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Jeremy Aldermartin
Jeremy Aldermartin, Solicitor
Category: Law
Satisfied Customers: 4643
Experience:  Dual qualified Solicitor and Attorney
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I signed for a secured loan, without her knowledge, forging

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I signed for a secured loan, without her knowledge, forging her signature. The loan is now with a collections company. I want to protect my wife's interests and the house - is there anything I can do to accept liability and stop the company from taking action against my wife or the property?
JA: Where are you? It matters because laws vary by location.
Customer: England
JA: What steps have you taken so far?
Customer: None. I've been trying to broker a solution with the company who now own the debt. It looks like they're going to reject the offer. They are not aware of the full situation.
JA: Anything else you want the Lawyer to know before I connect you?
Customer: No.
Customer: replied 6 months ago.
Sorry, without my wife's knowledge. You may have worked that out. It's a bit of a mess and I just want to ensure she's not affected by my stupidity.
Customer: replied 6 months ago.
Sorry, just to add - the loan was taken out with Welcome Finance in 2008 and expired in 2017, still owing c£19k when it was sold / transferred to Coast Finance. I've offered them £3k in full and final settlement, which it looks likely they will decline.

Hi thank you for your message is there a possibility that you can take out a further refinance loan in your own name to pay off the debt to Coast Finance?

Customer: replied 6 months ago.
No. I took voluntarily insolvency action in 2016, so the earliest I could consider a loan would be 2022.

Hi thank you for your message, how much could you realistically pay? I note the amount you have offered is £3k but this is substantially below the amount owing.

Customer: replied 6 months ago.
I'm unsure as I'm just starting out on a new career (following insolvency), so I could perhaps get together £250-500pm within a few months and go from there. I'm assuming you're suggesting to broker this with them and simply pay back over time. Should I assume from that I cannot now undo the silliness in terms of signing for my wife on this? I want to protect the house and her.

Hi thank you for your message, it is unlikely you could get them to agree to change the agreement now into your name alone because they will want the option to pursue the claim against the other party if needed. Therefore, brokering some kind of agreement with them for repayment might be the best option. You can even say, ultimately this is the most you can afford and therefore you are looking to honour the loan. You may wish to engage the help of a debt adviser at say citizens advice to help with your negotiations. I hope this helps, if you can please accept my answer and rate me 5 stars (in the top right of your screen) then Just Answer will credit me for helping you today.

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