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  • FIRST POST
    • Craigblack88
    • By Craigblack88 18th Aug 17, 8:52 PM
    • 1Posts
    • 0Thanks
    Craigblack88
    Can I stop being a guarentor?
    • #1
    • 18th Aug 17, 8:52 PM
    Can I stop being a guarentor? 18th Aug 17 at 8:52 PM
    My ex fianc! got an amigo loan with me being guarentor, since we broke up I have contributed more than I should have but she has now cancelled her DD and will not answer any phone call or message so I can find out what's going on. I am in the forces and have heard there is help out there but I'm not sure where to look? Any help would be great.


    Cheers
Page 2
    • Shakin Steve
    • By Shakin Steve 11th Nov 17, 10:20 PM
    • 1,118 Posts
    • 838 Thanks
    Shakin Steve
    And if you read my post properly you would see that I didn’t even mention recovery of the debt. I stated that your credit file would be trashed for six years.
    Unless, of course, you know that they don’t report to the CRA’s either.
    I came into this world with nothing and I've got most of it left.
    • Brains64
    • By Brains64 12th Nov 17, 9:58 AM
    • 203 Posts
    • 63 Thanks
    Brains64
    And if you read my post properly you would see that I didnít even mention recovery of the debt. I stated that your credit file would be trashed for six years.
    Unless, of course, you know that they donít report to the CRAís either.
    Originally posted by Shakin Steve
    Welcome to my world , no, I did read this too and you are correct there, it will impact on their credit report if they are deemed to have defaulted by the lender but that's the worst that can happen, these loan companies always threaten people with that one, I have more than one default on my credit report and I'm still alive, it's not the end of the word Lol, putting a default on your credit report is just about their biggest "weapon of mass destruction".
    • bearcat16
    • By bearcat16 12th Nov 17, 10:35 AM
    • 318 Posts
    • 368 Thanks
    bearcat16
    I have more than one default on my credit report
    Somehow I’m not surprised.

    Still alive maybe, but unable to obtain mainstream credit, which for anyone who wants to buy a house, get car finance etc is a fairly massive problem.
    • Brains64
    • By Brains64 12th Nov 17, 11:28 AM
    • 203 Posts
    • 63 Thanks
    Brains64
    Somehow Iím not surprised.

    Still alive maybe, but unable to obtain mainstream credit, which for anyone who wants to buy a house, get car finance etc is a fairly massive problem.
    Originally posted by bearcat16
    Oh sure but I wasn't able to get much of those even BEFORE I got defaults on my report, what's new? Some accepted my application and some didn't back then and this is still the case now, little has changed, there are no guarantees of being accepted for credit, mainstream or otherwise based purely on having no defaults on your credit report, it's irrespective, if it was guaranteed, then you'd have a case.

    If, for example, you had zero credit activity on your report, THAT (mad as it seems) can ALSO be used against you (which it was in my case before I got defaults) because the potential lender will have no idea what they are dealing with at all, so on that basis, you won't get credit, in fact, ironically, someone with a default would be better off than someone with nothing on their report at all .

    Nobody gets knocked back purely, for one thing on their credit report, whether it's a default or some other issue, it is a combination of many different things that lenders designate as their 'criteria' and that applies to both mainstream lenders and the cowboy ones, it's not the big make or break people fear, it's a factor, that's all, just one factor.


    Lenders threaten their customers with reporting their default and "making it harder for them to obtain credit in the future" purely for the purpose of trying to scare them into paying up, they're not telling them that because they care so much about the welfare of their customers and want them to be able to obtain more credit, they couldn't give a stuff you know.
    • MSE Andrea
    • By MSE Andrea 13th Nov 17, 10:17 AM
    • 8,801 Posts
    • 21,097 Thanks
    MSE Andrea
    Hi everyone,

    Please remember to keep posts friendly please.

    Please also remember all posts on this forum are made by members of the public. Everyone reading posts on here needs to do their own research and make their own minds up based on that full research.

    Thanks!
    Could you do with a Money Makeover?


