Husband's name used by son to guarantee a loan

BoGoF

Chi326 said:

It appears from the documentation that we have managed to obtain from the lender that our son used a second email address which he had in his name, a different one from which he would normally use. My husband has no sight of this and this was obviously where the copies were sent, the lender would havd sent two sets of everything directly to our son.

From reading previous answers today we have contacted the police directly, explaining that Action Fraud are not prepared to pursue but our local police are making a direct visit to us this weekend.  We are entirely innocent in this and will do all we can to prove it.

You need to be clear on the potential outcomes of this. Fraud is a very serious charge and your son could end up with a criminal record or jail time.

enthusiasticsaver

BoGoF said:

Chi326 said:

It appears from the documentation that we have managed to obtain from the lender that our son used a second email address which he had in his name, a different one from which he would normally use. My husband has no sight of this and this was obviously where the copies were sent, the lender would havd sent two sets of everything directly to our son.

From reading previous answers today we have contacted the police directly, explaining that Action Fraud are not prepared to pursue but our local police are making a direct visit to us this weekend.  We are entirely innocent in this and will do all we can to prove it.

You need to be clear on the potential outcomes of this. Fraud is a very serious charge and your son could end up with a criminal record or jail time.

I think the OP is aware of that.  From the sound of it the son has had money from them before and not repaid it so presumably they have had enough.  Difficult to say how you would react to your child doing what he has done.  I would be devastated.  Bad enough to defraud anyone let alone your own parents.  The outcomes will be serious but from the sound of it the son is going down a very bad path. If his parents do not report him they stand to be accused themselves.  

Chi326

We have checked with the three major Credit Ref Companies for searches and there is only one showing to which this loan appertains, so at least for the time being we only have this one to deal with.
And yes we are aware of the potential ramifications of police involvement but after the amounts of money we have already helped our son with we really do have no choice, it has to stop now.
I realise people in these forum groups will all have their own feelings on individual cases and it's difficult not to be judgemental without having all the prior knowledge. 
But I do thank you all for your input.

Sea_Shell

Chi326 said:

We have checked with the three major Credit Ref Companies for searches and there is only one showing to which this loan appertains, so at least for the time being we only have this one to deal with.
And yes we are aware of the potential ramifications of police involvement but after the amounts of money we have already helped our son with we really do have no choice, it has to stop now.
I realise people in these forum groups will all have their own feelings on individual cases and it's difficult not to be judgemental without having all the prior knowledge. 
But I do thank you all for your input.

With regards the CRAs, I think there is an option to make a note on them to alert of any possible future applications.

This should ensure more stringent checks are made in the future, if they should arise.

I can't remember exactly what it's called, but someone else will probably be along shortly with the proper name for it.

If you feel able, please come back and update this thread with how things turn out.    Good Luck.

RAS

Sea_Shell said:

Chi326 said:

We have checked with the three major Credit Ref Companies for searches and there is only one showing to which this loan appertains, so at least for the time being we only have this one to deal with.
And yes we are aware of the potential ramifications of police involvement but after the amounts of money we have already helped our son with we really do have no choice, it has to stop now.
I realise people in these forum groups will all have their own feelings on individual cases and it's difficult not to be judgemental without having all the prior knowledge. 
But I do thank you all for your input.

With regards the CRAs, I think there is an option to make a note on them to alert of any possible future applications.

This should ensure more stringent checks are made in the future, if they should arise.

I can't remember exactly what it's called, but someone else will probably be along shortly with the proper name for it.

If you feel able, please come back and update this thread with how things turn out.    Good Luck.

You can ask for a CIFAS alert. It is not the same as a CIFAS marker, it means extra checks are made on credit applications. Pain but safer. Son may get CIFAS marker.

sourcrates

It would be helpful if you can name the lender, and the collection company chasing the debt.

We can then assess there collection process.

Certain guarantor loan providers send the money direct to the guarantor to distribute the funds, as previously advised.

Other banks who are not specialist lenders just send the money to the applicant, but will chase the guarantor if payments are missed.

You say the collection company is threatening legal action, do they refer to "their client" at all?

Only a debts owner can take legal action, a collection company with only an equitable assignment, can do nothing but ask you for payment.

Kim_13

mr_stripey said:

Chi326 said:

No monies were received into any of our or my husband's account, your information is incorrect in that funds are transferred to the guarantor. 
In reply to comment 2 my son has admitted to this to my husband and myself but has no money to repay any of this.
This has been reported to Action Fraud England but it would appear the police organisations are only looking into major fraud cases.

in fairness, Exodi only replied that "usually" the funds are transferred to the guarantor - so it is unfair to say he is "incorrect". They are one of the most knowledgeable and balanced posters on here and will certainly try to help.

This would be an avenue worth trying at least, if ActionFraud won’t listen. That the lender SHOULD have transferred the funds to your husband but as they did not, he had no way of knowing that he had been connected to a loan he didn’t agree to guarantee and should not be liable for payments.

Had the funds been paid into an account in your husband’s name, they’d have been returned to the company as soon as he found them. Or, if son had set up an account with a bank using his father’s details, then that would have been reported as fraud to the bank, which itself would have generated some evidence that could have been provided to the loan company.

ActionFraud should surely issue a reference number to prove the report, even if they won’t investigate.