John S
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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. |
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Knownow't
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Learn from your mistake, thats what you can do. What was the money used for? If it was for something portable...then go and get it, you paid for it. Otherwise learn not to be so stupid...I don't suppose you had anything in writing from him did you? |
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cuddles_gb
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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! |
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bugaboo
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Nothing comes between family, friends, anyone, more than the lending - then paying back - of money! The loan is in your name - you're solely responsible; and he knows it! |
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Denise H
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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 |
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Lady H of Pompey
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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. |
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Spiny Norman
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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. |
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susie x ♥♥♥
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Wise words from my mum many years ago. 'Dont ever lend what you cant afford to lose' Not much good to you in this case but it has helped me out a few times and I am not in your predicament! |
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Steve B
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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 ? |
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suni
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ur responsible and he knows it....im sry but u should nvr loan money in that way |
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black_dahlia
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ooops, very unfair.
i think you are fully responsible for the loan, and unless there is a written evidence that you gave your brother the money you can't do much really.
ask also citizen's advice bureau they might be able to help. |
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manno
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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!! |
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stormydays
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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. |
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happy wife and mum
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two words-Judge Judy |
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jeanimus
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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. |
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Amanda C
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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 |
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Sfe 4m Harm
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well, u need to have a huge argument about it and make sure u let him know that this is nothing related to family business, and it is more than that, u cud have utilized the money in any means and made more benefits our if it & expecting that he pays on time and coz he is ur family u gave it to him... but then make sure he pays u within some certain date. And this time it is really going to mean businesss,... it works ;) |
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Dikeledi K
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No dont tranfer the loan to his name. If you have money to continue pay ing that loan dont stop just pay it. Blessed is the one who giveth than the one who receiveth. You have sown aseed in your life. Its only God who knows. |
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daveq
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This scum bag brother of yours clearly knows there is little you can do, there is no law that says you must look out for family members or love them i suggest you tell a few people how much he owes you and offer them a percentage of it to get it back say £500 each if they assist you. Im sure a bit of torture or a threat towards something that is important to him may also help |
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