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edited 31 January 2020 at 11:17AM in Loans
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Legacy_userLegacy_user Forumite
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MoneySaving Newbie
edited 31 January 2020 at 11:17AM in Loans
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Replies

  • fworfwor Forumite
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    Jaffa83 wrote: »
    Just wondered if anyone has ever been in a similar situation?

    If the answer is yes, how would it help you?

    You would be best advised to phone them tomorrow, explain the situation and ask them to resolve it.
  • edited 31 January 2020 at 11:18AM
    SystemSystem Forumite
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    edited 31 January 2020 at 11:18AM
    Post deleted
  • Blackpool_SaverBlackpool_Saver Forumite
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    Your credit will be trashed
    Blackpool_Saver is female, and does not live in Blackpool

  • boo_starboo_star Forumite
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    Your credit will be trashed

    And even if you can get it corrected, it'll take a lot more effort than you just phoning them.
  • A_LertA_Lert Forumite
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    The terms of the loan will almost certainly make you fully responsible for insuring you pay on time. Lenders are entirely free to ignore missed payments for a fair time then suddenly strike. They may also have already listed the missed payments on your credit report.



    IMO you should first verify with the lender that the payments have been missed. Assuming they are, make them ASAP! Then check a) has the lender has imposed any penalty charges? and b) has the lender put anything on your credit report. If they've done either, you should contest it.
  • fworfwor Forumite
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    Jaffa83 wrote: »
    but I won't be chasing them... I wasn't asking for help

    If we needed yet another illustration of why you should never, ever act as a guarantor for someone else's loan, here it is...
  • Lover_of_LycraLover_of_Lycra Forumite
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    Jaffa83 wrote: »
    Yeah, I won't be doing that...

    I've given them all the required information, it's not my responsibility to chase them. The money has been kept aside to pay when/if they eventually come calling but I won't be chasing them in the meantime!

    I just wondered if it had ever happened to anyone before as it seems like a pretty unique situation. I wasn't asking for help!

    Actually it is your responsibility to pay them. You have a contract that says you will pay them a certain amount on a certain date and you are now in breach of this. Worse that that your guarantor is contractually obligated to pay if/when you don't. Interest will be accruing daily so in the long run it will cost you more. Stop acting like an eejit and contact the company to pay what you owe.
  • Lover_of_LycraLover_of_Lycra Forumite
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    Your credit will be trashed

    It probably wasn't in great shape already if the OP had to get a [STRIKE]sucker[/STRIKE] guarantor involved.
  • mcpitmanmcpitman Forumite
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    Have they been taking payments from the guarantor?
    Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....
  • foxy-stoatfoxy-stoat Forumite
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    Jaffa83 wrote: »
    Tonight I have just noticed that they haven't taken any money for the last 3 months!! I have had no reminders, no calls, no emails and my guarantor has heard nothing.

    Its taken you 3 months to work out that you have 3 months worth of payments extra in your bank account? Or have you already spent the money?

    You will be chased for the missed payments + missed payment charges maybe extra interest....if you dont pay then your guarantor will.

    If you do nothing then good luck chuck !
This discussion has been closed.
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