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

talana

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!

Not QUITE what people were saying.
You were correct - yes
And sarky? - also yes. :rolleyes:

Sarcasm has its place at times, but you can't be surprised if it winds up people who may already be in a financial mess (albeit sometimes through their own naivety or lack of understanding).
People need putting straight, but no need always to twist the knife!

RobertoMoir

talana wrote: »

People need putting straight, but no need always to twist the knife!

I really don't see what was said as especially sarcastic, just very to the point and not a lot of time wasted on sugar coating. That's hardly "twisting the knife", especially when you consider it was in reply to someone who guaranteed a loan to make a record then "stopped talking" to the loanee, rather than a true tale of desperation of someone about to be made homeless for the sake of a loan.

aj2703

RobertoMoir wrote: »

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

.........:rolleyes::rolleyes::rolleyes::rolleyes::rolleyes:

tommitchelldrum

Thank you all for the helpful comments. I did think that this was the case but was hopeful that there may be a loophole or something.

I did realise what I was signing when I signed it.....its just a shame that people can turn nasty huh!!

As for the sarcastic comments, they are not helpful as it makes people feel worse, even though you may be correct!!

RobertoMoir

tommitchelldrum wrote: »

Thank you all for the helpful comments. I did think that this was the case but was hopeful that there may be a loophole or something.

No harm in hoping but if there was a loophole then the loan companies wouldn't allow people to take out loans using a guarantor. The banks and lenders might be a lot of things, not all of them good, but they're not that daft.

System

Hi,

My friend needs some advice.

a boyfriend of hers said he would pay for her to receive further education.

A loan was taken out in her name and he put himself down as guarantor against the loan.

The money is paid in 2 chunks. They broke up. But he paid the first and the next and final one is due at the end of Feb.

Communication has been lost in the last two months with this guy. He has moved, changed mobile no, and changed email addresses.

We know that in the end the loan company chases him for payment but
1) how does this effect her credit rating while they chase him?
2) Can the loan company terminate her education course from continuing until they get the final funds from this guy.

ILW

The loan company will chase your friend and then go looking for the guarantor if she will not or cannot pay. If this happens her credit file will be destroyed. If possible she should either pay or come to an arrangement with her creditor.

ManAtHome

Not sure what you mean about them getting the final course funds from him.

If the loan was taken out in her name, the money should come to her - ex was 'only' promising to repay if she couldn't (still her debt even if he was initially making the payments).

Different problem if she received the loan cash and gave it to him to look after until the course payments were due.

welshmoneylover

She should pay the loan, not leave it to the ex.