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Passing a loan onto someone else
Carl2510
Posts: 535 Forumite
Afternoon,
i currently have a finance agreement with a company for a Sofa, (£46) spread over 4 years. Currently just done over 3, if I want to get this put in someone else’s name, do I need to request it to be taken off my credit file or Will it do it by itself.
thanks.
i currently have a finance agreement with a company for a Sofa, (£46) spread over 4 years. Currently just done over 3, if I want to get this put in someone else’s name, do I need to request it to be taken off my credit file or Will it do it by itself.
thanks.
0
Comments
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I would very much doubt the finance company will let you put the fiance agreement in someone else's name. Call them and ask before worrying about whether it will come off your credit file, as I'm pretty sure they will say no, and that will be the end of it.1
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Well I don’t see why not, it’s only a sofa. Obviously I would expect them to do a credit check against the person I’ll be asking to take on the loan.0
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You need to get the other party to take out their own loan and pay off yours.1
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But the loan I have with the finance company is interest free I don’t think they’d get that if they just got a loan out.0
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I do not think you will be able to do this. to be honest. If the loan has less than a year to run it might be best to just pay it yourself.0
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If it's interest free, why not just get the other person to pay you the monthly payments by standing order, on a day before your DD goes out.Carl2510 said:But the loan I have with the finance company is interest free I don’t think they’d get that if they just got a loan out.How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)0 -
Well I’m doing this so it’s less loans in my name for when I apply for a mortgage0
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You can't “transfer” a loanThe simple answer is No. There is no way for you to transfer this loan to anyone else.
This applies to any loan, not just to sofa finance.
A loan is a legal agreement between you and the lender, once you sign the agreement, you are bound by its terms.
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The agreement is between you and the finance company. The goods are of no consequence.Carl2510 said:Well I don’t see why not, it’s only a sofa. Obviously I would expect them to do a credit check against the person I’ll be asking to take on the loan.0
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