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    • sourcrates
    • By sourcrates 13th Nov 17, 12:38 PM
    • 12,652 Posts
    • 11,982 Thanks
    sourcrates
    Gentlemen,

    I have to agree a lot of what brains64 says is true, no matter how much a lot of you have been berating him for it.

    Less than 10% of bad debts ever go to court, 90% of the time, you get no more hassle than letters and phone calls.

    Amigo use debt collectors to chase up bad debts from the original customer, and the guarantor, they have the same recourse to use the courts, just like anyone else, and this does happen, although a lot of the time it just gets threatened.

    Remember, this loan is not secured, so the guarantors property is not at risk, they can only use enforcement methods as for any other unsecured credit debt.

    Your credit file will be trashed anyway, but a lot of people who opt to guarantee these loans for a girlfriend/wife/husband whatever, do so without giving it the thought it deserves, and if that person leaves you in the lurch, as has happened here to the original poster, you come back down to earth with a bang, and most people are unaware of there rights in these situations.

    Advising people to take out there own loan to repay an outstanding debt, is not good advice, set up a payment plan, or look at another option if you have your own debt to consider, also take advice from a debt charity, but don't rush into a solution that's not right for you, take your time to choose the best option.
    Last edited by sourcrates; 13-11-2017 at 1:14 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
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    • tintown
    • By tintown 1st Dec 17, 9:36 PM
    • 9 Posts
    • 1 Thanks
    tintown
    tricked into loan
    A relative agreed to be a guarantor for a so called friend, as soon as they received the money they refused to pay anything and said its on their back,could they report them as some kind of fraud as they have no intention of paying one payment. What can they do as its a scam ?
    • DCFC79
    • By DCFC79 1st Dec 17, 9:58 PM
    • 30,395 Posts
    • 19,219 Thanks
    DCFC79
    A relative agreed to be a guarantor for a so called friend, as soon as they received the money they refused to pay anything and said its on their back,could they report them as some kind of fraud as they have no intention of paying one payment. What can they do as its a scam ?
    Originally posted by tintown
    Should have started your own thread.

    Who has received the money ?
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • tintown
    • By tintown 1st Dec 17, 11:28 PM
    • 9 Posts
    • 1 Thanks
    tintown
    the girl who took the loan has the money,she bought a car and went on holiday, rang the bank and cancelled the payments with the bank now my relative is liable for the loan as guarantor.
    • jonesMUFCforever
    • By jonesMUFCforever 2nd Dec 17, 11:29 PM
    • 24,251 Posts
    • 11,534 Thanks
    jonesMUFCforever
    the girl who took the loan has the money,she bought a car and went on holiday, rang the bank and cancelled the payments with the bank now my relative is liable for the loan as guarantor.
    Originally posted by tintown
    Indeed that is correct - that is why A the girl could not get finance anywhere else and B Amigo only lend with a guarantor.

    Probably the best way to deal with it is to get the car off her - good luck!
    What goes around - comes around
    give lots and you will always receive lots
    • Malthusian
    • By Malthusian 4th Dec 17, 2:59 PM
    • 3,421 Posts
    • 5,237 Thanks
    Malthusian
    Probably the best way to deal with it is to get the car off her - good luck!
    Originally posted by jonesMUFCforever
    How? It's her car.
    • jonesMUFCforever
    • By jonesMUFCforever 4th Dec 17, 7:05 PM
    • 24,251 Posts
    • 11,534 Thanks
    jonesMUFCforever
    How? It's her car.
    Originally posted by Malthusian
    Borrow the wheels - park so tight so it cannot be moved etc etc?
    What goes around - comes around
    give lots and you will always receive lots
    • Malthusian
    • By Malthusian 5th Dec 17, 10:11 AM
    • 3,421 Posts
    • 5,237 Thanks
    Malthusian
    Ah, I got Poe'd. I assume you aren't seriously suggesting the OP's relative adds a court case for TWOC to the list of his problems.

    Unsecured guarantor loans should be banned. They exist solely to allow scams like this. Anyone who wants to borrow money in order to help out a friend/relative should a) not do it b) if they really must, borrow the money in their own name and then either gift it or lend it to the third party.
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