can i transfer my debt to someone else?

Question

i took out a loan under my name for my parents a few years ago while i was still living at home - so instead of me paying housekeep i paid the loan now that i have moved out they pay me £60 a month for their loan- they have just remortgaged their house without giving me anything to clear their debt - i love them to pieces but they still owe £5000 - it would take nearly 7 years to clear this if they only pay £60 a month - i'm in alot of debt myself totalling £15000 but obviously this includes my parents loan i had to use the cash machine for my mum the other day because it wasn't working out properly and noticed that they have over £8000 in their account - i didn't mention it bec i didn't want any rows but i'm pregnant now with my first child and i feel that i don't want to be strugglging forever but i really love my parents and don't know what to do - i am going to have to ask them to increase their loan repayments without any rows to £100 a month, or can i transfer their debt to them?

Answer 1

Pay all your debts and buy life insurance for your parents and grandparents if they are still alive.

Answer 2

It seems as though you took out the loan as agreement to stay in their home. You deciding to move was not part of the agreement.

In other words, if you were still living under their roof you would not have a problem making the payment.

Regardless, if you signed for the loan, you are liable. That is the legal aspect of it. If you stop making payments, you get the bad mark, not your parents.

Since you are expecting your first child, that is where all of your concern should be directed.

I would suggest a direct bold approach and request to your parents that they take over this debt that you incurred on their behalf.

I say a 'bold approach' but yet with a firm and delicate touch. You see, they don't have to pay the loan since it is in your name.

You should not feel bad asking them to pay for what they used and you should not burden yourself or your child for money that you have not or will not benefit from.

The ideal scenario is to get your parents to agree to borrow money to pay off the loan immediately.

As for getting the loan transferred to their name, your loan institution must qualify them to take the loan.

Loving your parents to pieces should not be the reason to bury yourself in debt for them.

The alternative is to move back in with your parents until the debt is paid in full and in the mean time you can save as much money as possible to go out on your own and provide a good life for your child.

Don't forget to get support from the childs father.

Answer 3

oh wow this is really a difficult situation. I'd say you're right in being frustrated: at your age and your stage in life, it should be your parents borrowing you money, not the other way around.

If I were you, I would try and look at the specific loan contract you took out, Are there any chances there?

Moreover: did you sign a contract with your parents? it seems like an odd thing to do, but as long as there is no paper trail proving that you took out the loan for them, you have no ground to negotiate with your parents.

All in all, I have to be honest, I must say that it looks a bit like your parents don't care all that much about your (financial) wellbeing, if they have enough money to pay you back but don't. If they love you as much as you love them, sit them down for a while and talk it through. If that doesn't work: reckon wth the fact that you'll probably never see your money back.

I hope all goes well!

Answer 4

I think you should speak to your Mum about that and tell her the Situation Clearly....... I think you can not transfer you debt to any one else's Name with out their agreement.......!
I know its a Hard Situation ........Well Gud Luck for Every thing .

Answer 5

Not without your parents agree ment and the permission of the creditor.