adding names to personal loans

gradel

I recently took out a personal loan in my name but it was for my partner and myself.

I am wondering if anyone knows if it is possible to add his name to the agreement now the loan has been taken out. So in theory it would end up being a joint loan.

thank you

zppp

gradel wrote: »

I recently took out a personal loan in my name but it was for my partner and myself.

I am wondering if anyone knows if it is possible to add his name to the agreement now the loan has been taken out. So in theory it would end up being a joint loan.

thank you

Unless you take out a new loan I don't think so I'm afraid. I may be corrected though.

CLAPTON

no
but why would anyone want to do this?

McKneff

No its not possible to do this.

The only way to do it is get another loan in both names and pay the first one off (but it may cost you in penalties for early repayment)

Just get the other party to acknowledge half the debt on a piece of paper just in case things go wrong.

housebuyer_abc

McKneff wrote: »

Just get the other party to acknowledge half the debt on a piece of paper just in case things go wrong.

In answer to a previous reply this sentence above is the only reason anyone would consider moving a single loan to a joint