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  • FIRST POST
    • nance
    • By nance 13th Jul 17, 11:29 AM
    • 6Posts
    • 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
    • 1,343 Posts
    • 3,821 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
    • 1,373 Posts
    • 987 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
    • 7,152 Posts
    • 8,806 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
    • 133 Posts
    • 71 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.
    • dresdendave
    • By dresdendave 24th Jul 17, 8:08 PM
    • 656 Posts
    • 766 Thanks
    dresdendave
    • #6
    • 24th Jul 17, 8:08 PM
    • #6
    • 24th Jul 17, 8:08 PM

    Also, never be a guarantor for a loan again. There are never any winners. Except for the loan company.
    Originally posted by pcman1985

    Surely the borrower also wins, a big lump of cash and a mug to make the repayments on their behalf.
    • Brock_and_Roll
    • By Brock_and_Roll 25th Jul 17, 9:51 AM
    • 769 Posts
    • 736 Thanks
    Brock_and_Roll
    • #7
    • 25th Jul 17, 9:51 AM
    • #7
    • 25th Jul 17, 9:51 AM
    A glance at the post history seems to indicate that this is a bit of a sad tale. Looks like back in 2007 parents (understandably) stood guarantor for son who had given up job to retrain as a gas engineer and had partner and new baby to support.


    Roll forward it appears that he has a) left family b) defaulted on loan. and the guarantee has been called. Lord knows how much rolled up interest, fees, charges etc have been accrued.


    First step should be to get details of current interest rate and a settlement sum.
    • nance
    • By nance 3rd Aug 17, 6:42 PM
    • 6 Posts
    • 0 Thanks
    nance
    • #8
    • 3rd Aug 17, 6:42 PM
    • #8
    • 3rd Aug 17, 6:42 PM
    what is a money tranfer loan
    • AnotherJoe
    • By AnotherJoe 3rd Aug 17, 7:26 PM
    • 7,559 Posts
    • 8,161 Thanks
    AnotherJoe
    • #9
    • 3rd Aug 17, 7:26 PM
    • #9
    • 3rd Aug 17, 7:26 PM
    I never understand posts where username and subject name are the same.
    Originally posted by PeacefulWaters
    I suspect because the box to put the subject in is called "Title" and a few newbies think that means their title / name.
    • breaking_free
    • By breaking_free 4th Aug 17, 10:42 AM
    • 303 Posts
    • 562 Thanks
    breaking_free
    what is a money tranfer loan
    Originally posted by nance
    http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs
    "The problem with internet quotes is that you cant always depend on their accuracy" - Abraham Lincoln, 1864
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