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NSW Tricked into a Loan - Where Do I Stand?

Discussion in 'Debt and Bankruptcy Law Forum' started by purp, 16 October 2015.

  1. purp

    purp Member

    13 December 2014
    Likes Received:
    Ok, I have tried to sort this out on my own but i seriously need some legal information.

    My brother went for a loan through rapid loans in Queensland and I was referred as " a referee". Instead after agreeing verbally, I found out after reading everything that I took the loan out. The money was deposited into my bank account because his was behind in credit. I was unaware the repayments would also come out of my account.

    I live in NSW and am worried if I put a ban on it because my brother has failed to make the correct payments to me and is leaving me in financial debt that I can't afford to have. I have been warned if I take drastic action that it would leave me with a bad credit history as I currently have a great one and I live in NSW I always have..

    What can I do to not be left with the debt when it's not my responsibility. But I am being cornered and I feel that it's all on me. I only thought that my brother put my details to apply and that I was just a referee only to find out too late I was a guarantor. What leg do I have to stand on??

    If this is in Queensland, I've never lived in Queensland, so will it affect my credit history in the future??
  2. JS79

    JS79 Well-Known Member

    2 October 2015
    Likes Received:
    Please obtain some legal advice as soon as possible. If you were unaware that a loan was being obtained in your name there are possible actions you can take in order to set the loan aside due to misleading and deceptive conduct.
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