applying for finance with my dad standing guaranteur and ending up with him getting the credit

[ropeycart04]

when we applied for finance my dad was meant to be guaranteur.we were told that him standing guaranteur would of made the payments less with a lower interest rate.great so this is what we agreed.we have since recieved letters addressed to my father showing that he is the financee.not guaranteur as we were led to believe.help.we are now struggling with payments my dad is the one with the bad payer hanging over his head and its our fault.please help and tell us if we have a leg to stand on.

[Oneeyedvic]

Your dad as guarantor would have the debt hanging over him regardless.

The agreement is probably in your name (do you remember signing the paperwork?) but your dad as guarantor would automatically receive a letter letting him know that he is equally responsible for payments and letting him know if you have had any payments returned.

[ChuffingHell]

I'm a bit confused. If the loan is in his name, did you accept this? Can't see how you'd have got the money if you hadn't agreed this at the time. With regard to "having a leg to stand on", if the paperwork was signed the you agreed to it.

Either way, oneeyedvic is right - your dad is the one who's liable regardless of whether the loan is in his name or not - thats the whole idea with having a guarantour.

Ultimately, the money has got to be repaid. I would suggest talking to the loan company to explain you're struggling and see if they can restructure the payments to something more managable.

[ropeycart04]

sorry i cant of written this right. we were told that my dad would be guaranteur for a loan it now appears the loan is soley in his name is this right or have we been miss guided and obtained credit under false pretenses through the finance company.black horse finance.i thought the loan would be in my name and dad was in the back ground if payments were missed he would be responsible.i signed all sorts of paper work as did my father in law.they pushed and rushed us.

[Oneeyedvic]

Why do you think that the agreement is in your fathers name. If it was, you wouldn't have had to sign any paperwork.

Your father (if he was a guarantor) would automatically receive copies of the paperwork (and it may look as if he was the named party).

Have a look at the original Loan Agreement. Who is named on that and who signed it?

Lets face it - if it is in your dad's name and he signed it, then he is responsible.

If it is your name and he is the guarantor, then you are both responsible.

Either way, there is a debt and an agreement which has been signed.

You owe the money - you need to pay (or your dad does).

Stop looking for loopholes and own up to your debts and take responsibility for your actions!

[ropeycart04]

we not looking for loop holes we want the truth of where we stand.oh mr knowitall dont no jack other than to blame people for the wrong thing.we aint trying to get out of it at all just p****d off at the fact it meant to be ours and our problem.WE ASKED FOR ADVICE NOT TO BE WHAT WE ALREADY KNOW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[bednobs]

iI'm sorry this is happening to you, it must be very worrying. it dosen't make any difference practically. If you have defaulted on the loan, and your dad also cant pay it, it dosent matter if he is the main named person, or the garuntor, it will affect his credit standing either way as he will be deemed responsible for the loan with you. Being rushed and being pushed has nothing to do with it ... loans come with a cooling off period, wher you get a chance to think abut it cooly and logically within your own home, doing the maths if required away from the selling environment, so you cant use that as a reason not to pay
You need to look at the paperwork as you signed it, and it will tell you all the answers, including those i suspect you DO already know. If you are not looking for a loophole, what is the purpose of asking "do we have a leg to stand on"? in what manner do you mean?
i wuld imagine you will find you have signed paperwork making it all legal, wich you also would have had a chance to peruse at lesuire