is 11:40 AM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 26 November 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.