Guarantor credit transfer

matronkiri

My brother paid for some training via a training company to become a personal trainer. It was a credit agreement for which I am the guarantor.
My brother lost his job a while ago and I've had to make a payment for him. Another payment was supposed to be made in March but wasn't. I had a missed call with a message asking for payment again which I didn't get immediately as they called whilst I was at work.
I then received an alert from Credit Expert, of which I am a member, and the loan agreement has been transferred in to my name!! I had no warn or notification of this and if it wasn't for the fact that I'm a member of Credit Expert, I'd be none the wiser even now.
Is this allowed? Can I raise a dispute? I'm absolutely appalled by it and it has also now made my rating go down due to the missed payment. I'm devastated as it's taken me over a year to increase it as it is! I'm truly shocked that this could happen without my consent :mad:

[Deleted User]

This is how guarantor loans work. It was always "your" loan, it's just now official when he defaulted.

This is also why everyone on here says don't be a guarantor. There was a reason your brother couldn't get the credit himself.

Tixy

To minimise any further damage I would suggest setting up a direct debits with them to make the remaining payments.

Great if you can get your brother to pay you anything direct to you.

In time a single missed payment shouldn't have a major impact on your ability to get credit.

matronkiri

Thank you for your comments.

I realise that it clearly wasn't a great idea but it's my brother and I was trying to help but at least I've learnt my lesson.

Can I contest this using credit expert seeing as I wasn't given any notice or warning?

Tixy

It will almost certainly have been written in to the terms of the original agreement that you gave them permission to share data relating to the credit agreement and payment history to the CRAs.

.

matronkiri

Thank you. Had my fingers well and truly burnt haven't i?!

Lesson learned.