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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10585
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My son has signed as a guarantor with Amigo loans on the

Resolved Question:

My son has signed as a guarantor with Amigo loans on the 07/0716 and has had a letter confirming this. He has found out information on the lender which means that he now wishes to withdraw as guarantor. Is there a cooling off period for guarantors, please
Submitted: 1 year ago.
Category: Law
Expert:  Aston Lawyer replied 1 year ago.

Hi, thanks for your enquiry. Have Amigo loans already sent out the loan amount or not? I look forward to hearing from you. Al

Customer: replied 1 year ago.
Their letter indicates that the loan has not yet been advanced. Excerpt:'This letter is to let you know that, once the loan is paid out, you will be responsible as a guarantor'They go on to say that their letter is a fraud check to confirm that our son signed as guarantor and to contact them if he has agreed to act as guarantor.
Customer: replied 1 year ago.
The letter does not indicate any timescale for my son to respond in - I am wondering if guarantors have the same cooling off rights as borrowers? See attached copy letter.
Expert:  Aston Lawyer replied 1 year ago.

Hi, that's great. There is no cooling off period for a Guarantor, but a Guarantor is free to cancel the arrangement at any time before the money is lent. Amigo would normally wait a good few days after sending out the Guarantor's letter which your Son has received , before sending out the loan. Therefore, your Son is free to phone Amigo loans and say that he has changed his mind. They aren't open again until Monday, so please et him to give them a call first thing Monday! I hope this assists and sets your mind at rest. If I have helped, please don't forget to rate my answer. Kind Regards Al

Customer: replied 1 year ago.
Is he allowed to change his mind having entered into a contract Al?
Expert:  Aston Lawyer replied 1 year ago.

Hi, he is free to pull out of the Agreement any time BEFORE the money I lent. If, for example, the money had been lent a couple of weeks ago, he would not be able to get out of it, unless the borrower paid back in full what was outstanding. I hope this clarifies matters for you. Kind Regards Al

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