A loan for another person problem!

dantheman24

Hello, I have a 'A loan for another person problem!' problem is a friend of mine has foolishly taken out a loan for her boyfriend. He couldn't get credit so she took it out in her name. The bad part is, how did the bank let this happen and how can my friend sign over the loan to her boyfriend? is this easy? and what legal legs if any are there on her side? If they spilt up there will be trouble.

Any help or ideas?

skylight

Stupid, stupid girl. (Your friend!!)

You cannot Re-assign a loan. Its hers. Completely and utterly and if they split or not, she is the ONLY one liable for the repayments and all that goes with it should the repayments not be paid.

Its completely hers. And there is no help as there is nothing she can do about it.

skylight

The only solution is for him to get a loan somehow and re-pay hers with it.

But if he is finding it difficult to get one...........

tanith

Dan you said it in your first sentance 'she foolishly took out a loan' which she is now totally responsible for... hope her boyfriend is a true friend and pays it back:eek:

The bank 'let it happen' as that is the reason they are in business, your friend applied for it and they obliged... now they will want it back+++

angchris

im sorry to say that your friend is totally liable for this debt and she wont be able to sign it over and should of thought more of the consequences before agreeing to it! i just hope for her sake the bf stumps up the cash each month to pay the bill or she is up the preverbial creek without a paddle or a leg to stand on. hopefully next time she will think twice about doing this again! there was a reason her bf couldnt get a loan its because he is bad with juggling money and i really hope it doesnt backfire on her...

regularsaver1

Its not the banks fault that she applied for a loan in her name

they were doing her application as though it is hers, because that is what it is - she is fully liable

dantheman24

That’s bad news...

I knew the real answers anyway but needed some other facts from other people. Unfortunately my friend is in an abusive/fear relationship and is always arguing with her partner. He used to be a benefit cheat and claimed for years falsely. He has no assets and a poor credit history. My friend however 'did' have excellent credit rating no debts and a future. This man has manipulated her life for 4 years; it's an awful situation with harsh realities. Debt is debt and it needs paying back at the end of the day.

If only we could turn back time....

firesidemaid

oh dear.

how much is the loan for?

is your friend trying to get out of the relationship? if they are, don't let the loan stop them from leaving - it's not worth it.

hope they are ok

scat

dantheman24 wrote:

That’s bad news...

I knew the real answers anyway but needed some other facts from other people. Unfortunately my friend is in an abusive/fear relationship and is always arguing with her partner. He used to be a benefit cheat and claimed for years falsely. He has no assets and a poor credit history. My friend however 'did' have excellent credit rating no debts and a future. This man has manipulated her life for 4 years; it's an awful situation with harsh realities. Debt is debt and it needs paying back at the end of the day.

If only we could turn back time....

She still DOES have a future. It was a silly thing to do but we all make bad decisions at times. This one will of course prove costly but it's not like she won't get over it. Give her plenty of support, encourage her to look on the positive side ( it will after all be a lesson learned! ) and make sure she moves on!!! It won't affect her credit unless she defaults on it, she just has to take it on the chin that it's her loan and she has to pay it back....