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  • FIRST POST
    • nance
    • By nance 13th Jul 17, 11:29 AM
    • 5Posts
    • 0Thanks
    nance
    nance
    • #1
    • 13th Jul 17, 11:29 AM
    nance 13th Jul 17 at 11:29 AM
    we were stupid to sign as guarantor for son we have had to pay for two years as he left his family we pay nearly £ 500 a month
    we have no other debt and mortgage free but husband has
    to carryon working can we change to free credit card
Page 1
    • Oakdene
    • By Oakdene 13th Jul 17, 11:31 AM
    • 1,125 Posts
    • 2,711 Thanks
    Oakdene
    • #2
    • 13th Jul 17, 11:31 AM
    • #2
    • 13th Jul 17, 11:31 AM
    £500 a month for 2 years? You could try to see if you can get a loan for the amount which would be at a lower interest rate than the guarantor loan. I wouldnt imagine a Money Transfer card would give you a large enough credit limit to enable you to clear the debt totally.
    • MEM62
    • By MEM62 17th Jul 17, 9:51 AM
    • 1,236 Posts
    • 881 Thanks
    MEM62
    • #3
    • 17th Jul 17, 9:51 AM
    • #3
    • 17th Jul 17, 9:51 AM
    What is the balance remaining on the loan and how long are you committed to make the £500 payments for?

    Also, what happened to the item(s) that your son purchased with the money?
    • PeacefulWaters
    • By PeacefulWaters 17th Jul 17, 10:26 AM
    • 6,564 Posts
    • 8,055 Thanks
    PeacefulWaters
    • #4
    • 17th Jul 17, 10:26 AM
    • #4
    • 17th Jul 17, 10:26 AM
    I never understand posts where username and subject name are the same.
    • pcman1985
    • By pcman1985 19th Jul 17, 9:06 PM
    • 109 Posts
    • 54 Thanks
    pcman1985
    • #5
    • 19th Jul 17, 9:06 PM
    • #5
    • 19th Jul 17, 9:06 PM
    Could you maybe get a loan in your own name to payoff the loan you are guarantor on. I assume it's with the well known company that specialises in guarantor loans at a high interest rate.

    The rate would likely be a lot lower with a loan in your name compared to the guarantor loan.

    Also, never be a guarantor for a loan again. There are never any winners. Except for the loan company.
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