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“Taken to the cleaners ”

Written on: 16/03/2019 by Louiselodwick (1 review written)

I acted as a guarantor for my daughters boyfriend. I believed that he needed the money to buy a car and tools for work, so that they could start up their new life together. I believed him when he said he would pay the premiums monthly and he could afford it. In fact he paid practically no premiums and late payment charges and premiums defaulted to me. This caused me financial difficulties and I borrowed money from from my bank to pay it off. This gave this man a good credit rating, left me in debt of over £7000. I later learnt that he went on to do the same thing to someone else. There was no security in place to prevent this from happening. So my advice on this type of loan for a guarantor is, don't do it, ever.

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