Guarantor.. HELP

danielshaw007

Hi there,

I relucatantluy agreed to be a Guarantor on a loan for someone with a company called FLM Quick.. loan was £450.00 so nothing too major..

The applicant was my best mates long term girlfriend at the time, now they have split up and she is taking the !!!! basically with payment so FLM have taken payment off me and her.

Is there any legal loophole i can do to get out of being a gurantor at all ?? i never physically signed an agreement, it was only a electronic form.. is it legally binding?

thanks

somethingcorporate

As you agreed to. You Guarantee the payment (clue is in the title).

Is there a question somewhere there?

immoral_angeluk

I think the question is "How can I get out of paying her debt?".
Answer: You can't. You agreed to be guarantor and therefore are jointly liable for the full amount. If they can't get it off her, they'll get it off you.

DCFC79

You agreed to do it so you pay the consequences, you shouldnt have done it but you know that, id never ever be a guarantor for anyone not even family(well maybe exceptional circumstances but id rather lend them the money though)

oldhand

sadly you have found out (like many before) just what being a "guarantor" really means.Many seem to believe when you agree to be one it is just saying the person who borrowed the money is of good character and will pay it back but as you now realise the reason people need a guarantor in the first place is because they likely had trouble paying before and the lender wants to be sure of payment so they have a second payer to chase after.Bear in mind also if you dont keep up her payments your credit rating will also go down the pan.

dealer_wins

To be fair I would have thought your "best mate" would offer to pay you back in full. After all it was he who has landed you in this situation.

The only crumb of comfort is that the loan was for £450 and not much much more.

KingElvis

Is she good looking? could you take payment another way?

paddyrg

Pay it off pronto - guarantor loans usually have high interest rates and extra fees if you let it drag on. Then start working out if you stand any chance whatsoever of getting the cash back, or just waving it goodbye as she leeches from the next poor sap.

Apples2

Can we assume the penny has now dropped about WHY she needed a guarantor?

Even if they were still together, she still wouldn't have repaid. It's what Guarantor loans are all about. they KNOW she isn't going to bother.

KingElvis

These loans are the last refuge of the financial shyster...............

27col

A guarantor loan is like Christmas and birthday come together for the person who is being guaranteed. They can walk away from the payments at any time. Knowing that a mug/guarantor will have to pick up the tab for them. Think yourself lucky that the lesson you have paid for, has not come at a much more expensive price.