I have been asked to look at this for you.
Golden rule: never guarantee anything which you are not in total control of. Never guarantee anything unless you are prepared to pay back everything which the principal has borrowed. Too late now.
Getting out of personal guarantees is not a particularly easy job because the there was an easy way of getting out of it, there would be no point in having it in the first place.
There are a few arguments that you can use:
You didn’t take legal advice on the effect of it
you were pressured into it and didn’t realise the effect of it
it is a consumer contract under the provisions of the Consumer Credit Act you should have been given the right to cancel.
It depends whether they decide to take you to court over it but if they do, they will have to satisfy the court that they have pursued the principal debtor first and failed.
Your husband can of course pursue the brother if the brother has any money or house. If he has any equity in the house, that’s always a good one to go for.
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