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Countersigned loan
Chris_Gardner
Posts: 3 Newbie
in Loans
Hi, I’m not even sure if I’m on the right forum or thread but I hope someone might be able to help.
An elderly neighbour of mine, she’s 86, countersigned a loan of 3k for her son four years ago. Sadly he died of cancer 2.5 years ago, still owing £1800.
She has just told me she is having to pay back this £1800 and is still doing so. I know if someone countersigns for someone and they don’t pay, then the signee is liable, but does is still apply if the borrower dies? Many thanks for any help.
An elderly neighbour of mine, she’s 86, countersigned a loan of 3k for her son four years ago. Sadly he died of cancer 2.5 years ago, still owing £1800.
She has just told me she is having to pay back this £1800 and is still doing so. I know if someone countersigns for someone and they don’t pay, then the signee is liable, but does is still apply if the borrower dies? Many thanks for any help.
0
Comments
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Yes, the contract still applies.
But if she wants to be absolutely certain, she should check the agreement.0 -
Thanks for the info. I just feel very sorry for her.0
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If she has the means then she will be better off by paying the loan off in full as the interest rate will be high if a guarantor loan - its maybe something that hasn't crossed her mind. She also might have other family who could help. Try to get a look at the agreement T&Cs and the APR.0
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