Loan in my dad's name

BNYH

Hi guys need help.
I have a loan in my dad's name that's still got years left on it, I'm struggling to manage payments and wondered what help is out there for me to reduce or get rid of the loan ? 

[Deleted User]

You need to either earn more so you can pay it off faster, or refinance it to a lower rate.

Post up an SoA on the DFW boards and they'll look at your circumstances as a whole. 

elsien

Are there early repayment charges on the loan? Does it have a high interest rate? What was it for and how long has it got left to run?
As it's in your dad's name then he will be responsible for any payments that you fail to make and they will be chasing him for it. 
What is the reason that it is in your dad's name and not your own? Do you already have a poor credit history?
You need to give a lot more information to get meaningful help.

BNYH

elsien said:

Are there early repayment charges on the loan? Does it have a high interest rate? What was it for and how long has it got left to run?
As it's in your dad's name then he will be responsible for any payments that you fail to make and they will be chasing him for it. 
What is the reason that it is in your dad's name and not your own? Do you already have a poor credit history?
You need to give a lot more information to get meaningful help.

Thank you for the quick reply,

There's 5 years left, no fee on early repayments. I've already re financed for cheaper deal. I can't work more as I have recently lost my job and UC don't support loans. 

I had a great credit history but then moved houses many times and not always on the council tax bill so my credit is hard to find. Reason it's in my ddads name is he could get a lot more money than I was allowed. I as a teenager got a car then another and now am left with the lingering debt. Thanks

elsien

Loans are not my field so I'm coming at it just as your averagely informed member of the public, but I think the loan not being in your name is really going to complicate any options you might have.
Refinancing for a cheaper deal in your own name probably isn't an option if you're not working  - when you refinanced before did you look at having it in your name then.What was the reason for it staying in your dad's name - finances again? 
The loan company aren't going to take you and your circumstances into account because legally it's not your debt. So as far as I can see, your options are to sell things to make the payments, find work (easier said than done, I know), dad refinancing at a better rate/longer term if he is willing or able to do so,  or see if your dad can make any payments on your behalf then you pay him back when you get back on your feet. Because defaulting is going to rebound on him not on you. 
What are the monthly payments at the moment? 

[Deleted User]

You need to speak to your dad. The loan is in his name meaning he is legally responsible for repaying the lender, not you. You entering into a Debt Management Plan or something form of insolvency won’t include a loan not in your name and it sounds like taking a loan out in your own name to clear the one in you dad’s name is going to be very, very unlikely. 

DCFC79

BNYH said:

Hi guys need help.
I have a loan in my dad's name that's still got years left on it, I'm struggling to manage payments and wondered what help is out there for me to reduce or get rid of the loan ? 

Why is there still 5 years left ?

When was it taken out ?

As mentioned your options are limited as the loan isn't in your name. 

foxy-stoat

BNYH said:

Reason it's in my ddads name is he could get a lot more money than I was allowed. I as a teenager got a car then another and now am left with the lingering debt. Thanks

There is a very good reason why that was the case, as you are now finding out.

You bought a car with your loan, then got your dad to take out a loan for another car before paying the money back for the car you no longer have.

I think you need to sell whatever car you have now, clear your dads loan, less £500, spend the £500 on a car you can afford while you save up for the next one.

There is no way you can "get rid" of your Dad's loan, only pay to reduce the interest is for him to take out another loan with a lower interest rate, which is probably unlikely.

MinuteNoodles

BNYH said:

Hi guys need help.
I have a loan in my dad's name that's still got years left on it, I'm struggling to manage payments and wondered what help is out there for me to reduce or get rid of the loan ? 

None as it's in your dad's name. If you don't repay it they'll go after him and all the negatives of welching on the loan fall on his shoulders. It'll damage his credit record and he could end up with a CCJ and ultimately bailiffs knocking on the door. 
Time to start selling stuff. As you're not working and on UC the car is the first thing that you can get shut of to pay off the debt and the money you'll not be spending on fuel, insurance, tax, MOT and maintenance will go towards paying it too. You can always get a cheap banger for a few hundred quid off Facebook if you manage to find work that needs a car to get to.

BNYH

I thought there wasn't many options so thank you all for offering some sort of support. I just really wondered if there was a way of reduction the loan. But from what I've searched and what you all are saying things would only work like and IV, if it was in my name.

Clive_Woody

BNYH said:

I thought there wasn't many options so thank you all for offering some sort of support. I just really wondered if there was a way of reduction the loan. But from what I've searched and what you all are saying things would only work like and IV, if it was in my name.

The only way of reducing the amount owed is by paying it back. Making overpayments would reduce the total amount of ineterst paid on the whole loan, but from you have said you are not in a position to repay, let alone over pay. I hope your dad is in a position to pay this loan, as technically it's his loan.