Loan guarantor

Sazzie23

Hi all

Thanks for reading, I'm pleased too say this is not about me but really is for a friend.

She is guarantor for an Am--- loan for her son, yes I would have told her not to if I'd known but I didnt know.

Anyways she is in financial trouble herself as she has been off sick for a while, of course he hasn't been paying the loan..... She is struggling on with repayments
Best advice please, who should I suggest she gets in touch with for help? How much % would we offer as F&f (between 5 friends ).

National_Debtline

Hi Sazzie

Your friend is welcome to telephone National Debtline on 0808 808 4000, but I’m sure any of the other free debt advice charities would also be able to go through some helpful advice with her.

There aren’t really any guidance figures for making F+F offers as they’re always looked at on a case by case basis. If your friend is sick and can’t offer to pay very much each month based on a realistic SOA the creditor may accept a lower offer. It’s more often the debt collection companies that tend to be open to low offers as they generally buy the debts for a lower percentage but there’s no harm in asking.

We have a factsheet on making Full and Final settlements here:

www.nationaldebtline.org/EW/factsheets/Pages/24%20EW%20Full%20and%20final%20settlement%20offers/Default.aspx

If she has financial issues generally it may be that she needs to consider options to deal with her whole situation, rather than just this one debt. We’ll go through her options if she contacts us.


James
@natdebtline

bargainbetty

Why is he not paying the loan? Can other family members be brought in to apply a little familial pressure on him?

To be honest, they are going to trash her rating, so she may wish to consider a DMP if she has other financial commitments - and never lend the ungrateful little scrote another penny.

Sazzie23

Thanks, I'll pass this on, he is not paying due to getting little work, but I think that's because he doesn't look for work. It's difficult when it's your child, and I think that's why she has found it in her heart to help him.

She has a big heart and that is why she is my friend.