credit union help

chaseylin

over 10 years ago i was guarantor for my sister for a loan from the credit union. just recently i have received a letter from the credit union stating that the repayments on the loan have stopped and now i am liable for the outstanding amount which is quite substantial. i have also learned that she took out a number of other loans on the strength of the first one and i never was asked to be guarantor for any of these. what i need to know is am i liable for the total amount or just the original amount which i signed for which to my knowledge had been paid off . any help would be greatly appreciated. families eh.

NAR

It will depend on the wording of the original document you signed. However I would certainly challenge them that you knew nothing of the subsequent loans and that as far as you were aware the only loan that you went guarantor for was paid off. They may be "chancing their arms" to try and recover the debt from you. Ask them for a full breakdown of the debt and repayment history.

arkonite_babe

Ask the relevant credit union for a photographic copy of the original document signed by yourself, and either go to the Citizens Advice Bureau or contact a solicitor for verification !!! to where you stand in all this. Until this is done, pay nothing and accept nothing, as soon as you make one payment you will be liable for them all, as you are basically accepting responsibility.

If you don't get any further help here, I will move this over to the loans board for you.

HTH