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Friends issues with loans...
Dear all,
I have posted a message similar to this before, but would like to try and get a load of responses so I am totally sure on a friends position, I would of course appreciate any information you can offer..
About 5 months ago, my friend had a friend move in with him. Over time, he has helped his mate out with finances, applying and taking out loans and credit cards, to the total value of £32,000. (His mate had trouble with debts!!)
However, now they have fallen out, and his mate is moving out to move back home.
Now, all the credit agreements were signed by him for his mate, although his mate rang up and transfered balances from cards etc.
Who is responsible for the debt? My friend who took the loans out? Or, his mate as he rang up and transfered the cards etc...
All responses would be apprectiated!!
I have posted a message similar to this before, but would like to try and get a load of responses so I am totally sure on a friends position, I would of course appreciate any information you can offer..
About 5 months ago, my friend had a friend move in with him. Over time, he has helped his mate out with finances, applying and taking out loans and credit cards, to the total value of £32,000. (His mate had trouble with debts!!)
However, now they have fallen out, and his mate is moving out to move back home.
Now, all the credit agreements were signed by him for his mate, although his mate rang up and transfered balances from cards etc.
Who is responsible for the debt? My friend who took the loans out? Or, his mate as he rang up and transfered the cards etc...
All responses would be apprectiated!!
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Comments
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The person(s) who signed the credit agreement are responsible for repayment.
Your mate should get all the paperwork together for the credit cards/loans etc including any statements and see a solicitor asap. He may be able to take some form of civil action against his ex-friend if he has evidence that the original debts belonged to him and that his ex-friend was supposed to repay him.0 -
100% agree. This is why you shouldn't get credit for family or friends. Your credit is for your own use and no-one elses, because it is you who are liable for the debt.Baby Year 1: Oh dear...on the move
Lily contracted Strep B Meningitis Dec 2006 :eek: Now seemingly a normal little monster. :beer:
Love to my two angels that I will never forget.0 -
IMHO your friend has been taken for a mug so if he signed for the credit it's his debt. If there's nothing in writing between your friend and his 'mate' then your friend has been well and truly kippered (unless he knows some 'large gentlemen' who don't worry about legal niceties):j The £2 CSC = £48 in carton£100 banked Mar 06V-Free : 4 weeks
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