11/12/2019 We’ve now added loads of guarantor lenders to Resolver. Our mission is to make it easier to complain about affordability issues.
You can now contact guarantor lenders via Resolver if you’re a borrower or a guarantor. We’ve worked with our good friends at Debt Camel to make it easier for you to resolve affordability issues.
Use Resolver to get in touch with Amigo Loans, Bamboo Loans, Buddy Loans, George Banco, TFS Loans and Trusttwo.
Was your guarantor loan mis-sold?
Guarantor lenders should check you can repay on time without borrowing more or falling behind on bills.
They should ask you about your income and living expenses.
If you’ve been struggling with your living expenses, borrowing to pay off the loan or topping it up over and over again, your loan might have been unaffordable.
Are you a guarantor for a loan?
Guarantor lenders should always check to make sure that both you and the borrower are able to repay a loan on time without borrowing more or falling behind on bills.
You can ask to be removed as guarantor if:
- The loan was unaffordable for the borrower.
- You couldn’t afford to repay the loan without difficulty when the loan was taken out.
- You were pressured into becoming the guarantor.
- The lender didn’t explain the implications of being a guarantor.
- You had other financial links with the borrower (for example if you share rent payments or car finance) that weren’t taken into account by the lender when affordability was assessed.
- It wasn’t made clear to you that the loan was a top up loan and that you would be responsible for the entire loan (not just the top up).