Guarantor Loan

Guarantor Loans – If you have had a guarantor loan or been a guarantor for someone on a loan we can help!

A guarantor loan is often a loan over 12 months or longer and was an option if you may have been struggling getting a loan elsewhere, this is where the Guarantor comes in. The Guarantor would agree, if you could no longer make your repayments, to pay the loan.

Companies include 1Plus1, Amigo, Bamboo, Buddy Loans, Consollo, George Banco, Glo, GuarantorMyLoan, Hero Loans, Juo Loans, LendFair, Suco, TFS Loans, TrustTwo, UKCredit.

How were guarantor loans mis-sold?

Borrower

When borrowing money the company is required to do the correct affordability checks. Even though you have a guarantor on the loan it is part of the company’s responsibility to ensure you can afford to pay it back. It doesn’t matter if you have had the loan or paid one off.

Guarantor

If you were the Guarantor for the loan you can make a claim. As the Guarantor the Lender had a duty of care to ensure they followed the correct procedures when adding you to the loan.

If my complaint is successful what could I be due back?

Borrower

Interest – you will receive back any interest that you have been charged which can be a sizeable amount in certain cases. In addition to this you will received 8% interest on this amount per year since the loan was taken out.

Negative Marks on Credit Report – if you have any marks against your credit file due to this loan they will be removed.

*If your loan is ongoing or outstanding the money you receive back may be used to pay off the remaining balance. We will only charge on the amount you receive back and not on the amount deducted off your remaining balance, if you have one.

Guarantor

Payments you made – if you have had to make payments because the borrower defaulted then you can get this back plus 8% interest on this amount per year since you made the payment.

Negative Marks on Credit Report – if you have any marks against your credit file due to being a Guarantor on this loan they will be removed. Also includes any county court judgements or restrictions on your property.

Removed as Guarantor – If the loan is ongoing you will be released from any responsibility regarding the loan and it will revert to being a normal loan for the borrower.

Our work

GPI Claims work on a no win no fee basis and there are no upfront charges.

If your claim is successful, GPI Claims charge a fee of 20% + VAT (24% in Total) of the net compensation awarded (for examples see our fee page).

You have nothing to lose by contacting theGPI Claims team today for a free check to see if you were mis-soldand entitled to compensationplus loss of interest.

Fill out our quick form to start your enquiry.

Guarantor Loan

Making a Claim couldn't be easier

Guarantor

Request a call