1) I can`t find this anywhere in their terms. It`s true? That`s true, but it`s possible that you got a misleading impression of them on the phone. In this case, you can get a complaint refining that the consequences of a deposit have not been sufficiently explained to you. In the rare event of the death of your surety, the lender may be entitled to his estate or property to collect his debts. It is also possible that her spouse is responsible for a payment. If you should never have been a guarantor for any of the reasons mentioned above, you should be removed as a guarantor. This eliminates the problem for you and credit becomes a „normal“ credit for the borrower. I ask you to remove me as security for this loan and erase it from my solvency. In addition, on the other line of the phone or online chats, the seller may not mention something or accidentally or otherwise omit a key clause in the contract. If it is not fully explained to us and we listen fully at this point, there may be key elements for an agreement that we might miss and regret later. The lender should also have clearly explained what the new loan was. You may think that it is only now that you are being asked to guarantee „the extra money“ because the old credit has been released.
When someone mentioned this scenario with amigos loans in the Money Expert Forum, the community offered some good tips, including the conversation with a lawyer. A guarantor is supposed to be a person who has no money problems and can easily intervene in case of difficulties for the borrower. If your creditworthiness shows that you have money problems, then you were probably not fit to be a guarantor. Guarantee loans are important, serious and long-term financial commitments. I expect a lender to ask for proof of your income and check your creditworthiness to see what other debts you had. If your income may change over the life of the loan, the lender should have thought about it, for example if you are not always able to get overtime. If you change your mind to be a guarantor before the money is paid – contact the lender and inform them That being a guarantor of a property is not very common in the UK, either for buying or renting. But in Australia and New Zealand, it`s very common – so it`s typical for people to ask how to opt out of one deal, especially when they`re paying rent for another.
But what about a loan or credit card offered online, over the phone, or through a door-to-door credit vendor? Think of alternatives to a credit agreement so you don`t have to be a guarantor. One of the possibilities is to extend your mortgage – if it`s a realistic option – and borrow the money from your loved one. Get help with a credit agreement that outlines how they will pay you back. If so, I can`t afford to pay credit repayments. This should be obvious to you before you have given the credit. If you had looked at my pay slips and bank statements in detail, it would have been clear. .