Guarantor Loan Query

SparkyMark123

Posting on behalf of someone else 

short story is friend signed up to be a guarantor on a lon with a company for her ex.  She believes she was manipulated into this there is a history of domestic violence in the relationship as well as a active case following events earlier in the month

my question is can she be removed as guarantor as this is now the only thing that connects them and she believes her ex will now stop paying as a final act of revenge ( His credit history is bad here good hence the guarantor) 

she has already tried to ring once to see if she can be removed and was refused I want to help her out and have some basic knowledge of the industry but any further help would be appreciated 

many thanks

[Deleted User]

No. The company know her ex won't repay the loan, so need her to make the payments when he stops.

She needs to build a savings buffer to be ready to clear the loan as soon as he defaults, as the interest will be crippling.  If need be, she should get her own lower rate loan to pay it off.

Brock_and_Roll

Forget about all the manipulation, domestic violence part - unless there is hard evidence i.e. police reports etc of unlawful activity it wont wash wash with the lender - and why would it? otherwise everyone would just say they were coerced into signing a document.

The OP has actually already hit the nail on the head - the friend needs  to save hard and be ready to get a loan to pay off the debt if and when the ex defaults.

SparkyMark123

There is police reports a ongoing police case 

sourcrates

Yes of course there are certain circumstances under which someone can be removed as a guarentor.

• if you couldn’t afford to repay the loan without difficulty, or
• you were pressured into becoming the guarantor, or
• you didn’t understand the implications of being a guarantor.
  
• 
  

Then you can complain yes, you do not have to prove manipulation took place, you just mention it in your complaint, the debt camel site is run by a solicitor, who has come across all kinds of domestic violence and controlling financial abuse, resulting in people being pressured into becoming a loan guarantor, its quite common for controling partners or ex partners, to do this kind of thing.

The complaints process is covered by Debt Camel here -

https://debtcamel.co.uk/amigo-complaints-by-guarantor/

More reading here -

https://debtcamel.co.uk/guarantor-loans-extra-protection/

John_

SparkyMark123 said:

There is police reports a ongoing police case 

Look at it this way, she’s making a polite request to be allowed to back out of a contract and leave the other side stuffed.
Why would they do this?

SparkyMark123

John_ said:

SparkyMark123 said:

There is police reports a ongoing police case 

Look at it this way, she’s making a polite request to be allowed to back out of a contract and leave the other side stuffed.
Why would they do this?

I get this completely however there process allows for a polite request to be made which can ( and has been refused) 

And the process as laid out by the FCA also allowed for a follow up complaint as outlined by debt camel.

i was more interested if anyone has gone down this route and what the outcome was ( obviously I’m not asking for personal specifics of what must have been a horrendous time)

MinuteNoodles

SparkyMark123 said:

i was more interested if anyone has gone down this route and what the outcome was ( obviously I’m not asking for personal specifics of what must have been a horrendous time)

Unfortunately there's no answer to that question as each case is judged individually on it's own merits.

sourcrates

SparkyMark123 said:

John_ said:

SparkyMark123 said:

There is police reports a ongoing police case 

Look at it this way, she’s making a polite request to be allowed to back out of a contract and leave the other side stuffed.
Why would they do this?

I get this completely however there process allows for a polite request to be made which can ( and has been refused) 

And the process as laid out by the FCA also allowed for a follow up complaint as outlined by debt camel.

i was more interested if anyone has gone down this route and what the outcome was ( obviously I’m not asking for personal specifics of what must have been a horrendous time)

Information here -

https://debtcamel.co.uk/amigo-more-refunds-2019/