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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 70535
Experience:  Over 5 years in practice
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Hi, I have been a good friend and helped my best friend by

Resolved Question:

Hi, I have been a good friend and helped my best friend by being a guarantor for a loan. She promised me that she and her husband can afford it and there would be no issues, however I have paid her monthly payment three times now and even though she has paid me back twice, I am still awaiting a payment which she should have made in June. Today I have received another message of the loan company that she missed a payment again. I spoke to her and she said she would pay tomorrow and I should refuse to pay, which I cant as they have my account detail and will take payment. I have spoken to the Company and asked if I can get out of being a guarantor but they said I could not. Is there any way that I can? As she has let me down too many times now
Submitted: 3 years ago.
Category: Law
Expert:  Jo C. replied 3 years ago.
Hi.
Thank you for your question. My name is ***** ***** I will try to help with this.
Not if you have guaranteed the loan I'm afraid. At least the company can always release you but they won't as its not in their interests and you have no power to force them.
You do have a claim against her if she defaults upon the loan and you have to pay though. Its probably a small claims court sum so it would be cheap and easy enough to pursue the matter.
But there is no way out of a guarantee agreement essentially because the debtor is improvident.
I'm sorry this isn't the answer you wanted but it is the position that you face and I have a duty to inform you truthfully.
Hope this helps. Please let me know if you need more information.
Jo
Customer: replied 3 years ago.

Thank you for your help, just feel like I have been taken for a ride

Expert:  Jo C. replied 3 years ago.
Yes, being a guarantee is never really a good idea. Its the most altruistic contract you can enter and usually people only need them if they have credit problems.
No problem and all the best.
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