caravan

[weightlifter]

A relitive took out a loan for our van as we couldnt raise the money in time to buy. We pay him each month and he pays the loan by d/d. We have recieps off him each month to say weve payed. The van is in our name/ we pay all bills for the van and any repairs needed. We insure the caravan as ours. The relitive now says he will no longer pay any money into his bank and will not ask for the loan agreement to be changed over to ourselves so we can continue. The loan is 50% payed, can anyone tell us how we stand on this issue.

[joko]

set up your own direct debit directly to the loan company.

the thing is, he took out the loan so he is responsible for it. if he won't pay, it is him who will be held responsible, not you.

doesn't he realise that the loan is his?

they may try to take the van back, but as it is in your name i don't think they can

[WendyS]

i think you need to contact the company with whom the loan is outstanding and tell them that you will be taking over future payments on this transaction. Arrange with them for a new direct debit to be set up on your own bank account. If the existing loan is in your relative's name, then he is effectively the owner of the debt and he will be the person the loan company will pursue if it does not continue to be repaid. Your relative actually seems to be in a "No win" situation for the favour he has been doing you. The debt is his, and the caravan is yours so for honest dealings you need to get the remaining debt transferred to your name..

[andrew123]

The loan company probably wont let you just change names anyway!!!!!

You got him to take out the loan for you so one can only assume that you couldnt get one yourselves for some reason.
The only option is to take out another loan from elsewhere in your name and use it to pay off the whole outstanding amount of the existing loan!