Hitachi finance.

Tonester007 · 7 Feb 2011 at 14:06

Cuchulain said:
Whatever happens, you will be solely responsible for the repayments...

This. If you get the loan and your mate can't pay you back then you may end up with a bad credit rating yourself (e.g. through late or defaulted payments) or have to pay off his debt for him.

You could always draft some sort of agreement between you so that the loan is secured against the PC (e.g. the PC is actually "yours") and must be returned to you if repayments aren't made. It would become "his" once the loan was repaid. Worst-case - if he did default then you could always sell the PC to recoup some of the cost of the debt repayments.

Leeroy123 · 7 Feb 2011 at 15:48

No I'm not the one with the iva , no money problems with me mate, and I think I'm going to just borrow him the money. Appreciate the advice guys.

wildman · 7 Feb 2011 at 15:50

surely that's called fraud ? Obtaining credit for another person under false pretense ? Jail-able offence at that I think ??

Tonester007 · 7 Feb 2011 at 16:34

Imho it wouldn't be fraud providing Leeroy took out the loan in his own name and used his own bank details for the repayments, but then I'm not a lawyer, so don't quote me

Leeroy - you could always contact the Citizens Advice Bureau or ask a local solicitor for a "fixed fee interview" if you wanted to discuss any potential legal problems.

MikeHiow · 7 Feb 2011 at 16:47

It isn't fraud at all.

I wouldn't risk trusting your friend to have the money in the bank each month though. Set it up through your own bank and let him set up a standing order to your bank. That way, if he hasn't got the money you don't end up with defaults and you can chase him up for the money instead.