Ex refusing to pay back a loan I took out on his behalf

hayleyrafelt

Hi, just wondered if anyone had any advice as I am really desperate.
Almost 16 months ago I took out a loan for a current boyfriend as he had bad credit to enable him to train to be a driving instructor. We broke up aprox 4 months after the loan stated and we wrote up an agreement between us about the loan repayments which was witnessed by 2 mutual people. In the agreement it stated that he has agreed to repay all the loan ammount and stand any fees in reguards to late payment. He has for 16 months paid the loan ammount into my bank account on time and we have had no problems. However, he emailed me yesterday to inform me he is claiming bankruptcy and had named me as one of his creditors.
He also has the intention of carrying on the training to become a driving instruction without paying the finance on the product.
Furthermore he will not be making the May payments.
I am not in a financial situation to be repaying the loan myself and frankly do not see why I should.
Where do I stand as I am worried that with his claiming bakruptcy I will receive nothing which will lead me into having to claim bankruptcy myself as I am struggling to keep up my own loan repayments. Also would there be any way for me to force him into stopping his training as the driving school has told me previously that in extreme circumstances they will cancel the training and give the remainder of his training money back to the creditor. He has to be the one to agree to this though as he is the holder of the driving school account and I am the holder of the finance account. I took out the finance through the driving school.
Please help as I am so scared this is going to ruin me for life.

hayleyrafelt

What about me taking him to a small claims court?

Apples2

He is bankrupt. There is no money to give you.

Your loan, your responsibility to repay it unfortunately

chalkie99

hayleyrafelt wrote: »

I took out a loan for a current boyfriend

hayleyrafelt wrote: »

I am not in a financial situation to be repaying the loan myself and frankly do not see why I should.

I am afraid the first statement gives you the answer to your question.

As others have stated - it is your loan and you are responsible for paying it back.

If he really is going bankrupt, has other debts and no assets then you have no hope of getting the money and will have to make the payments yourself.

However, are you sure he really is doing this? Could it be that he is just spinning you a yarn about going bankrupt to stop you chasing him for money he has lost the will to pay back?

DCFC79

Be a warning to all never ever take out a loan for a partner unless you can be absolutely totally certain they will pay you back,

its of course totally upto you if take a loan out for someone else

serverking

Will you go out with me?!:p I'm a successful man, starting his own bus company. I just need a loan of £50k for a second-hand vehicle...:D

Sorry, but he saw you coming, love. Your loan, your problem, he's long gone. Once you are given the loan, the creditors aren't interested in what you did initially with the money drawn down into your current a/c, just in how you pay it back. All the best with your repayments...:p

Option 2:

Go abroad for 6 years, then upon your return to the UK, they can't try and reclaim the debt...

Option 3:

Take out a loan to repay your loan :- Wentworth Loans do a range of loans specially tailored to [STRIKE]their[/STRIKE] your needs.

topcat9

Hayley,

You made a mistake - you tried to help someone you (presumably) loved and trusted. People have done far worse. You're doing the right thing by finding out your legal rights but don't forget there are other avenues to explore.

This guy wants to carry on with his driving instructor training - so that is a bargaining chip right there. I don't understand the details of the account, but if you can make him feel like his new career is under threat that might motivate him to keep paying you e.g. tell him you won't be making any more payments and your solicitor will be contacting the company about refunding monies paid so far (even if you find out you can't, you don't have to tell him that) Phone the driving firm and make a fuss - he won't like his business being known by everyone.

If this guy wants to hide behind legal niceties, don't let him!

zppp

serverking wrote: »

Go abroad for 6 years, then upon your return to the UK, they can't try and reclaim the debt...

Don't you mean go abroad for 6 years, then upon return to the UK, the debt becomes unenforceable in court, but they can still chase you and trash your credit file

diable

Has he any assets? Then take them in lieu of payment (chop his nuts off) as you won't get any money out of him.

chanz4

topcat9 wrote: »

Hayley,

You made a mistake - you tried to help someone you (presumably) loved and trusted. People have done far worse. You're doing the right thing by finding out your legal rights but don't forget there are other avenues to explore.

This guy wants to carry on with his driving instructor training - so that is a bargaining chip right there. I don't understand the details of the account, but if you can make him feel like his new career is under threat that might motivate him to keep paying you e.g. tell him you won't be making any more payments and your solicitor will be contacting the company about refunding monies paid so far (even if you find out you can't, you don't have to tell him that) Phone the driving firm and make a fuss - he won't like his business being known by everyone.

If this guy wants to hide behind legal niceties, don't let him!

wont work as they pay in advance, sols cant discuss with company anyway as they are 3rd party

topcat9

"wont work as they pay in advance, sols cant discuss with company anyway as they are 3rd party"

It's easy to get hung up on the legalities of a situation. Sometimes we need to take a step back and look at other ways to tackle a problem (hence the title of my original post). The OP is rightly going down the avenue of establishing her legal rights - if she has any then no doubt she will use them. However, it's not looking too good for her from what others have said, so she also needs to consider how to put some personal pressure on this guy. Hence my suggestion of kicking up a fuss with him and the driving school. Even if there's isn't much she can do in reality, if she gets him worried that she can affect his future career then she might get him to keep making the payments.

It's a tough approach but it's what those horrid DCA's do to people all the time - bluff, bluster and frighten them. They do it because it works.