h.p agreements

[shepete]

How can I get out of being guarantor on a H.P.Loan?

[Loosehead]

You can't unless the agreement is completed, with the possible exception of death!

[Oneeyedvic]

or if you can find someone of better stature to take over.

As an example, if you guaranteed the loan for a partner and then subsequantly split up and the new partner was of a better financial standing, you could ask the loan company to change guarantors if everyone is happy. In these circumstances they may well agree.

[spaced]

no they wont. Guarantors cannot be changed. I used to work in vehicle leasing and have come across this before. May be different in actual "loan" circumstances.

Contract must terminate and a new guarantor can be named at new contract. That's the only way.

[Oneeyedvic]

Working for a finance company I can guarantee you that guarantors can be changed and I have changed them on several occasions on loans, leasing and hire purchase agreements.

For the record, if it was a joint agreement then it could still be changed (slightly more difficult) but under what is called 'an assignment'

I guess it depends on the lender and how flexible they are.
There is no legal reason it can't be changed - but a lender like the one spaced worked for may not want to be bothered.

[spaced]

i think your right, also leasing a vehicle from a leasing company and getting a loan to purchase a vehicle, will have slightly different terms involved.