I took a loan out. Wasnt alot. I had it with payment protection incase i lost my job and unfortunatly i did. I didnt have my mum and dad co-sign ( guarntoors) and i defaulted on a payment. I dont think i had a secured loan against the house, but possibley could of. All i know is that its a personal loan. They asked if i was a homeowner and i said no living with parents.
Now i defaulted on 2 payments because they messed my payment protection up. Now im working im back on my feet alittle. But my mum and dad said that i have messed there credit up. Im kinda of scared, i dont want baliffs after them. I didnt think it would affect them re-morgaging or whatever! I know ill have bad credit but dont want any of this affecting them!
PLEASE HELP! ive been told so many things, i wanna know the truth and what have i messed up??
Thanks
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Does my defaulted loan affect my mum and dad?
I took a loan out. Wasnt alot. I had it with payment protection incase i lost my job and unfortunatly i did. I didnt have my mum and dad co-sign ( guarntoors) and i defaulted on a payment. I dont think i had a secured loan against the house, but possibley could of. All i know is that its a personal loan. They asked if i was a homeowner and i said no living with parents.
Now i defaulted on 2 payments because they messed my payment protection up. Now im working im back on my feet alittle. But my mum and dad said that i have messed there credit up.They cant remorgage! Im kinda of scared, i dont want baliffs after them. I didnt think it would affect them re-morgaging or whatever! I know ill have bad credit but dont want any of this affecting them!
PLEASE HELP! ive been told so many things, i wanna know the truth and what have i messed up??
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{ 5 comments… read them below or add one }
If you are living with them, their address will have been blacklisted by the credit reference agencies. If you have started repaying the loan again you will have no need to worry about bailiffs etc.
Your parents can dissociate themselves from you as far as the credit reference agencies are concerned by writing to them and saying that they are not you….google Experian.
Creditors can be ruthless if your parents did not go guarantor for u then they haven’t a legal leg to stand on, despite huffing and puffing. Affecting your parents is just one of their statagies. Your parents will have to challenge this rating with the credit agency; this can be a protracted affair. They can ask reasons and proof why the downgrade has been made.
Mortgaging the house is not something you can do accidentally. You have to actually be the owner and the lenders would verify the ownership before giving you the loan. Your parents have nothing to worry about.
If the loan was not guaranteed or cosigned by your parents, they have nothing to worry about there, either.
Possibly, the credit reporting agency messed up and hung your missed payments on their report because of same last name and same address. Get a copy of the credit report and contact them if your missed payments show up.
I can’t imagine anyone calling an account in default and selling it to collectors after only two months, although the billing department may be calling the house.
if your parents did not cosign the loan, than these creditors can’t touch them, period…no matter if you live with them or not. you could not have secured the loan against the home, because you don’t own it. that would be no different than trying to secure a loan against the brooklyn bridge or stonehenge.
don’t listen to the creditors. they will do/say/etc. almost anything to collect their money, and they don’t care who they get it from. by harassing your folks, they think that they stand a better chance of either getting the cash from them or leveraging you into paying.
the fact that you had credit protection should have helped to prevent this. do you have that agreement in writing? i would come back at them with that fact as well.
If you are in the UK, then contact me
http://www.financeangels.vpweb.co.uk/
Many loans that were taken out before April 2007 have been shown to be incorrect insofar as the banks have used the wrong documents. This means that they can be cleared and wiped clean.
I can have a look for you and loans cost nothing to do as the lender ends up paying the fee!!!!