In trouble with a Guarantored loan!

mecster · 15 January 2008 at 8:08PM

Hiya - Just after some much needed advice I think! 4 months ago I signed guarantor on and unsecured personal loan for a 'friend' to help her out of a sticky situation. I now realise that I have been so so stupid! 3 months in (nearly 4) and I have already had to make 2 payments on this while my 'friend' is no-where to be seen! This is a 4 year loan of just over 160.00 per month! I myself dont earn huge amounts and I will be struggling to pay in the next few months! Now although I said she is no-where to be seen, I do know that she is still in employment with the same company etc etc....! Is there anyway in which I can 'get out' of this at all??? I was told by a 3rd party that there could be a way in which I could get some kind of legal backing if I were to prove that she never intened to pay the money back. Her circumstances have not changed (employment etc..) and still on the same amount of money as before. Is this true or were they just saying what they thought??? I am so so confused and cant belive I have put myself in thsi position! Can anyone help me with advice?? I have not as yet been able to get down to the CAB for any advice but hopefully someone here will be able to help me??
Thanks for having a read and if you can help me then please let me know!

'A very worried' Mecster!!