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But you sign a bit of paper saying that it has been explained. I realise this used not to be the case (I used to work in a bank), but for quite a long time, it has been the case, so I doubt many could use that old "I didn't understand what I was signing" line anymore.

Every time I have had to sign as guarantor on the loans in hubby's name I have been FORCED by the bank to see a solicitor who has explained very bluntly what my signing means to me financially. I would think that all banks would be forcing all guarantors to take independent legal advice...