What does being a guarantor actually involve?

theartfullodger

Don't do it.


They've defaulted on loans before: Chances are (sorry..) they'll do it again & guess who'd end up paying...

"Never do business with family or children" Can't remember who said it, but it's good advice...

Don't do it!!

ScienceGrrl

thanks for all the advice - I think I was worried that I'd sound tight or something. And saying "no i can't take the risk" is like saying "i don't even trust you to pay your loan". the problem is they've said to me "you're the only person we know with a clean credit history" (says a lot about my family, right?)!! but i know that their history isn't my fault so i shouldn't have to take the burden of someone else's mistakes, as much as i'd like to help if i could.

i'll let you know how it goes.

Kavanne

Just tell them you can't as you are going back to study later this year so couldn't afford to pay if that was necessary. If they try to insist they will be able to pay just say you aren't comfortable with it. end of.

Snakeeyes21

as you have just got a mortgage i doubt you would be accepted to guarantee the loan, even if you were, the chances are it would be secured against your house, if they dont pay and you cant pay you face loosing your home.

hundredk

chloelouise1986 wrote: »

I haven't filled in any application forms for them yet. I've just told them I'll do it - so if I need to back out I can, but I feel terrible about doing that.

Then don't fill the forms in - back out and tell them that now you fully appreciate what's involved you do not want to risk your credit rating and effectively be in the same situation as they are.

chloelouise1986 wrote: »

They've assured me they'd never miss a payment but I know you can't say that because they've obviously messed up in the past. I guess I'm more concerned about how it affects my ability to have a good credit history/ get my own loan when needed / not end up in a financial mess.

Well they would say that. Listen to other posters and DON'T DO IT.

Chrisblue1962

Does anyone know how to say "Do Not Do It" in french, geman, italian and spanish?

This is so the OP will understand "Do Not Do It" !!!

My partner stood guarantor for a now ex-friend aka liar aka scumbag who lied to us saying she'd just got a job and needed money to tide her over until her first monthly salary...guess what...we found out after about a month that her supposed employers, a supermarket whose name rhymes with Fresco, had never heard of her and FLM Quick didn't check to see if she was employed. Plus, they weren't bothered when we told them about the fraud either!!!! The loan has cost US about £150.00 so far and still has about £300.00 outstanding on it...FLM Quick - scum of the earth :mad:

paddyrg

You are better off all round taking the loan out yourself and hoping they pay you back. That's what being a guarantor amounts to anyway, but the fees will be lower this way. The level of risk is the same or less.

LovelyLeeds

I can only concur with all the other posts on this thread. PLEASE DON'T DO IT - and yes I'm shouting it out loud!
If they get the hump with you, then that's their problem - let them deal with it not you.

DCFC79

Chrisblue1962 wrote: »

Does anyone know how to say "Do Not Do It" in french, geman, italian and spanish?

This is so the OP will understand "Do Not Do It" !!!

My partner stood guarantor for a now ex-friend aka liar aka scumbag who lied to us saying she'd just got a job and needed money to tide her over until her first monthly salary...guess what...we found out after about a month that her supposed employers, a supermarket whose name rhymes with Fresco, had never heard of her and FLM Quick didn't check to see if she was employed. Plus, they weren't bothered when we told them about the fraud either!!!! The loan has cost US about £150.00 so far and still has about £300.00 outstanding on it...FLM Quick - scum of the earth :mad:

you know the thread is old,

fadetogrey

DCFC79 wrote: »

you know the thread is old,

yep she likely stood guarantor and is still paying it off.:(