Guarantor problems!
Discussion
Not sure if this is the right place for this, but here goes. My partner was a guarantor for her previous boyfriend 6 years ago (stupid I know) then out of the blue we have had phone calls and letters from the finance company demanding she pays (as he can't) or she will have to go to court and be blacklisted. Is there anyway of going after her ex-boyfriend for the money if we pay it?
Anyone had any experience like this?
Jim
Anyone had any experience like this?
Jim
As far as I aware, the guarantor for a loan is responsible for said loan. I think paying it off then going for the ex boyfriend is a judge Rinder type job, although I am not a solicitor so I am just shooting blind.
That said, I am guarantor on an Amigo loan for a friend, who is currently paying it off, if he decides, one day, he doesn't want to pay it, then I have a decision to make on how important the ability to get credit is for me. A risk I took, unfortunately. We're Asian though so if he decides not to pay, I just tell his dad who will probably kill him, so I'm not too worried
.
It comes down to how much you value your credit score.
That said, I am guarantor on an Amigo loan for a friend, who is currently paying it off, if he decides, one day, he doesn't want to pay it, then I have a decision to make on how important the ability to get credit is for me. A risk I took, unfortunately. We're Asian though so if he decides not to pay, I just tell his dad who will probably kill him, so I'm not too worried
.It comes down to how much you value your credit score.
WolfAir said:
As far as I aware, the guarantor for a loan is responsible for said loan. I think paying it off then going for the ex boyfriend is a judge Rinder type job, although I am not a solicitor so I am just shooting blind.
That said, I am guarantor on an Amigo loan for a friend, who is currently paying it off, if he decides, one day, he doesn't want to pay it, then I have a decision to make on how important the ability to get credit is for me. A risk I took, unfortunately. We're Asian though so if he decides not to pay, I just tell his dad who will probably kill him, so I'm not too worried.
It comes down to how much you value your credit score.
Serious question but what flavour of asian? I have mates who are Indian and Sri Lankan and all that stuff is done in house if you get me!That said, I am guarantor on an Amigo loan for a friend, who is currently paying it off, if he decides, one day, he doesn't want to pay it, then I have a decision to make on how important the ability to get credit is for me. A risk I took, unfortunately. We're Asian though so if he decides not to pay, I just tell his dad who will probably kill him, so I'm not too worried
.It comes down to how much you value your credit score.
Hainey said:
Serious question but what flavour of asian? I have mates who are Indian and Sri Lankan and all that stuff is done in house if you get me!
Pakistani . And technically you are correct, any money required is all done in house. This, though, was emergency funds, his younger brother was getting married and as the older brother he's expected to kick in some money, he couldn't because he'd spent his savings on a full service, new suspension and (after blowing his engine up at a previous family wedding) new engine and miltek exhausts for his RS4 and couldn't tell his father he had no money because, well his father thinks its a £3000 car, not £18000.
LOL it always cracks me up when I think about how he keeps digging himself into this hole, yet would never contemplate selling the RS.
Beautiful car though
There's also no such thing as a financial 'blacklist' so this is just scaremongering tactics.
As guarantor she's equally liable for the debt though, so little chance of getting out of it.
One question though - what's the length of the loan? I'm surprised she's heard anything after 5 years
As guarantor she's equally liable for the debt though, so little chance of getting out of it.
One question though - what's the length of the loan? I'm surprised she's heard anything after 5 years
WolfAir said:
Hainey said:
Serious question but what flavour of asian? I have mates who are Indian and Sri Lankan and all that stuff is done in house if you get me!
Pakistani . And technically you are correct, any money required is all done in house. This, though, was emergency funds, his younger brother was getting married and as the older brother he's expected to kick in some money, he couldn't because he'd spent his savings on a full service, new suspension and (after blowing his engine up at a previous family wedding) new engine and miltek exhausts for his RS4 and couldn't tell his father he had no money because, well his father thinks its a £3000 car, not £18000.
LOL it always cracks me up when I think about how he keeps digging himself into this hole, yet would never contemplate selling the RS.
Beautiful car though
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