We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Loan garantor problems
Hi all,
A quick question. I have a loan in which my father is garuantor. Recently we have fallen out and now he wants me to sell the car and pay the loan off as he refuses to be garuantor.
Does anyone know his rights to this request. In short I cant get the credit to get my own loan to pay this off and also i dont think the sale of the car will leave me with enough equity to clear the amount needed to pay the loan off.
Not a good situation! BTW I have never missed a payment on the loan.
Any advice would be helpful
thanks all.
A quick question. I have a loan in which my father is garuantor. Recently we have fallen out and now he wants me to sell the car and pay the loan off as he refuses to be garuantor.
Does anyone know his rights to this request. In short I cant get the credit to get my own loan to pay this off and also i dont think the sale of the car will leave me with enough equity to clear the amount needed to pay the loan off.
Not a good situation! BTW I have never missed a payment on the loan.
Any advice would be helpful
thanks all.
0
Comments
-
just keep paying the loan , even bettre default the loan , then he will have to pay it........thats a joke.... ;-00
-
As far as I'm aware it's tough. If he's the guarantor he's the guarantor and if he agreed and signed it at the time then he's liable if you don't pay. Is it hire purchase or a bog standard loan? If it's HP you can't sell it without the company's permission.Total 'Failed Business' Debt £29,043
Que sera, sera.
0 -
Also if it is HP - have you paid half of the amount owing?
If so, you can terminate the contract and arrange for the car to be picked up. It may be your best bet if he really wants you to sell the car and is putting pressure on you - and the equity is not enough to cover a sale.
Does however leave you without a car and an inability to get one if you need him to co-sign.0 -
How serious is the fall out with your dad? Is it something that's likely to blow over?Total 'Failed Business' Debt £29,043
Que sera, sera.
0 -
Not sure if it will blow over. So I cant answer that one.0
-
how about trying to answer any of the other questions ?0
-
sorry, its an HP agreement, Havent paid half yet... so thats currently not an option either
0 -
make it up t him0
-
If it's HP then the car isn't yours to sell. You can sell it but you have to have the prior agreement of the company first and it's highly unlikely unless you can show that you'd be able to pay off the debt in full with the proceeds. Your father can't force you to sell the car. Being a guarantor only makes him liable if you default, it doesn't give him any rights to the car unless stated in your agreement, as far as I'm aware.Total 'Failed Business' Debt £29,043
Que sera, sera.
0 -
If you've never missed a payment and are unlikely to, it's not really an issue.Starting Debt: ~£20,000 01/01/2009. DFD: 20/11/2009 :j
Do something amazing. GIVE BLOOD.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards