Question

Hi,

My friend took out a loan a few years ago, and he asked me to be a guarantor, which I did. I knew him, and he was working at the time. He has not made any payments in the past 12 months and I was contacted to pay the payments, which I have. The loan still has another 12 months and I don’t want to pay it any longer. Where do I stand with this?

Answer

Hi,

Unfortunately as a guarantor, you are still liable for the remaining payments until the loan has been paid in full.

Have you discussed this with your friend? Is he back working and can afford to make the payments?

That may be your starting point here.

If you have no contact with him, or he cannot afford to pay the payments, the payments and loan are technically still your responsibility.

Regards,

Jon

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