I took out a personal loan for my brother for £6000 he said he would pay it back in full and intrest within 3 months 7 months have past and not a bean I have now learned he has a IFA. I worked it out if the loan goes the full distance he will owe me £8000+ but he just does not care, also he says after 5 years when he can sell his house the IFV will take any profit from it. Can I transfer the loan to his name or what can I do????
2007-09-17 00:18:51 · 18 answers · asked by pete 1 in Business & Finance ➔ Other - Business & Finance
I think you said it all when you said the loan is in your name.
You have been taken for a ride.
See the Citizens advice for suggestions on how to procede.
,
Borrowing money when you have no intention / ability to pay it back is morally wrong. I dont know how it sits in legal terms.
I do know that breaking the terms of an IVA can lead to bankruptcy! Borrowing money when you are subject to an IVA is probably against the rules.
See the CAB.
2007-09-17 01:38:47 · answer #1 · answered by John S 4 · 0⤊ 0⤋
You ca not transfer a lona to someone else without their and the lenders agreement
You can not take him to court because agreements between family members are not deemed to be created with legal intentions. I believe the IFV will look upon it the same
If you have no written agreement between you stating the loans terms then im afraid there is little you can do.
2007-09-17 05:15:34 · answer #2 · answered by stormydays 5 · 0⤊ 0⤋
You are solely liable for the loan because its in your name. If he didnt sign anything then you dont have a contract with him to pay it back at a certain rate. You can take him to small claims (which will cost you, but you will get costs back if you win) However you will never get the loan made over to his name, the court can only order him to pay you the money back that you have paid out already, or for him to pay in installments. Even if you get a judgement, he may not pay, in which case you would have to shell out for bailiffs, or garnish his wages or bank account (which also costs you). You dont necessarily need a solicitor if your ok with forms, that will just cost you more.
2007-09-17 06:39:08 · answer #3 · answered by jeanimus 7 · 0⤊ 0⤋
As far as I am aware, you cannot transfer the debt as it is in your name. If he is refusing to pay you the monthly instalments, the only thing I can suggest is that you take him to the small claims court, but if he has an IFV I am not sure that you can claim anything from him. Did he not include you in the list of debtors? He should have.
I would get in touch with your local CAB and see if they can give you some free legal advice.
Good luck
2007-09-17 00:28:47 · answer #4 · answered by Denise H 4 · 1⤊ 0⤋
you can place a charge on his property
so when he does sell the property the money that hes owes you will be paid back to you .he cant sell the property until that has been set up to be paid by the solicitor
check out land registry for details
its not nice when you have to do this to family but he should not have taken the loan if he could not afford to i would issue the charge and next time dont help out
2007-09-17 00:51:17 · answer #5 · answered by Amanda C 3 · 0⤊ 0⤋
You need to contact his IVA Administrator and get the loan added to his debts.
You might have to go to Small Claims court to establish his liability - you will have to limit your claim to the first £5000 -
As for the rest, just forget it -- it's the cost of a very valuable lesson you may just have learnt .. NEVER borrow money for some-one else .. if they can't affford to borrow it themselves, why on earth do you think they will ever be able to pay you back ?
2007-09-17 00:32:09 · answer #6 · answered by Steve B 7 · 0⤊ 0⤋
Very unlikely you can do anything about this - did you get anything in writing from him at the time? Your only recourse is to talk to a solicitor, see if they have any advice. However, I strongly suspect that your loan is your loan - what you did with the money is your problem, I'm afraid!
2007-09-17 00:25:40 · answer #7 · answered by cuddles_gb 6 · 1⤊ 0⤋
Legally, the debt is yours to repay. But morally, your brother should be repaying it. Kidnap his pets and hold them to ransom, sell his property on ebay, sell him to a biological warfare testing unit, or get some big boys to give him a good hiding with the promise of another in a few days time if he doesn't make some sort of attempt to repay you, set up a business and make him do the donkey work for you... You need to be imaginative!!
2007-09-17 01:19:48 · answer #8 · answered by manno 2 · 0⤊ 0⤋
If you took the loan out in your name you are totally responsible for paying it back. You could put your case to the small claims court who might put pressure on him to contribute payments.
However the loan is solely your responsibility.
2007-09-17 00:27:42 · answer #9 · answered by Spiny Norman 7 · 0⤊ 0⤋
as most have said, there is really nothing you can do, depressing i know, but yes, you just have to live and learn and know that youll never do anything like that again, no matter how close u think you are to the person. is there anyone you could get to talk to your brother on what a sh*t he is being? maybe a parent or older sibling? feel for you and hope it gets sorted out.
2007-09-17 00:32:04 · answer #10 · answered by ? 5 · 0⤊ 0⤋