Took out a personal loan for my boyfriend... help

Tobias_the_book_thief

Hi

I'm new to the website, and after looking through many posts I can't find the advice I'm looking for. Can anyone help?

Almost 5 years ago I took out a £15K loan for my now ex boyfriend - stupid I know I know but I was 18 and gullible.

Anyway, he has always put money into my account for the repayments, but he has not this month. I'm panicking as I can't afford the repayments and I still have 21 months and almost £7K to go until this thing is behind me.

I do have it in his writing that he asked me to take out a loan for him - would this hold up in the small claims court for me to recoup my money and pay off the loan?

Has anyone had a similar experience, and if so, how did you resolve it?

Tixy

You are legally liable for the debt and if you don't pay it will affect your credit report and they would take you (if anyone) to court to enforce the loan.

That said the fact that you have written documentation and evidence of the money being put into your account means you would be in a better position than some to try to take him to court. In the meantime you either need to make arrangements to pay the loan yourself or contact the lender to see if you can agree lower reduced payments for a time which may help.

Have you spoken to him and asked him why he has not paid this month?

Tobias_the_book_thief

I have spoken to him and he says he will think about paying but that I spent some of the money - which I did not! I don't know whether to go to his parents to embarass him or whether that would make it worse?

vaporate

Tobias_the_book_thief wrote: »

I have spoken to him and he says he will think about paying but that I spent some of the money - which I did not! I don't know whether to go to his parents to embarass him or whether that would make it worse?

Your ex bf is clearly being a !!!!! and he knows it. You are liable for the debt. Same story.

stephane_2

Tobias_the_book_thief wrote: »

I have spoken to him and he says he will think about paying but that I spent some of the money - which I did not! I don't know whether to go to his parents to embarass him or whether that would make it worse?

Which probably means he won't pay for it...you are liable for the debt and even the sign paper will have very little or no impact at all in a court and even if the court take your side he can decide not to pay and anyway you are still liable until balance show £0

Ash888

he probably wont pay for it but you need to cover your own back regardless, which is difficult as everyone is saying the loan shows up in your credit history.

i probably would speak to his parents, not to embarrass him but to explain what you did for him (if they dont already know) and then depending on what they are like, maybe they will help you out. just a suggestions?

what about your parents? anyone that can help you out from your side?
i know it can be embarrassing to explain the situation to people, but you need to make sure you dont miss a payment.

sorry cant be of more help.

michael1983l

I know what I'd do and it would involve some rope some DIY implements and a tub of paint stripper.

Debtfix

You appear to be aware that the loan is legally yours so I won't remind you of that. Many people do this and women are so trusting that it is they who seek advice on this subject. BUT you are different. You have it in writing that you took a loan for his benefit. It is worth a try in the County Court but it will be expensive as you are above the £5,000 limit for small claims.

Of course if he is a decent sort then he will continue / restart the payments for HIS loan but he may see this as a way to get back at you. I hope that you learn never to do this for anyone again.

One of my clients took out a £200 doorstep loan so that her boyfriend could buy parts to repair his car. Once the car was going again he got in it started the engine a drove right out of her life.

Don't feel stupid just remember that your trust is valuable in ways that men understand all too well.

view

Debtfix wrote: »

Many people do this and women are so trusting that it is they who seek advice on this subject.

how do you know it's a woman?

VIGILANT22

GoldenJill wrote: »

how do you know it's a woman?

rolls eyes..........................

view

VIGILANT22 wrote: »

rolls eyes..........................

I know I know.. but it's true!