We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Guarantor on loan
Comments
-
Is there any chance of the loan being secured by their home?
Either way they are still liable for your debts if you fail to keep up payments.Censorship Reigns Supreme in Troll City...0 -
Ordinarily nothing changes, except the lender wont be able to get a charge against the guarantors property should both of you refuse to pay. All the rest remains the same0
-
Could there be a charge on the guarantor's house to prevent the property being sold until the debt is paid? Otherwise there would be a gaping loophole in the whole point of having a home owner guarantor.I used to think that good grammar is important, but now I know that good wine is importanter.0
-
There is a gaping hole. but guarantor loans are usually "smaller" (around £5k), so for the guarantor to sell their house and rent to escape having a CCJ placed against their property, its an awful lot of effort, not to mention cost to go through. The guarantor will also be ruining their good (else they wouldn't be approved as guarantor) credit history to facilitate this.0
This discussion has been closed.
Categories
- All Categories
- 347.2K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.8K Spending & Discounts
- 239.5K Work, Benefits & Business
- 615.3K Mortgages, Homes & Bills
- 175.1K Life & Family
- 252.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards