can you transfer a loan to someone else?

fanheater

hello all,

i have a question. how easy is it to transfer a loan to someone else?

I mean in terms of completely dissociating yourself from a loan in your name, legally and everything

is it possible at all?

thanks

Mark_Davis

fanheater wrote: »

hello all,

i have a question. how easy is it to transfer a loan to someone else?

I mean in terms of completely dissociating yourself from a loan in your name, legally and everything

is it possible at all?

thanks

It is possible but only with the express authority of both the Lender and the Borrower.

If the loan is secured then the asset must continue as suitable security,

What did you have in mind?

fanheater

mark, thanks very much for the answer.

my question was theoretical.

if you don't mind me asking,

so you can't change the underlying asset as well?

fanheater

and i have another question;

apologies, i don't have a clue about loans.

when you take a loan out, is the amount you owe immediately compounded with interest?

what I mean is, say you take out a loan of £1000 over a year, and the interest is 10 % p.a.

does this mean the principle is increased to £1100 immediately?

ylesia

No - unless you are borrowing from a very harsh place that calculates interest annually (not even sure that is legal? - but from reading on here seems lenders can get away with all sorts!). Interest on loans is usually calculated montly but their are some that do it daily.

talana

fanheater wrote: »

i have a question. how easy is it to transfer a loan to someone else?
is it possible at all?
thanks

Well, all things being equal, there's nothing to stop "someone else" taking out a loan independently, then using the money to pay off your existing loan if that's what they choose to do.
Achieves the same end result. :rolleyes:

powned

depends who the loan is with, some will allow and some will refuse.. i was miffed with blackhorse this month for refusing to let me do this... but there is nothing you can do to change it... polices are policies

CHR15

powned wrote: »

polices are policies

powned - did you miss the policy about putting spam rubbish links in your signature??

It isn't allowed