nance

nance · 13 July 2017 at 11:29AM

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

Oakdene · 13 July 2017 at 11:31AM

£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.

MEM62 · 17 July 2017 at 9:51AM

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 · 17 July 2017 at 10:26AM

I never understand posts where username and subject name are the same.

pcman1985 · 19 July 2017 at 9:06PM

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 · 24 July 2017 at 8:08PM

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 · 25 July 2017 at 9:51AM

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.