Reclaim guarantor loans for free

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  • Sturret04
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    I agreed to be a guarantor and ended up paying most of it back for  my grandson 
    I don't think they did enough to check if he could afford it 
    I was pressured into helping my grandson 
  • kaMelo
    kaMelo Posts: 2,419 Forumite
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    Sturret04 said:
    I agreed to be a guarantor and ended up paying most of it back for  my grandson 
    I don't think they did enough to check if he could afford it 
    I was pressured into helping my grandson 
    Pressured by whom?




  • sourcrates
    sourcrates Posts: 28,999 Ambassador
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    kaMelo said:
    Sturret04 said:
    I agreed to be a guarantor and ended up paying most of it back for  my grandson 
    I don't think they did enough to check if he could afford it 
    I was pressured into helping my grandson 
    Pressured by whom?




    Presumably the grandson, pressure from family, whether just impassioned plea`s or worse, threats, can be used as leverage in these situations, its very hard to say no to a family member, especially if the potential borrower is a grandchild.

    Its usually an abusive partner that force`s the other partner to take out these kind of loans, sometimes under threat of violence, sometimes not, it can be quite common in domestic abuse cases as well, there are a multitude of different scenario's where guarantor loans are seen as easy money by those who use domestic abuse to feather their own nest, and the vetting procedure used by the likes of Amigo were woefully inadequate in these situations.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • CapcomCatie
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    Just joined to say thank you for the guide, I complained to TrustTwo (Everyday Lending/Amigo) - my loan is now being removed from my credit file and I am being refunded £685!
  • TripleH
    TripleH Posts: 3,019 Forumite
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    edited 7 January 2022 at 5:49PM
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    The fundamental principle behind guarantor loans is what I find most distasteful.
    In essence lending to people who qualify for lower interest borrowing but charging sub-prime rates to them. (simplified version) by means of smoke and mirrors.
    May you find your sister soon Helli.
    Sleep well.
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