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Car HPI

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zandralapoi
zandralapoi Posts: 8 Forumite
in Loans
Hello

Hope someone can help. About 18 months ago I got a car loan for my brother to help him get a car. 10 grand over 5 years, the usual.

Thing is I don't want the debt hanging over my head anymore as I want to start a property investment business. He is in no position to get a loan to pay the loan off but can make the monthly payments.

Would the finance company allow me to change the bank account the payment comes from to one of my brothers or his partner? Are there any other ways that I can get rid of this? By the way, if after 2 and a half years we hand the car back it will go down on my credit report as a voluntary repossession!

Many thanks,

Zandra LaPoI
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