Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    • nance
    • By nance 13th Jul 17, 11:29 AM
    • 5Posts
    • 0Thanks
    • #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
    • #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
    • #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
    • #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
    • #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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

259Posts Today

1,476Users online

Martin's Twitter
  • Byebye! I'm about to stop work & twitter, to instead spend glorious time with Mrs & mini MSE. Wishing u a lovely summer. See u in 10 days.

  • WARNING Did you start Uni in or after 2012? The interest's rising to 6.1%; yet it doesnt work like you think. See RT

  • RT @JanaBeee: @MartinSLewis Boris is the anomaly (coffee), the others are versions of normal (beer). Lots of same candidates = vote share d?

  • Follow Martin