Loan help

charliecc_2

Hi
My partner agreed to be a guarantor for his mother. She has defaulted on the loan and of course he is having to pay. What a surprise. ( I know we've all heard that !).
He does not have a lot of income. I have more savings and income than him so I am thinking of getting a loan agreement signed between me and his mother, paying off the payday loan and for his mother to pay me direct instead.

My thinking behind this is :
*We are having to pay for it now anyway (via my partner bank when she defaults). If she begins to pay me, it will be cleared earlier due to low, or zero interest / charge instead of the high APR.
*if she defaults, we can take HER to court instead of my partner receiving numerous phone calls and letters from the payday company and them taking HIM to court.


Would this be feasible?? Does this sound like a good plan ??
Advice please ??

Oh, and I don't need no lecture on not being a Guarantor in the first place.......


Thanks
Charlotte

Gaz83

charliecc wrote: »

Hi
My partner agreed to be a guarantor for his mother. She has defaulted on the loan and of course he is having to pay. What a surprise. ( I know we've all heard that !).
He does not have a lot of income. I have more savings and income than him so I am thinking of getting a loan agreement signed between me and his mother, paying off the payday loan and for his mother to pay me direct instead.

My thinking behind this is :
*We are having to pay for it now anyway (via my partner bank when she defaults). If she begins to pay me, it will be cleared earlier due to low, or zero interest / charge instead of the high APR.
*if she defaults, we can take HER to court instead of my partner receiving numerous phone calls and letters from the payday company and them taking HIM to court.


Would this be feasible?? Does this sound like a good plan ??
Advice please ??

Oh, and I don't need no lecture on not being a Guarantor in the first place.......


Thanks
Charlotte

Is it a guarantor loan or a payday loan?

Dare I ask the obvious - if she was happy to default on the loan, what makes you think she'll sign an agreement to pay you?

suicidebob

charliecc wrote: »

*if she defaults, we can take HER to court instead of my partner receiving numerous phone calls and letters from the payday company and them taking HIM to court.

What proof would you have of the loan from you to his mum?

Gaz83

suicidebob wrote: »

What proof would you have of the loan from you to his mum?

The OP wants to get a loan agreement signed between the OP and the mum.

If the mum was happy to default and gub her son's credit history, I've no idea why she would go ahead and sign an agreement, though.

forgotmyname

She didnt pay the loan why do you think she will pay you? Signed agreement or not.

What will you do if she doesnt pay? Waste money taking her to court where she will plead poverty and offer £1 a week?

McKneff

I would leave it well alone.
If you are in a long term relationship, help your other half out by paying for some of it.


She didn't think twice about dropping her own son in the mire from a great height,
she would drop you in it from even higher.

jonesMUFCforever

I agree don't do it.

suicidebob

Gaz83 wrote: »

The OP wants to get a loan agreement signed between the OP and the mum.

Yep. That'll be why I asked the question I did.

Gaz83

suicidebob wrote: »

Yep. That'll be why I asked the question I did.

Apologies - I've misread your post.

Bmth100

charliecc wrote: »

Hi
My partner agreed to be a guarantor for his mother. She has defaulted on the loan and of course he is having to pay. What a surprise. ( I know we've all heard that !).
He does not have a lot of income. I have more savings and income than him so I am thinking of getting a loan agreement signed between me and his mother, paying off the payday loan and for his mother to pay me direct instead.

My thinking behind this is :
*We are having to pay for it now anyway (via my partner bank when she defaults). If she begins to pay me, it will be cleared earlier due to low, or zero interest / charge instead of the high APR.
*if she defaults, we can take HER to court instead of my partner receiving numerous phone calls and letters from the payday company and them taking HIM to court.


Would this be feasible?? Does this sound like a good plan ??
Advice please ??

Oh, and I don't need no lecture on not being a Guarantor in the first place.......


Thanks
Charlotte

What company is it?

charliecc_2

Hi
It is a guarantor loan with amigo.
She has already said she's willing to sign an agreement between us both.
We are already paying it now anyway. if she does not pay now with how it is set up my partner will pay more in the long run ???