Help me - guarantor for loan

Tonithy
Tonithy Posts: 1 Newbie
in Loans
I really need help.
I am a guarantor for may partner and it is open till 2023.
The relationship has become toxic & violent. I need to leave. But I know that once I leave he will stop paying it. I cant afford to be paying it on top of my own bills. I feel trapped, I'm scared, I need a way out....help me....please

Comments

  • Gaz83
    Gaz83 Posts: 4,047 Forumite
    Combo Breaker First Post
    If your relationship has become violent, you need to contact the police. Are you male / female? If you are female, contact Women's Aid. I am not sure if such a thing exists for male victims of domestic violence.

    In terms of the loan, however, there's not much you can do. Can you take out a loan at a lower APR to pay off the guarantor loan (which is presumably at a higher APR)?
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • jimbo26
    jimbo26 Posts: 954 Forumite
    Name Dropper First Post First Anniversary
    https://www.safeline.org.uk for men who are victims of Domestic Abuse

    In relation to the guarantor bit there is nothing you can do unfortunately. They will come after you for the money, but please do not make that a reason to stay in an abusive relationship.
  • BrassicWoman
    BrassicWoman Posts: 3,202 Forumite
    First Anniversary Name Dropper First Post Mortgage-free Glee!
    Hi, you can get help on an arrangement to pay if it would cause genuine hardship. Sometimes interest is frozen.


    Not a reason to stay. Please get out.
    2021 GC £1365.71/ £2400
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
    Definitely call the police.
    Got any friends you can stay with while you look for somewhere you could stay.
  • Nasqueron
    Nasqueron Posts: 8,785 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    The only way to get out of a guarantor debt is to trash your own rating e.g. going bankrupt or taking out a loan to pay it off. Even at 7% a loan will be less expensive than the (presumably Amigo or similar) rates of 50% on the guarantor loan
  • C.M.
    C.M. Posts: 79 Forumite
    The guarantor loan may come under the category of financial abuse as a form of coercive control and is also considered a type of domestic violence.

    Do not let this prevent you from leaving; report the abuse to the police and include the info about the loan with that.

    Contact women’s aid or another relevant charity if you are male, and also possibly citizens advice - they have compiled a lot of research on financial abuse and will be experienced in helping you deal with being chased for the loan after your soon to be ex stops paying.

    You are the priority here, get out. It will not get better if you stay.

    https://www.womensaid.org.uk/information-support/what-is-domestic-abuse/financial-abuse/
  • jimbo26
    jimbo26 Posts: 954 Forumite
    Name Dropper First Post First Anniversary
    C.M. wrote: »
    The guarantor loan may come under the category of financial abuse as a form of coercive control and is also considered a type of domestic violence.

    It might, but the debt will still be enforced by Amigo.
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