Am I off the hook if I have a guarantor for my loan? [LBC Legal Hour]

[@SainterX]

Daniel I have no idea how you have so much patience. I get wound up listening to this.

[@S.Trades]

"Your friend"! 😅 Daniel is no mug! There are probably dozens of people trying to get through to speak to him.

[@Nightstalker321]

Jarvid, pay your loan back!

[@markduffy6776]

"My Friend"

[@KeithApp]

With friends like him, who needs enemies!

[@KeithApp]

With "friends" like Javid, who needs enemies? This is one of the many reasons I would NEVER be a guarantor for someone.

[@chillired5389]

Never ‘lend’ money either if you expect it to be paid back

[@jons9721]

A 'guarantor' is basically in practice lending their money to the person they are guaranteeing. It would be a lot more honest for the guarantor to say to the person who needs the money, I will lend you the money and you will pay me back. If they aren't prepared to do that then they shouldn't be guaranteeing it

[@S.Trades]

Very wise!

[@fireburn95rs]

well guarantor is about trust, only because guarantor for someone you trust and would be willing to fork cash out for (close family, trusted family and friends)

[@frankiewilde7791]

I bet he's the one who took out the loan.

[@mohammedshah8128]

Either that or he has got his unsuspecting wife to take a loan, guaranteed by one of her family members. He has eaten the loan, and is now looking to get one of his In Laws to sponsor his largesse. At 10k, the loan was probably spent on a “really good” night out.

[@nopy99]

Yep, I think he was owed some money by the guarantor and this scheme was cooked up but the guarantor has now absconded after selling his property so "his freind " is stuck with repaying the loan.

[@Professional_Youtube_Commenter]

caller took out a loan and had a guarantor cover it, caller wants to know if they're off the hook and rub their hands clean of the debt. It's always the case whenever someone goes out of their way to ask for advice "for a friend" like this. The only person this ultimately affects is the guarantor here and the guarantor would recognise the guys voice and should start shitting bricks. What a c**t.

[@lukeluke7082]

Cynical to the max! Could be true I’m not sure I don’t like to assume based on prior experiences. It isn’t wise to do so

[@maxthrust88888]

spot on, the caller is the "friend".

[@iaindw1]

get callers that can make sense on the radio

[@stephenwhiddett]

What he was actually asking was: my friend took out a loan and had a guarantor put up their house as collateral. The guarantor sold said house, so now, can my friend get off without themselves or the guarantor having to pay the debt...

[@Hanoth]

Wouldn't that be fraud? Not the selling of the house but to intentionally attempt to use the selling of the house and defaulting to avoid making payments.

[@probablynotmyname8521]

The point here is that the guarantor is security for the loan company not the person who took out the loan. As daniel said it gives the loan company rights to pursue someone else for payment, but its up to them to decide who they chase.

[@garethmiles9984]

O m g . I can't believe I watched this to the end.

[@Cornz38]

The moment he opened his mouth, i knew what was coming.

[@Jester-Riddle]

Sounded like the Guarantor had sold an asset to avoid paying up on the guarantee as well, so it was trying to get out of paying the loan altogether between them all ... (?). Seemed to be some attempt to dodge the debt by blaming the Creditor !

[@EM-KeepingtheFaith]

Never, NEVER be someone's guarantor. I've been asked before (BIG time emotional pressure) and jusg wouldn't. Nope, never

[@nickpullar2788]

The best advice you will ever see, right here.

[@JamesPhillipsOfficial]

Once the loan is paid out, the person recieving it has to pay it back, over time.. The guarantor is not your fallguy to be suckered by the debt. It's not smart to take huge debts upfront if you can't pay, if you lose your job you have to get another 1 to pay. Poor people will have to work with smaller debts that can be managed properly.. If taking 10k loan out, that would work if your job was 20k, 30k a year. If you dont work, dont own a company/dont do anything poor/no assets, you have to go back to work, as simple as that, there is no such thing as "free money"

[@roberthughes9856]

The finance company can pursue the debtor and get whatever they can from them and for anything outstanding the company then goes after the guarantor. If the debtor is not able to pay anything then the company may have them declared bankrupt and will want full payment from the guarantor who themselves may no longer be able to pay and then would end up with CCJs or even driven to bankruptcy.

[@pizzaboy4463]

And the debtor could sue the borrower i would imagine.

[@liveroom4235]

@@pizzaboy4463 if the bank can't get anything out of them what chance would the guarantor have. They'd more than likely end up writing it's off, hence never act as a guarantor.

[@tylerblues2246]

Other than the caller, I can admit I took a loan out with said company ( amigo) Wasn’t my finest hour I can admit and put pressure on the guarantor, not by forcing them to accept but by them accepting I would pay back what I borrowed. I have always paid back the money that was owed. But during lockdown when I was furloughed I couldn’t make any payments. Amigo then offered a repayment plan, in which I accepted ( so the guarantor wouldn’t reap the consequences) So I owed 3000, before lockdown. Now I owe 9000 due to apr rates that went up. Shocking. Plus amigo treat the loan like a subscription fee like Netflix or any other subscription and take 150 - 200 pounds out of your bank on a Sunday when the office is closed. If also had a call stating if o don’t pay 92 pounds that the guarantor will have to pay even though my account is up to date amd payments are made each week. This firm has to be stopped lending people money. A proper sham of a company.

