Guarantor

hadenuff32

Can I stop being a guarantor on a loan my ex-partner arranged? Is there a cooling off period?

CH27

Has he received the money?

hadenuff32

yes but only very recently in the last month

jc808

When you say your 'ex partner arranged'

Do you mean he applied and got the loan without your permission and guarantor'd you without your knowledge?

vax2002

You are a guarantor because the loan companies are a lot better at judging people than some may think, they know he will not pay the loan, but they know you will .
They can view history's of a person and see beyond the bull and big smiles and promises, they know, despite what it says, a donkey wont win the grand national and this guy is going down at the first fence.
It is something you only ever do once, it rarely has a happy ending and most end up paying to fund the lifestyle of someone else.
I am sorry, but you have just been had.

KingElvis

vax2002 wrote: »

You are a guarantor because the loan companies are a lot better at judging people than some may think, they know he will not pay the loan, but they know you will .
They can view history's of a person and see beyond the bull and big smiles and promises, they know, despite what it says, a donkey wont win the grand national and this guy is going down at the first fence.
It is something you only ever do once, it rarely has a happy ending and most end up paying to fund the lifestyle of someone else.
I am sorry, but you have just been had.

Nothing to add to that, a perfectly judged post with a slice of wry humour.....couldn't have said it better myself.

Love the first post analogy. Class

[Deleted User]

Yup, vax has it spot on.

But take heart from the good news, OP - no one but the most mentally deficient stand as a guarantor a second time, so once you've clambered out of the train wreck of this one, you're home free.

hadenuff32

i thought that was the case, thanks for the advice, i just wondered if there was a cooling off period etc

CLAPTON

hadenuff32 wrote: »

i thought that was the case, thanks for the advice, i just wondered if there was a cooling off period etc

the only cooling off period would be that described in the T&C of the loan and guarantor; it would obviously require the loan to be paid back.

AMILLIONDOLLARS

If I were you I'd start to put money aside for when the Donkey keels over!! Why anyone would want to stand guarantor for an ex, is beyond me. He's going to make you pay big time!!

Good luck for the future, you're gonna need it.

AMD

hadenuff32

AMILLIONDOLLARS wrote: »

If I were you I'd start to put money aside for when the Donkey keels over!! Why anyone would want to stand guarantor for an ex, is beyond me. He's going to make you pay big time!!

Good luck for the future, you're gonna need it.

AMD

this is a soon to be ex, i may be stupid but not that stupid