Guarantor to loan asked to pay back

Tixy

mumtomany wrote: »

To comply with the rules the new collector does not have to supply you with a copy of your signed agreement, they only have to supply you with a copy of the agreement you would have signed.

I think it maybe worth looking into the statue barred thing but it all depends when the defult took place and when you first acknowledge the debt. It doesn't matter when the loan was taken out the key date is when the defult took place. Do you know if the other person made any payments?

The date a default was placed on an account is not relevant to the limitation act (the legislation with regards to statute barred debts). The 'relevant' date has to be an action by the debtor whereas placing a default on file is an action by the creditor.

mumtomany_2

Tixy wrote: »

The date a default was placed on an account is not relevant to the limitation act (the legislation with regards to statute barred debts). The 'relevant' date has to be an action by the debtor whereas placing a default on file is an action by the creditor.

Sorry when i said defult i meant the date the other person missed/stopped paying the payments. Is that not the relevant date??

NVRAM

I may be wrong but I thought the date was the original date at which point the loan was taken

mumtomany_2

NVRAM wrote: »

I may be wrong but I thought the date was the original date at which point the loan was taken

I don't think that can be right cause what if it was a 10 year loan but they didn't have need to pursue you because you didn't stop paying until 9 year in?? The creditor would be statue barred???

Tixy

Its usually the date of the last payment made or last written acknowledgement. If there was no payment then it usually the date the first missed payment would have been due.
Although there are exceptions, e.g with an overdraft its the date it was recalled by the bank.

Its never the default date on a credit file (well techinically it could be co-incidentally that date but only if say the last payment just happened to be the same date as the default)

NVRAM

mumtomany wrote: »

I don't think that can be right cause what if it was a 10 year loan but they didn't have need to pursue you because you didn't stop paying until 9 year in?? The creditor would be statue barred???

Yeah that makes complete sense lol sorry, ignore my comment above

Apples2

toddle2u wrote: »

Not true - for a guarantee they will have to produce an actual signed copy of the guarantee. The money will not have been deposited with the guarantor and there will be no statements in the guarantors name so they will need to produce the guarantee to prove that they acted as guarantor

Where are you getting this tripe from?

FLM are probably the largest company offering this type of stupid facility to those who do not understand what they are getting into.

FLM for SURE, pay the loan into the guarantors account and NOT the borrowers account.

They do it to prevent guarantors appearing down the line when the obvious happens and try to deny any knowledge.

DCFC79

strawberry1984 wrote: »

I am unable to find the borrower as he disappeared after recieving the loan along with a lot of my personal belongings.

Im just intrigued but was this person a friend or a bloke in a pub who you met and how did they come to abscond with alot of your personal belonging ?

david39

Seems a strange coincidence that the claim turned up just a few weeks before the loan would become statute barred and that you have not been provided with further proof of the loan details.
The onus is on the people making the claim to prove that you are liable to make the payment - not on you to prove you don't.

I suggest you send the necessary £1 fee to get the paperwork from them and then you can see the exact dates etc, There is a template letter on this forum somewhere that will provide the wording you need.

You also need to send them another (also templated) letter telling them you will only deal with them by written letter and, on any correspondence, only print your signature - never actually sign it. With modern technology, it can be "lifted" and applied to any blank document.

fatbelly

david39 wrote: »

Seems a strange coincidence that the claim turned up just a few weeks before the loan would become statute barred and that you have not been provided with further proof of the loan details.

That's exactly the point at which I would expect the creditor to have a last attempt at getting the debtor (or their guarantor) to acknowledge the debt.

Looks like it worked in this case...