Regardless of whether you enjoy horror films, murder-mystery novels or a terrifying tale told between friends, there are few things in life more frightening than money worries and problems. You can turn off a film or put down a book, but when you are struggling financially, it can feel as though your entire world is being pulled down by an unseen heavy weight.
However, it doesn’t have to be this way. Many people who have been in challenging positions financially now find themselves making their way confidently through life. Even if the financial solutions you took to resolve the problem only ended up exacerbating the issue, there are steps you can take to free yourself from the money worry burden you find yourself in.
Getting out of a guarantor loan needn’t be a horror story
If you ask yourself can you get out of a guarantor loan, the answer is yes. If you have been struggling with a guarantor loan, help is at hand. It is essential to take some time to yourself to clear your thoughts, allowing yourself to make rational and informed decisions. Also, it helps to call on the support from experts in the field of reclaiming guarantor loans. Knowing how to get out of a guarantor loan will change your life for the better.
Problems with the loan you were sold
Do any of the following issues sound familiar to you? If they do, you might have been mis-sold your loan, providing you with the chance to get out your guarantor loan by reclaiming funds:
- Was it made clear to you, when you arrange the loan, what all the charges and fees were? All borrowers should know what fees they will be charged before arranging a loan. If you were unclear on fees, you might be able to get out of your loan.
- Have you been left unable to pay your essential bills? If the monthly payments for your loan are so large that you cannot manage payments for mortgage, rent, utilities, grocery shopping or other essential bills, you can reclaim your loan?
- Have automatic payments, taken from your account, placed you into financial difficulty? If these payments caused you to default on essential bills, you have a case to take forward with the guarantor loan.
- Were you encouraged to take out a larger loan than you initially planned? Were you enticed with an offer that was tailored for you? If so, you might be in a position to reclaim your guarantor loan
When problems arise with guarantor loans, it doesn’t just place you in trouble; it also affects the guarantor. This can mean families and households have a weight hanging over them, and on many occasions, it is not the fault of the borrower or the guarantor.
Key points to confirm before you try to get out of a guarantor loan
Before you start the process of making a claim, please answer the following questions, and collate all paperwork that backs up your claim for the lovely people at reclaimexperts.co.uk:
- How much money did I borrow in the guarantor loans?
- How many months was the guarantor loan spread over?
- Was the guarantor loan repayable?
Your answers to these questions, and the proof that confirms your answers, can help you end the financial stress and pressure you are under. It is possible to claim against your lender directly, and even if that fails, you can contact the FCA and FOS to complain.
However, if you would like tailored support from professionals in this field, you can do so, enhancing your chances of freeing yourself from your guarantor loan.