A guarantor loan is a longer term loan of 12 months or over where a lender requires a guarantor to jointly sign the loan agreement. In doing so, the guarantor agrees to repay the borrower’s debt should the borrower default.
Guarantor loan claims have hit the press recently, with major lender Amigo’s affordability checks coming in for criticism. Amigo has been facing an increasing number of affordability complaints, from both borrowers and guarantors. Amigo’s mis-selling is likely to be one of the big mis-selling stories of 2020.
Why can I make a Guarantor Loan Claim?
Much in the same way as with payday loan claims and doorstep loan claims, a guarantor loan lender has a duty to check to see if the loan was affordable before lending the money. Just because someone else promises to pay them back if the borrower defaults doesn’t mean the lender can ignore their affordability check obligations.
Despite the slick and friendly advertising, things can get very messy with guarantor loans. They can strain friend and family relationships. Sometimes, guarantors have ended up with huge bills because they tried to help someone out, but did not foresee they would default.
Who we can represent in a Guarantor Loan Claim
We can represent borrowers and guarantors in making claims against guarantor lenders. You don’t need to tell the borrower or guarantor about the claim – it’s confidential.
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