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nance

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nance
nance Posts: 6 Forumite
we were stupid to sign as guarantor for son we have had to pay for two years as he left his family we pay nearly £ 500 a month
we have no other debt and mortgage free but husband has
to carryon working can we change to free credit card

Comments

  • Oakdene
    Oakdene Posts: 2,560 Forumite
    1,000 Posts Combo Breaker
    £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.
  • MEM62
    MEM62 Posts: 5,312 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    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?
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    I never understand posts where username and subject name are the same.
  • pcman1985
    pcman1985 Posts: 181 Forumite
    Seventh Anniversary 100 Posts Name Dropper
    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.
  • dresdendave
    dresdendave Posts: 890 Forumite
    Part of the Furniture 500 Posts Photogenic
    pcman1985 wrote: »

    Also, never be a guarantor for a loan again. There are never any winners. Except for the loan company.


    Surely the borrower also wins, a big lump of cash and a mug to make the repayments on their behalf.
  • Brock_and_Roll
    Brock_and_Roll Posts: 1,207 Forumite
    Part of the Furniture 1,000 Posts
    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.
  • nance
    nance Posts: 6 Forumite
    what is a money tranfer loan
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    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. :D
  • "The problem with Internet quotes is that you can't always depend on their accuracy" - Abraham Lincoln, 1864
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