Blackhorse secured joint loan

Hatta1988

Hi guys,

In 2008 when I was 18 my mum applied for a secured loan with blackhorse. She had one previously with them and paid it in full. They informed her that her salary was not enough so she need to include someone else's salary to boast the Income before they could approve it. She informed them that I may be able to do it. Blackhorse called me and said it was just a case of boasting the income on the application and all they needed was 3 months payslips from me. I sent it to them and that was that I didn't hear from them until last year. They started writing to me saying the loan is unpaid and that I had to make full payment. I informed them the loan was not mine it belonged to my mum. They told me I was a joint account holder on this loan. I was stunned and extremely upset as this was not what I signed up for! I have also had other debt agencies writing to me asking me for payment and not my mum. I guess I'm down as primary account holder

What can I do to rectify this? They have me a joint account holder on a secured loan on a property that I do not own. Is this legal?

Can I be taken off the loan? It is seriously affecting my credit and I am looking to get a mortgage soon.

Please help!!!

Malky

Did you co-sign the loan agreement?

opinions4u

You signed up to a joint loan. It's no more complicated than that. The loan company, rightly, said that Mum couldn't afford it. They said that you and Mum could.

It is as much your loan as your Mum's.

What can I do to rectify this?

Pay what's due. You're liable for it.

They have me a joint account holder on a secured loan on a property that I do not own. Is this legal?

Yes. The good news for you is that if you don't pay they'll only repossess your Mum's house.

Tixy

Yes its possible and not unusual to have a joint secured loan with someone who does not own title to the property.

Presumably you signed the loan agreement at the time?

Have you never noticed this loan on your credit files?

SeanG79

I was stunned and extremely upset as this was not what I signed up for!

This is exactly what you signed up for, when you signed on the agreement, all your details will have been present and it was thus a joint application. Your mum did not earn enough to afford the repayments, hence why she required a joint applicant, to privide b/horse with additional security.

You are jointly and severally liable for the payments.

Debt agencies will be contacting you because when you took out the joint loan, your and your mum became financially linked on credit searches.

This will impact on your credit profile and will impact on the possibility of you obtaining future credit including a mortgage.

The only thing you can do is pay what is outstanding on the vehicle and then start to rebuild your credit profile. Do you know what the settlement figure is, and what is the value of the car? Talk to your mum, maybe she will hand back the car with the proceeds going towards the debt and the difference unfortunately you are both liable for.

Tixy

SeanG79 wrote: »

The only thing you can do is pay what is outstanding on the vehicle

Its a loan secured on her mother's property, not a vehicle

SeanG79

Tixy wrote: »

Its a loan secured on her mother's property, not a vehicle

Sorry misread initial post and like an idiot assumed Black Horse was vehicle finance.

OP will need to speak with his mum and hopefully come to some sort of arrangement with her. Alternatively his credit profile will be ruined until its settled or the property repossessed and the debt settled or the CCJ that will come, that will be secured against the property is settled.

poppasmurf_bewdley

opinions4u wrote: »

Yes. The good news for you is that if you don't pay they'll only repossess your Mum's house.

And the bad news is: If there is a shortfall, they can still come after you for that.