I took out a loan with a finance company in my name on behalf of my daughter. My credit rating is excellent and the cheque for £30,000 was paid to her. The understanding was that the repayments of £500 per month would be taken out of my account but she would pay the same amount to my account from her funds before the due date of the direct debit set up by me, my bank and the loan company. Over two years of payments have passed and not once has she paid money into my account before the direct debit takes it out. I had enough of this situation some 3 months ago and told her so. She promised to take over all responsibility of the loan and told mre to cancel the direct debit. This I have done but she has now defaulted on three payments and the loan company are threatening legal action.
My daughter admits the money was for her but seems happy for me to accept the consequences. Naively, I have no paperwork to support the agreement. Only a fathers love for a daughter. I am at my wits end now not knowing how I can get out of this mess. The application for the loan of which I have a copy has my signature on it and other details in my hand writing but the copy that was sent to me by the loan company at my request recently had two type written parts on it that I knew nothing about. One stated that I had previously used the company for a loan which is not true and the other states that I am a home owner. Again, this is not true and I did not insert this. How can a loan company lend so much to someone without checking so called stated facts.
Please advise on what I should do.
Thanking you in anticipation.
My daughter admits the money was for her but seems happy for me to accept the consequences. Naively, I have no paperwork to support the agreement. Only a fathers love for a daughter. I am at my wits end now not knowing how I can get out of this mess. The application for the loan of which I have a copy has my signature on it and other details in my hand writing but the copy that was sent to me by the loan company at my request recently had two type written parts on it that I knew nothing about. One stated that I had previously used the company for a loan which is not true and the other states that I am a home owner. Again, this is not true and I did not insert this. How can a loan company lend so much to someone without checking so called stated facts.
Please advise on what I should do.
Thanking you in anticipation.
