Guarantor

watkinson4

Just holing for some advice. I recently agreed to be a guarantor for my wife when she purchased a new car. I was told on more than 1 occasion it would not effect my credit file. I have just looked and there it is 12 grand of finance from Private and commercial finance. I have phoned them which they have pretty much ignored my complaint. Should my credit be affected when being a guarantor? I know it would be if she missed a payment and that is understandable as it would then be my debt but no payments have been missed the finance has just began and it is on both her credit file and mine. Thanks for any help.

Leedslad8t6

Hello,

I'm pretty sure any sort of credit relationship you have aith somebody is documented.

You can disassociate yourself from the person when the financial relationship is over.

Wouldn't it be in your favour if all is being paid on time though?

Shows you can manage debt responsibly?

MEM62

watkinson4 wrote: »

Just holing for some advice. I recently agreed to be a guarantor for my wife when she purchased a new car. I was told on more than 1 occasion it would not effect my credit file. By the salesman? You trust anything that a salesman says at your peril. It's there job to sell you that car and if he has to be economical with the truth to do that then he will. will I have just looked and there it is 12 grand of finance from Private and commercial finance. I have phoned them which they have pretty much ignored my complaint. What was the basis for your complaint? Should my credit be affected when being a guarantor? Has it been affected? It's recorded on your file but that is to be expected as it is a financial liability but that does not automatically mean that it has had a detrimental impact on your standing. I know it would be if she missed a payment and that is understandable as it would then be my debt but no payments have been missed the finance has just began and it is on both her credit file and mine. Thanks for any help.

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