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£500 a month for 2 years? You could try to see if you can get a loan for the amount which would be at a lower interest rate than the guarantor loan. I wouldnt imagine a Money Transfer card would give you a large enough credit limit to enable you to clear the debt totally.Dwy galon, un dyhead,
Dwy dafod ond un iaith,
Dwy raff yn cydio’n ddolen,
Dau enaid ond un taith.0 -
What is the balance remaining on the loan and how long are you committed to make the £500 payments for?
Also, what happened to the item(s) that your son purchased with the money?0 -
I never understand posts where username and subject name are the same.0
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Could you maybe get a loan in your own name to payoff the loan you are guarantor on. I assume it's with the well known company that specialises in guarantor loans at a high interest rate.
The rate would likely be a lot lower with a loan in your name compared to the guarantor loan.
Also, never be a guarantor for a loan again. There are never any winners. Except for the loan company.0 -
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A glance at the post history seems to indicate that this is a bit of a sad tale. Looks like back in 2007 parents (understandably) stood guarantor for son who had given up job to retrain as a gas engineer and had partner and new baby to support.
Roll forward it appears that he has a) left family b) defaulted on loan. and the guarantee has been called. Lord knows how much rolled up interest, fees, charges etc have been accrued.
First step should be to get details of current interest rate and a settlement sum.0 -
what is a money tranfer loan0
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PeacefulWaters wrote: »I never understand posts where username and subject name are the same.
I suspect because the box to put the subject in is called "Title" and a few newbies think that means their title / name.0 -
"The problem with Internet quotes is that you can't always depend on their accuracy" - Abraham Lincoln, 18640
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