Loan issues - with guarantor issues

lolalily21

I took out a loan last year and required a guarantor on it, which i kindly got from a friend, since this time my husband has left me and i am struggling to cope therefore signed up with the CCCS recognising my issues.... i informed my guarantor that i could not cope with all the presssures, and he also informed me that his wife been made redundant and him being demoted has left them in financial difficulties also and therefore could not make the payment either... this has escalated and now because i have had to take the debt route with CCCS my guarantor has become aggressive and threatening towards me and is basically threatening my life if i dont get the debt sorted... I have been completely honest with them and explained my situation and i went to cccs with the intention of taking it all in hand.... i am at my wits end ... i dont know what to do... can i get him removed off this loan as i am now in DMP with cccs but the loan co is going to him for the makeup payment,

DCFC79

Yes of course the loan co are going to the guarantor for the makeup payment as thats what being a guarantor involves.

How did you get your friend to agree to it ?

Hope you get it sorted

jonesMUFCforever

You cannot get him off the loan as he has guaranteed it. Why would they bother taking a guarantee if they did not want to enforce it.
Trying to put the debt into a debt repayment plan paying off a couple of quid a month is obviousley not on their agenda.

CHR15

Get your friend to make a post on here, we'll tell them exactly what being a Guarantor meant.

lolalily21

DCFC79 wrote: »

Yes of course the loan co are going to the guarantor for the makeup payment as thats what being a guarantor involves.

How did you get your friend to agree to it ?

Hope you get it sorted

i gave them all of the details of the guarantor criteria and what they would have to agree to, they agreed to be guarantor off their own back they agreed totally and said they didnt have a problem, obviously we discussed the implications, but they signed ayway, i wasnt expecting my life to change like this but it has... yes i feel terrible about it but i have tried to speak with them and tell them to contact the cccs themselves to re-route the debt from their side too aswell as mine, but violence seems to be their answer

chalkie99

lolalily21 wrote: »

I took out a loan last year and required a guarantor on it, which i kindly got from a friend, since this time my husband has left me and i am struggling to cope

Sorry, but you must have had a bad record of paying your debts before you took the loan, that is the very reason the lender required a guarantor. They knew there was a very good chance you were not going to make the repayments.

Did you really explain to your friend that you had a history of not paying and that they would be paying it for you if you failed again?

You now want

them to contact the cccs themselves to re-route the debt from their side too

.

So, actually, they might be struggling themselves but you are asking them, effectively, to enter a DMP themselves due to your debt and, of course, trash their own credit record!

redpete

lolalily21 wrote: »

i gave them all of the details of the guarantor criteria and what they would have to agree to, they agreed to be guarantor off their own back they agreed totally and said they didnt have a problem,

If you both realised that they could get left with having to pay off the loan then you are both to blame for where you are now.

Apples2

The two of you are both equally at fault.

1. You were never going to meet the repayments, hence the requirement for a guarantor inthe first place, no lender was prepared to take you on as they considered it obvious you were not going to repay.

2. You again for abusing the trust of a friend. There are always comments made about guarantors on here, i.e Who do you dislike enough to do something like this to? and Which friendship do you want to destroy?

3. Your friend for being so gullible. It was obvious he/she was going to end up saddled with this debt. I'm not surprised (now it has dawned on them what was always going to happen) that they are angry for being taken advantage of.

Your credit file was already smashed so you can walk away happy as Larry, not your problem anymore.
The guarantor has to sort this out themselves.

Difficult to have sympathy for either. The lender protected themselves against the enevitable, you can't simply slope this off complaining the lender is being unreasonable.

talana

chalkie99 wrote: »

So, actually, they might be struggling themselves but you are asking them, effectively, to enter a DMP themselves due to your debt and, of course, trash their own credit record!

That is part of the implication of being a guarantor though of course, so no sympathy. It's up to them to understand what they're signing.

...this has escalated and now because i have had to take the debt route with CCCS my guarantor has become aggressive and threatening towards me and is basically threatening my life if i dont get the debt sorted...

Regardless on the debt issue, don't let them get away with that. If it persists, go to the police. That's a serious matter

KingElvis

Looks like you're both swimming in the quagmire together on this one then.

DCFC79

KingElvis wrote: »

Looks like you're both swimming in the quagmire together on this one then.

Or they have both put they're hands in a blender whilst on and caused an almighty mess.