I let someone use my name for a loan and the payment is now 2 months delayed, what should I do?

[Castelione]

I trusted enough and let my cousin use my name for a loan because he's a minor. His father promised he'll always pay on time but the loan is already delayed for 2 months now. The platform we used to get the loan has been contacting me and telling me they'll sue me but I don't have enough money to pay for the loan because I am just earning enough.

Have you ever experienced the same? What did you do?

 

[Henrywrites]

The truth is that the loan company have no other choice than to make you pay this money. What is left is for you to decide what to do in terms of repaying the loan as soon as possible. It is already 2 months and there must have been massive interest accrued already.

 

[Syldan]

Then I think you should better handle your self to the security agencies and start seeking for other better solutions because the loan company most come after you in demand for their money.

 

[Danny4cash]

Since you willingly let him use your name, I will advice you to pay it if you've the money. Those loan company will continue to threatening you and there's no joy in being threatening every now and then. If you've the means pay and tell his father to pay you back when he get the money.

 

[Billy]

Don't panic. It's not the end of the world. But you should still take some steps to protect yourself. First off, if you can afford it, get a lawyer to help you figure things out and get your name off the loan. If you can't afford it, then read on for some helpful tips about what to do next.

When someone asks to use your name for a loan, there's no harm in saying no—but if they keep asking and pressuring you until you say yes, then that's when things get complicated. Even if you say no at first and change your mind later on (we've all been there), try not to put yourself in situations where people are constantly asking favors of you because it could lead to more trouble down the road.

If someone insists on using your name despite your objections or says that they will go ahead with or without your consent anyway (which is basically blackmail), then call the police immediately! This kind of behavior is illegal and will only cause more problems for everyone involved if left alone.

 

[Laurentta]

No, i have never been is such a situation. I know this is not the right time to ask questions but i can't help but wonder why the boy didn't take a loan in his father's name instead. I just hope you weren't set up.

 

[Robust]

Well I've never been in such situation at all and you really make a big mistake by allowing someone to use your details to borrow money online and that act may really tarnish your image.

 

[tyrim88]

You story is similar to the one a friend of mine went through in the hands of another friend that he helped to secure a loan package for,the friend renage on his promises,and thenthe platform started to disturb him.

 

[oldbuddy]

If you signed the contract to borrow money, you are on the hook my friend. If you really don't have the money to repay it, your only hope is to file for bankruptcy and there goes your credit rating for the forseeable future.

 

[Good-Person]

You story is similar to the one a friend of mine went through in the hands of another friend that he helped to secure a loan package for,the friend renage on his promises,and thenthe platform started to disturb him.

Allowing someone else to borrow money using your name is never a good option. You must confront your relative in case your relatives have borrowed money using your documents.

 

[tyrim88]

Allowing someone else to borrow money using your name is never a good option. You must confront your relative in case your relatives have borrowed money using your documents.

That could be a very serious issue though,because there are some very close persons that would need your assistance to get on a loan package through your account because of your good credit score,and when it would be time for repayment,they would not be able to meet up.

 

[Good-Person]

That could be a very serious issue though,because there are some very close persons that would need your assistance to get on a loan package through your account because of your good credit score,and when it would be time for repayment,they would not be able to meet up.

Yes, this could certainly have a bad effect on your credit score as well and moreover, it can also have a really negative effect on your image as well. It is really hard to trust people these days.

 

[GoldenLady]

The loan company only knows your details and identifies you as the one who borrowed the money. The best thing to do would be to get the money from your cousin or his father and pay back.

 

[Bigron]

I trusted enough and let my cousin use my name for a loan because he's a minor. His father promised he'll always pay on time but the loan is already delayed for 2 months now. The platform we used to get the loan has been contacting me and telling me they'll sue me but I don't have enough money to pay for the loan because I am just earning enough.

Have you ever experienced the same? What did you do?

The first step of action would be to seek the assistance a lawyer in case you need to seek redress. If the funds are not available, you may need to enlist the help of someone in a law enforcement capacity to coerce the defaulting party to pay

 

[Setho]

The loaning company do not understand that the person actually used your name but instead they are going to see if that you are the person who borrowed money and you should start treating it as such.

 

[tyrim88]

Yes, this could certainly have a bad effect on your credit score as well and moreover, it can also have a really negative effect on your image as well. It is really hard to trust people these days.

That is just the issue,because when it will be time for you to get a genuine loan to do some very important prospect both personal or as a business,that access would just be blocked,and that would give you a set back.

 

[Smiles20]

First of all you have made a very big mistake and you should never try something like this again. You should talk to the people and if they are proving stubborn then you have to make intentional effort.

 

[Good-Person]

That is just the issue,because when it will be time for you to get a genuine loan to do some very important prospect both personal or as a business,that access would just be blocked,and that would give you a set back.

Many banking systems have a system that could allow them to recognise the defaulters when it comes to providing loans. Western countries have a much better system in this regards.

 

[tyrim88]

Many banking systems have a system that could allow them to recognise the defaulters when it comes to providing loans. Western countries have a much better system in this regards.

That is true,I could remember very well when we had wanted to fund a trading account last year,when cryptocurrency was ban,we had to go through our bank,and it took almost a Month,as they were scrutinizing our financial records.

 

[Good-Person]

That is true,I could remember very well when we had wanted to fund a trading account last year,when cryptocurrency was ban,we had to go through our bank,and it took almost a Month,as they were scrutinizing our financial records.

So, why they were checking your bank accounts? What was the main reason? Were they monitoring your bank accounts to make sure that you did not use cryptocurrencies?