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propertylawyer, Solicitor
Category: Law
Satisfied Customers: 288
Experience:  Property Solicitor with expertise in commercial and residential property transactions.
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I took a loan for a friend in my name on the agreement that

Customer Question

I took a loan for a friend in my name on the agreement that after 3 months the loan will be transferred into her name. We called the finance company after 3 months and they told us that my friend had poor credit history and also that they did not take third parties.
When we took the car loan my friend agreed to deposit each month 303 pounds for 5 yrs or pay off the balance. This has not been happening. My friend has missed payments and I had to pay bank charges.
This month she only put in 150 pounds instead of the 303 she is supposed to. I called and texted her but no answer or response. I have paid the balance with my own money to cover her balance.
Now I am worried that next month she might not even pay a penny. She has the car and I will have to pay for it.
Can you help me please. This is causing me stress and have tried everything possible to get this loan off my shoulders, but all routes are closed. The sales person who sold the car has left the company and carcraft where she got the car are not even interested. What can I do to recover my money please.
Submitted: 1 year ago.
Category: Law
Expert:  propertylawyer replied 1 year ago.

Do you have any signed agreement with your friend regarding this?

Customer: replied 1 year ago.
I tried to get her to sign and she refused to do so. The car is in her name with DVLA and the credit in mine.
Customer: replied 1 year ago.
I want her to pay off the car finance balance, my balance from this month and keep up with her payments. What can I do.
Expert:  propertylawyer replied 1 year ago.

Very little without a signed written agreement. You are, unfortunately, legally bound to pay the repayments and there is nothing in writing obligating the friend to reimburse you.

Customer: replied 1 year ago.
If I can get her to sign a credit agreement do I stand any chance of getting my money back