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Guarantor for discharged bankrupt


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My brother in law has asked me to be a guarantor for him for a small loan which he wants to take out to try and build some credit rating. I trust that he would keep the payments up but I am concerned that if I act as guarantor it will appear on my credit file? Does acting as a guarantor associate me with him financially? Will it appear on my credit file?

 

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No it doesn't - you are not 'lnked' n the way you thnk. By being Guarantor, you are accepting full responsibility for the debt should he default, and as such - can legally be pursued if you are asked to pay up and do not.

 

The only way you can have information linked to your fle is if he defaults, you are asked to repay and refuse. You are then taken to court (and assuming they win) you will have 28 days in which to repay the debt plus court costs. If you do not do this, YOU will get the CCJ, which is recorded by Registry Trust, and passed to the Credit Reference agencies automatically.

 

DO make sure, however, that you are signing ONLY as a 'Guarantor' using this precise terminology - not as a joint purchaser or in partnership, as these two last options will result in the linking you don't want.

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Potential guarantors should follow the following rules:

 

1. Never stand as guarantor

 

2. Remember Rule 1

 

3. If you ignore Rules 1 and 2 make certain you know precisely the full extent of your potential liability, if necessary taking legal advice

 

4. Make sure that the amount you could be in for is a sum you will not miss if you have to pay up, always bearing in mind that your own circumstances may change

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