Guarantor Loan

OneLife_OneShot

There are no options unfortunately.

If she doesn't pay it then she is the one who destroys the credit rating. It is her loan now if your brother is not paying towards it.

I assume he has had money problems in the past if this is the only loan he could muster up.

Hopefully he pays your sister back but she has to pay it by law and hopefully no-one guarantors for him again. Those loans are ridiculous and such high APRs.

27cool

Yet another story of financial naivety of someone who does not have the slightest idea of what the word "guarantor" means.
If someone cannot get a loan using their own credit record, it should be ringing large bells with the prospective guarantor.
They cannot get a loan because they have a record of not repaying their loans in the past.IE, they are not creditworthy.

DigForVictory

As a matter of idle curiosity, does your sister live out in countryside at all? Entitled to own a shotgun for pest control?
Capable of hitting a barn door with a bit of practice?

As another time, she should stand brother dear in front of barn door and let pop rather than Sign Anything. After this, quite a few magistrates with siblings would shrug & quietly agree 100%, whilst taking her gun ticket.

mrsammyp

As with most of the other advice given here, it's very important that she keeps up with the payments because if she doesn't it could lead to a default or at a later stage a CCJ.

Speak to anybody here with either of these and you will soon realise it's very serious.

MEM62

DigForVictory wrote: »

As a matter of idle curiosity, does your sister live out in countryside at all? Entitled to own a shotgun for pest control?
Capable of hitting a barn door with a bit of practice?

As another time, she should stand brother dear in front of barn door and let pop rather than Sign Anything. After this, quite a few magistrates with siblings would shrug & quietly agree 100%, whilst taking her gun ticket.

People have lost their ticket just for making posts such a yours on social media.

robber2

MEM62 wrote: »

People have lost their ticket just for making posts such a yours on social media.

I doubt the police will get far when they search their shotgun certificate database for a Mr D F Victory

MEM62

robber2 wrote: »

I doubt the police will get far when they search their shotgun certificate database for a Mr D F Victory

Probably not, but I was highlighting the need to be cautious and the ease with which it can happen.

Herzlos

curty510 wrote: »

my advice would be for your sister to pay off the loan, if she doesn't have the funds, get a loan with her bank and settle it, the interest will be much lower. and then make contact with your brother to pay her back at a rate he can afford.

This loan is not your brothers, it's your sisters im afraid.

This. The current loan is probably somewhere about 50% APR, but she can get a normal high street bank loan for under about 5% APR and get it paid off much quicker.

It's in her name, she's liable for it, so she'll need to pay for it.

She can try to get it back from the brother, but it's probably a waste of time.

davidwood123

They should be teaching basic finance at secondary school. Forget the bull they seem to teach that has no relevance on the pupils future and start with the basics of mortgages, interest rates and terms such as ''guarantor''

Mrsob

Has anyone gone up against Amigo Loans and won?