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Loan taken out for friend


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hi

 

I am sorry if this is the wrong forum.

 

My Daughter was in a "relationship" with someone and took out a bank loan for this person for £4000.

 

The person has not paid any of the installments and now broken up the relationship. My Daughter has Mental health issues and has been hospitalised 4 times during this relationship and was very vulnerable.

 

I am worried that she is now having to pay this loan back herself ( I know she is responsible to make the payments and she has been doing so) but I would like to know if she is able to do anything to get this money back or make the person pay the installments?

 

I am concerned that she was coerced into taking the loan in some way....maybe a threat to end relationship?

 

The only proof she has of giving the money to the other person is her bank statement as she transferred it electronically.

 

I know this person has a partner who has a history of fraud and theft.

 

Is it worth contacting the police......my Daughter has already had to contact them as she was being harassed by the person and her partner and has been warned not to contact my Daughter at all. She has since sent 3 texts which I will be reporting.

 

Thanks for any advice

Edited by Andyorch
Paras
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Hi mackem

 

I have moved your thread to what I think is the most appropriate forum...please continue to post here to your thread.

 

Debt management and Debt self-help Forum.

 

Who did she take this loan with...Bank /Finance Company.?

 

Regards

 

Andy

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Hi mackem

 

I have moved your thread to what I think is the most appropriate forum...please continue to post here to your thread.

 

Debt management and Debt self-help Forum.

 

Who did she take this loan with...Bank /Finance Company.?

 

Regards

 

Andy

 

Thanks Andy

 

She took it out with her bank.

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  • 3 weeks later...
Can anyone suggest a way forward with this please. Police are aware and have suggested the civil route starting with a formal letter?

 

I would agree...its the only possible route to recovery.The Bank will not entertain the reasons you offer in in your initial post...she took the loan and signed the agreement and transferred the money to his account.

 

She could contact the Bank and inform them of her position and ask if there are options to freeze the interest or if they could assist in making the payments easier by extending the term and freezing interest...but wouldn't hold my breath.

 

Issuing a LBA is the start of the process when initiating a court claim.....but it must be followed through and there is no guarantee of success or payment even if successful.

 

 

Andy

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHER

 

Have we helped you ...?         Please Donate button to the Consumer Action Group - The National Consumer Service

If you want advice on your Topic please PM me a link to your thread

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