Transfer loan into another name?

simplymegreg

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

Forris

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.

talana

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?

Forris

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!

talana

Forris wrote: »

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

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.

simplymegreg

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.