Guarantor loans

wiltsguy_2

sammy1793 wrote: »

Thank you for all the insight and advice my other brother and I will intervene and see if we clear that in full to 1 of our low interest cards and hopefully get a balance transfer to a 0% do we need her permission to pay it?? As she won't allow us to take his debt even if we're willing!?

Ask her if you can put it on a 0% CC, then she can pay you back, that way she still has the debt but not the horrendous APR

SHE IS A LUCKY LADY TO HAVE YOU

audigex

If you can get the details for where the payment needs to go, you can likely clear it without her permission. Whether you're meant to have permission is a question I can't answer, but I can't see the lender asking questions if you phone up with the account details and ask to pay the balance...

The other alternative is to walk to the bank and pay the money into her account, then tell her in no uncertain terms that it will keep appearing there until she uses it to pay off the debt. Or withdraw it in £5 notes and start burning them in front of her one at a time, telling her that she can either use it to pay off the loan or you'll burn the lot anyway.

If she then wants to pay you back later, she can do so on her own terms without the extortionate interest rate.

RuthnJasper

Sammy, you're a good 'un. You and your surviving decent brother are a credit to your mum, as well as yourselves.

The three of you will get through this together. It'll get better - in the meantime please do get onto Stepchange and possibly also AgeUK for future support for your mum, should gitSon reappear and try it on again one day.

Hugs and best wishes to you and your mum. x

hercules_boats

She was emotionally blackmailed, i sad to hear that

~Brock~

Not that it helps this situation. but the FCA is going to be conducting a review of guarantor loans and as a result may bring in changes to the way they are marketed and operate.

This can't come soon enough - I personally hate the advertising of these things. Plasticine figures bouncing around without a care in the world as if signing your life away for the benefit of another is the most natural thing in the world. Lending the good old fashioned way? What a load of crap. I have worked in the lending industry for almost 35 years and these type of loans are nothing like how things 'used to be'.

ViolaLass

Interesting that she was accepted as a guarantor when it appears she can't afford the payments. Maybe your brother didn't tell the truth on the application.

Just an observation. Not sure it helps you unfortunately.

Foxy-Stoat_3

This Brother needs to have it "explained" to him what he has done, by the two other Brothers.