[@richardhands904]

If you did a financial difficulties arrangement (less than the cmp) they should have frozen interest.

[@neilmackay3986]

Javeed's friend is called Javeed who, coincidentally, was born on the exact same day at the exact same time as Javeed, to the exact same parents. Pay your loan back, Javeed.

[@kevinshanahan6064]

Never be a guarantor unless from the outset you are prepared for the possibility you will be shafted. Some people mercifully not large numbers who think because they are a bit light on funds they don’t have to pay. Half an hour later they are buying something online as retail therapy.

[@cnocspeireag]

This is a warning to anyone asked to guarantee a loan. If you are not willing to give the entire sum to the person asking you, you really have to say no.

[@SteazySnowSports]

It infuriates me when people can’t string together a basic question.

[@youknow6968]

The friend is him himself, and the the one on the hook is his friend, what a rotter lol

[@londontrada]

Why anyone would guarantor anything other than to maybe help your children out is beyond me. I cant think of any other situation where I would even consider it.

[@coderider3022]

Get judgments on them both I think here is what they do I think.

[@Pureblood002]

I reckon it's HIS loan

[@cyruslad5462]

I thought he was asking if his friend could get out of being held liable not necessarily can they force the creditor to pursue the guarantor.

[@Jester-Riddle]

That question was answered ... She was the primary debtor and the creditor would seek any net losses from the Guarantor. However, she couldn't just dump responsibility onto the Guarantor and 'run away' from the debt ... which sounds like what she was trying to achieve, The Guarantor is only a backup for her failure to be able to pay at the creditors choice ...

[@cyruslad5462]

@@Jester-Riddle yes I get that but I felt he was asking if his friend was liable since they'd failed to collect from the guarantor, almost like a guarantor offered some sort of protection from the principle debtor and once failure to collect from said guarantor was established they had no further recourse. I don't think the question came from the malicious place suggested.

[@dhvsheabdh]

Why do people call this show without knowing how to phrase their situation?

[@nickpullar2788]

"Recognise how stupid the average person is. Now understand that half the population is more stupid than that."

[@FattyOn2Wheels]

Javid needs to just ask the question

[@karaloca]

Some people make me sick.

[@fluxington]

Food poisoning or a virus?

[@ianlewis6261]

Incredable he asked

[@businessman7336]

This show should be called “foreign people call in after doing ridiculous things that they’re totally at fault for”.

[@moo4061]

The caller is most likely the debtor who doesn’t want to repay the loan they took out and want to pass it on to the guarantor. Not a nice person at all. What an ingrate!

[@ashleybryant305]

Asking for a friend... 😂

[@Shadowknightneo]

In other news, water has been discovered to be wet.....

[@nopy99]

If she doesn't pay and the company recover the debt from the guarantor , won't the guarantor just sue her anyway for the money? She took the loan, she is responsible.

[@loc4725]

Chances are the lender will force bankruptcy on the debtor first before coming after you. And as the guarantor you'll then quickly discover you can't get blood out of a (bankrupt) stone.

[@jamm8284]

She will be responsible for the debts for 6 years then after that she would have defaulted and impacted her credit score, then the creditor will persue the guarantor for a further 6 years, its only mortgages that can recover debts older than 6 years and that havent been paid or responded to, but the guarantor usually backs the loan with an ownership of property and promise to pay through the equity in that property. Do after all that all you get is a crap credit score and someone getting their house repossessed. Fyi this in not legal advice.

[@stevereed5046]

What a nasty person obviously someone guaranteed the loan for his friend now she can’t afford it. They want to dump it and the kind person who guaranteed it in the first place is that fair? I don’t think so. 4:24

[@nickpullar2788]

Except the "friend" is Javid himself! 😂😂😂

[@danielharrington8691]

These callers are infuriating. GET TO THE POINT!

[@gavinbissell8847]

Alot of these people hope to commit fraud

[@stebob1995]

what is this guy chatting hahahaha

[@SainterX]

I know is he all there?! Its hard to understand what he is saying. Its rambling.

[@MrBoombastictellyfantastic]

Sounds like Auditing Britain 🥴

[@footlong4769]

I understand his question. What's the point of a guarantor if you can't pay?

[@hellalive8973]

Of course that is the purpose of a guarantor however if someone agrees to stake their hard earned credit rating and money on a friend/family member without such a track record the decent thing to do is to honour that debt and do all you can to safeguard said guarantor. He talked about the finance company asking her to fill out expenditure forms and so on implying that she hasn’t done so and is indeed avoiding the loan repayment. The finance company is clearly trying to work with her. If she is on benefits she can pay a nominal amount until such time as she is in a position to pay more. His question showed them both to be dishonest, ungrateful deplorable human beings who are abusing the trust of some unlucky guy.

[@patthewoodboy]

@@hellalive8973 agree.

[@Jester-Riddle]

The point is to make sure that the debt gets paid back to the Creditor, but does not relieve the creditor's liability until the debt is paid in full. The Guarantor is not an excuse for the Debtor to deny liability for the debt, but is an additional person who is liable ...

[@HaloMadness007]

savage

[@Paul-fq9pj]

Free advice much 😑

[@jadehadfield7626]

he explained it clearly listen properly

[@jfr1995]

He did everything BUT explain it clearly. The guy was a waffling mess.