Advice needed - Guarantor for a loan I want to get out of!

aj2703

inmypocketnottheirs wrote: »

Some people get very tetchy when they dont hear what they want to hear. And even more so when it points to their own stupidity.

excuse me dippy who said it was my stupidity.. !!!!..:rolleyes:

jonesMUFCforever

aj2703 wrote: »

I would also like to know this, as my sister is in a similar situation.

And please no sarky comments like the ones from that stupid manc above.

Stupid manc I may be but EVERY single post agrees with what I said.
Sarky - no - the truth yes.
Like it or lump it - its not me guaranteeing someone else' loan!

Xbigman

Your post was sarky. That doesn't mean it was not correct but you can be correct and polite at the same time.

And there really are people out there who do not understand what being a guarantor means.
Regards



X

never-in-doubt

Taken from: http://www.compactlaw.co.uk/tiscali/consumf9.html

Not ideal, but gives a basic explanation. The other alternative, of course, is to request the CCA and check that they complied but as it was after 04/2007 then scrap that idea

I thought with guarantor loans they paid the loan to you, for you to then give to the person? Is this not the case?

If you have agreed to be a guarantor for a loan this means that you promise to repay the loan if the person who took out the loan does not keep up the repayments. You may be asked to guarantee a loan so that the lender has extra "security" should the borrower fail to repay. You will be asked to sign an agreement with the lender.

If the borrower stops the payments you could be asked to pay instead and if you refuse the lender can take you to court.

You should therefore only agree to be a guarantor if you know that you will be able to repay the loan if necessary.
You might also want to think about entering into a separate written agreement with the borrower to ensure that if you have to repay their loan they will repay you, this is called "indemnity".

thriftymomma

Sadly not NID.

thriftymomma

Xbigman wrote: »

Your post was sarky. That doesn't mean it was not correct but you can be correct and polite at the same time.

And there really are people out there who do not understand what being a guarantor means.
Regards



X

And I agree with bigman!

aj2703

jonesMUFCforever wrote: »

Stupid manc I may be but EVERY single post agrees with what I said.
Sarky - no - the truth yes.
Like it or lump it - its not me guaranteeing someone else' loan!

Neither is it me id iot....:rolleyes:

aj2703

never-in-doubt wrote: »

Taken from: http://www.compactlaw.co.uk/tiscali/consumf9.html

Not ideal, but gives a basic explanation. The other alternative, of course, is to request the CCA and check that they complied but as it was after 04/2007 then scrap that idea

I thought with guarantor loans they paid the loan to you, for you to then give to the person? Is this not the case?

I have no idea n-i-d. Infact it was a complete shock. i live on the isle of wight and she moved to chester ages ago. Anyways without going too far off topic, got a call saying her b/f had been a bit free with his fists one day and she wanted out of the house etc. When trying to work out if she could afford it, she said about being a guarantee for her now ex friend and having to pay that. it was one of the major blocks in her having the funds to move out there and then. She said a guy whom she'd spoken to said that there is a way to get out of it and it was on the cab website. I said i'd have alook but have found nothing, hence my post on here.

RobertoMoir

aj2703 wrote: »

I would also like to know this, as my sister is in a similar situation.

And please no sarky comments like the ones from that stupid manc above.

Saying something you didn't want to hear doesn't make someone stupid.

RobertoMoir

Xbigman wrote: »

And there really are people out there who do not understand what being a guarantor means.

I try hard to have sympathy for people who make mistakes but sooner or later you have to say "You know what, you really shouldn't sign things you don't understand" if that is the case.