Friends husband has taken massive loans out in her name.

[HowlingCow]

My friends husband who is self-employed has taken massive loans out in her name without her knowledge. They have 2 kids with another on the way. Any ideas what she can do?

No legal expert here but that's fraud. take it they are still together?

How could he have taken them out in her name? If she hasn't any knowledge of it and hasn't signed anything he has committed fraud, whether he is her husband or not. She needs to protect herself ASAP...contact CAB would be my first thought.

Has he forged her signature? That's fraud and she should report him to the police. She also needs to contact the lenders and advise them that she had no knowledge of these loans.

Is he managing the payments? Has he explained why he did it in her name? How did she find out and what does she want to happen?

Depends what she wants to do overall with regards to her ongoing relationship with her dh.

Her options will depend on exactly how the loans were taken out in her name - was her signature forged?

Signature forged-they are still together-just. She's only just found out and is basically living in a different universe from the one she was in last week when she thought everything was okay.

She needs to protect herself first and foremost. I agree with Freckle, tell police and loan companies.

poor woman. She needs legal advice - if she doesn't approach the loans companies now, there's a risk they will say 'even if you were misled, you didn't object once you'd found out'.

Does she know why her DH did this? Was he trying to prop up his business, did he not want to worry her with these problems because of the DC ? There are many reasons why someone might do this. My DH took out lots of loans to support his business because he did not want me to worry and thought he could handle it. Some of the lending was in my name which I did know about (but didn't realise he had borrowed so much from other sources including over £50,000 from various friends ).

I have had real difficulty with the deceit (even if it was well intentioned) but we are still together and things are getting on a more even keel (money and relationship wise). Is her DH keeping up with the repayments ? and does she want her marriage to continue ?

Sometimes financial infidelity is as bad as the other kind and has the same impact.

Thanks for all your comments and advice-much appreciated.

Just got your message counting to10-I'm sorry you've been through this too. I do think his lending was well intentioned i.e to prop up his business and didnt want to worry her. I think ideally she'd like the marriage to work but she doesnt reckon she'll trust him again and he isn't keeping up with repayments which is why this has all come out. I feel so sorry for her especially with her pregnancy. Thanks for your comment.

Howling, she needs him to come clean about all his/her borrowings regardless of how bad it is and they need to get professional financial advice either accountant/CAB etc. Things can be sorted out, repayment plans made etc. It takes time and she will feel extremely angry. He must make sure he keeps up any payments that are secured on the house. To be fair to my DH, he made sure the mortgage was paid even if nothing else was. We have 4DCs and TBH, there really seemed no point in ending the marriage (I still loved him and he did it for valid reasons (if somewhat misguided)). I am now involved in his business so know what is happening and can be involved with decision making etc. He also feels he is not alone in the business as well.

Good luck to her - it's not very nice thinking everything is hunky dory but actually it's worse than you can ever imagine. She's had hers and her DCs security taken away.