We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Transfer Loan / Debt Help
Hi,
About 5 years ago my mum was going through a hard time and asked me to take a loan out for her and she would pay it back.
After taking the Loan out she couldn’t afford the repayments and we ended up falling out and not speaking for years.
Being young I didn’t know what to do and was told by a friend that if i did not pay the loan after time it would clear off my credit checks.
I am now looking to get a mortgage but am struggling due to the now defaulted account, I have spoken to my mother after all these years and she is happy to take over the loan. Is there any possible way to transfer the loan into her name, if not what would be the best approach to get this loan cleared and my credit rating improved?
The loan has been transferred to another company for collection and my default date is 12/10/2013.
I have received a letter saying I could be entitled to a discounted settlement, is this true or are they just trying to tie me down again?!
About 5 years ago my mum was going through a hard time and asked me to take a loan out for her and she would pay it back.
After taking the Loan out she couldn’t afford the repayments and we ended up falling out and not speaking for years.
Being young I didn’t know what to do and was told by a friend that if i did not pay the loan after time it would clear off my credit checks.
I am now looking to get a mortgage but am struggling due to the now defaulted account, I have spoken to my mother after all these years and she is happy to take over the loan. Is there any possible way to transfer the loan into her name, if not what would be the best approach to get this loan cleared and my credit rating improved?
The loan has been transferred to another company for collection and my default date is 12/10/2013.
I have received a letter saying I could be entitled to a discounted settlement, is this true or are they just trying to tie me down again?!
0
Comments
-
The loan cannot be transferred to her name.
If you have been offered a discounted settlement, I would take it, if it's holding you back from mortgage applications.
The default will fall off your files in October 2019.0 -
Lenders are not keen to lend more money to those who have defaulted on previous debts. The facts are that you took out the loan, agreed to repay it, and defaulted, so no, you will not get it moved into someone else!!!8217;s name,
The best approach to I prove your credit file would be to pay the loan off in full today.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards