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    martin61's Avatar
    martin61 Posts: 2, Reputation: 1
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    #1

    Aug 9, 2010, 12:04 PM
    Talk to a solicitor
    My son has been conned into signing for a car loan by a so called friend who has since dissapeard making no payment, is there anything we can do ?
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
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    #2

    Aug 9, 2010, 12:14 PM

    Nope. He signed a legal document... HE is on the hook for it now. Best he can hope for to salvage his credit is to get them to sign the car over to him, otherwise they will reposess it and it will hurt his credit... if he has any left.

    Maybe this will teach him you don't sign or cosign for other peoples debts. When you do you agree to take over payments if they fail to. Its legally enforcible.
    martin61's Avatar
    martin61 Posts: 2, Reputation: 1
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    #3

    Aug 9, 2010, 12:20 PM
    Quote Originally Posted by smoothy View Post
    Nope. He signed a legal document...HE is on the hook for it now. Best he can hope for to salvage his credit is to get them to sign the car over to him, otherwise they will reposess it and it will hurt his credit...if he has any left.

    Maybe this will teach him you don't sign or cosign for other peoples debts. When you do you agree to take over payments if they fail to. Its legally enforcible.
    The car has already been repossed, the kid was driving it without insurance, I know deep down its down to my son to pay but guess I'm just clutchin at straws, just feel so sorry for him, he didn't realise what he was letting himself in for...
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
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    #4

    Aug 9, 2010, 12:37 PM
    Quote Originally Posted by martin61 View Post
    the car has already been repossed, the kid was driving it without insurance, i know deep down its down to my son to pay but guess i'm just clutchin at straws, just feel so sorry for him, he didn't realise what he was letting himself in for.......
    They CAN still come after him for any shortage between what it can be sold for vs. what the banknote was.

    Problem is if he signed for it he owns it. He's legally an adult after all, a minor can't enter into a contract like that. He should consider this a learning experience. And never do it again.
    TxGreaseMonkey's Avatar
    TxGreaseMonkey Posts: 16,761, Reputation: 5597
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    #5

    Aug 9, 2010, 12:59 PM

    Wisdom of Solomon:

    Proverbs 6:1-5

    "Son, if you endorse a note for someone you hardly know, guaranteeing his debt, you are in serious trouble. You may have trapped yourself by your agreement. Quick! Get out of it if you possibly can! Swallow your pride; don't let embarrassment stand in the way. Go and beg to have your name erased. Don't put it off. Do it now. Don't rest until you do. If you can get out of this trap you have saved yourself like a deer that escaped from a hunter, or a bird from the net."

    Proverbs 22:26-27:

    "Unless you have the extra cash on hand, don't countersign a note. Why risk everything you own? They'll even take your bed!"
    aaronb386's Avatar
    aaronb386 Posts: 2, Reputation: 1
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    #6

    Nov 12, 2010, 12:36 PM
    I uster get Disability Living Allowance but I got sent down in April this year and ant had a penny of them should they back pay me or what ?
    And I am still entiteled to it have had letters of them what the f**k is going on
    aaronb386's Avatar
    aaronb386 Posts: 2, Reputation: 1
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    #7

    Nov 12, 2010, 12:40 PM
    Comment on TxGreaseMonkey's post
    All I can say is go on run and don't pay nothing I would they will take everything out of your ouse man unlucky ;)
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
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    #8

    Nov 12, 2010, 01:18 PM
    Quote Originally Posted by aaronb386 View Post
    i uster get Disability Living Allowance but i got sent down in april this year and ant had a penny of them should they back pay me or what ?
    and i am still entiteled to it have had letters of them what the f**k is going on
    What is that in English?
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