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Legacy_user

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fwor

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.

System

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Blackpool_Saver

Your credit will be trashed

boo_star

Blackpool_Saver wrote: »

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_Lert

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.

fwor

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...

[Deleted User]

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.

[Deleted User]

Blackpool_Saver wrote: »

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.

mcpitman

Have they been taking payments from the guarantor?

foxy-stoat

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 !