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Being a guarantor!

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Comments

  • somethingcorporate
    somethingcorporate Posts: 9,449 Forumite
    If the person with the loan defaults and they cannot recoup the money from the guarantor would they both get a default on their credit files?

    This could be the major issue of withholding your current details.
    Thinking critically since 1996....
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    The guarantor would end up with a CCJ if the matter went to court. They could remove the CCJ by paying within a few days of it. Or avoid it by paying after a (proper, not one late payment) default notice has been sent and applied to the credit record of the borrower.
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