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shepete | 16:12 Mon 06th Mar 2006 | Business & Finance
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How can I get out of being guarantor on a H.P.Loan?

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You can't unless the agreement is completed, with the possible exception of death!
or if you can find someone of better stature to take over.

As an example, if you guaranteed the loan for a partner and then subsequantly split up and the new partner was of a better financial standing, you could ask the loan company to change guarantors if everyone is happy. In these circumstances they may well agree.

no they wont. Guarantors cannot be changed. I used to work in vehicle leasing and have come across this before. May be different in actual "loan" circumstances.


Contract must terminate and a new guarantor can be named at new contract. That's the only way.

Working for a finance company I can guarantee you that guarantors can be changed and I have changed them on several occasions on loans, leasing and hire purchase agreements.

For the record, if it was a joint agreement then it could still be changed (slightly more difficult) but under what is called 'an assignment'

I guess it depends on the lender and how flexible they are.
There is no legal reason it can't be changed - but a lender like the one spaced worked for may not want to be bothered.
i think your right, also leasing a vehicle from a leasing company and getting a loan to purchase a vehicle, will have slightly different terms involved.

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