my partner took a loan out he as not being paying it i have had a phone call to say i am responsable is this right
2007-03-23 23:17:16 · 15 answers · asked by MARY M 1 in Family & Relationships ➔ Family
yes if fails to make his financial obligations to the loan then you are responsible for it too.he should have explained this to you when he asked you to be garenture.
2007-03-23 23:20:05 · answer #1 · answered by johnboy 4 · 0⤊ 0⤋
Check all the details of the loan - If I remember right - ur hubby can't just say - Oh my wife will be garantor. You need to sign a legal document to say that if he fails on the payments that you will be responsible for them.
If he had taken a loan out and he has not paid - then it is in his name - however if you own your home - they could persue payment by way of assets. You need to speak to a debt councillor or Citizen Advice Bureau.
Explain to his that he has damaged the trust in your financial relationship therefore any further funds to be borrowed will be discussed with you. Be tough on him. The last thing you want is a bad credit record.
Good luck.!!
Rx :-)
2007-03-26 00:57:45 · answer #2 · answered by Roxy 2 · 0⤊ 0⤋
As a guarantor you are responsible for the payments! It basically means on his own he could not afford the payment, so he has a guarantor to say that YOU can pay if he cannot afford the payments. You have signed the papers so you not legal requirements to pay the debt he owes..
Im sorry to say this but you must read what you sign in future, if you dont know the meaning ASK someone.. pls
2007-03-26 11:13:30 · answer #3 · answered by Lady Love 2 · 0⤊ 0⤋
If you signed as his guarantor, then it's up to you. You were willing to take the risk at the time, now you have to deal with it...... unless of course, you didn't actually agree to being the guarantor and he's forged the whole thing, in which case you must look into it further and prove your point. Good luck.
2007-03-24 06:47:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Unfortunately, you'd also attain the same weight of responsibility towards paying this if you also signed the form as his guarantor.
Go to Citizen's Advice Bureau and seek advice before things get really ugly. They offer free financial and legal advice.
Good Luck!
2007-03-23 23:24:52 · answer #5 · answered by DeN 3 · 1⤊ 0⤋
The word is guarantor. You would have had to sign something to say you had agreed to this when he took out the loan. It means if he doesn't pay then they can come after you. If he has forged your signature you will need to prove this.
2007-03-23 23:21:05 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Unlucky!! You are fully responsible if you agreed to be the garenture!! I think it is a bit unfair though considering your partner knows this and still isn't paying the bill!!
2007-03-23 23:29:06 · answer #7 · answered by 1611midgemodge 2 · 1⤊ 0⤋
If you are the garenture then I am afraid you are left with the bill if this creep doesn't pay.
Why on earth did you agree to it????
2007-03-24 00:02:52 · answer #8 · answered by laplandfan 7 · 1⤊ 0⤋
Yep, absolutely!
If he defaults (as he so obviously has) then the bank/company comes looking for you to repay it.
2007-03-23 23:20:25 · answer #9 · answered by Moofie's Mom 6 · 0⤊ 0⤋
Yes this will be correct, you should seek legal advice asap.
2007-03-23 23:20:06 · answer #10 · answered by richard_beckham2001 7 · 0⤊ 0⤋