Guarantor Loan Issue, Criminal or Civil

dealer_wins

You can either write it off to experience, or try and try to peruse her through courts etc

Either way you are likely to get nothing back, so why waste more time and money going for the court route.

We see this scenario time and time again, and it comes down to NEVER being a guarantor, unless you are happy to gift the money to the person without getting anything back.

yoshiyella

I would look to get another loan at a better rate and use it to pay off the Amigo loan. At least make a saving on their extortionate rates!

DayusDay

Thanks for the input everyone. I will be undertaking finance at lower rates to pay off this loan. I will also pursue them via civil action, even if it is just to get a CCJ awarded, to stop her doing it again.

It's not been a pleasant experience and for anyone thinking of becoming a guarantor and reading this, then you have to remember that it is YOU who are effectively taking out the loan. You also have no control over the matter and if it does go t*ts up, then it's YOU who have to sort it out and pay it back.

I understood this when I got involved, but what I didn't realise is how easy it can be for people to just walk away from their responsibilities and actually walk away without any legal or financial repercussions, without action from me.

The loan company have actually been very professional and understanding, while obviously wanting their money.

Anway, lesson learnt....

Enfieldian

Herzlos wrote: »

I'd go talk to the police on the assumption that it's been done deliberately with intent to deceive

That will be an extremely short conversation then.

A civil matter based on assumption is of no interest to the Police.

wiltsguy_2

DayusDay wrote: »

It's not been a pleasant experience and for anyone thinking of becoming a guarantor and reading this, then you have to remember that it is YOU who are effectively taking out the loan. You also have no control over the matter and if it does go t*ts up, then it's YOU who have to sort it out and pay it back.


Anway, lesson learnt....

some good advice here from someone who has experienced what guarantor loans are.....let's hope that others take it