loan agreement transfer

abertawe1

i bought a car last october with a loan from santander finance but at the end of march i was layed off from work and a week later had a heart attack and now i cant afford the payments my son is willing to take over the policy does anyone know if a loan policy is tranferable to someone else ..thanks

CLAPTON

almost certainly not

he can of course simply pay the monthly amount for you
or he can get a new loan in name and use the money to pay the old loan off (I see no point in this unless the APR is lower)

or is your question is really about your son taking over the car

EmzJenks

Hiya
Sorry to hear about your ill health. I'm not sure if you can transfer a loan policy into someone elses name, but even if you can't your son can just pay the money into your bank account can't he?

Common_Sense_2

in short - no.

but as other posts have mentioned, you should be able to set the direct debit up to come from his account. But you will still be liable if he misses any payments.

Hope your health gets better