Guarantor Loans - Good Idea For Our Circumstances?

cp33c

The unexpected has happened, the car's cambelt has gone, but thankfully hasn't done much damage. Unfortunately this has left us in a bit of a pickle as we dont have the money to pay for the repair and the car is a necessity for my wife and I to get work.

I am currently BR, so I know that I'm not an option and my wife has poor/bad credit history since me going BR - she previously had good history until hsbc came after her for some money and put a default on her credit file.

So whilst looking around on the web I came across a couple of companies that offer Guarantor loans. I've done some searches for reviews and found absolutely nothing, which doesn't really excite me as you can imagine.

Has anyone ever had one of these loans? Anyone to recommend or not? Is there another way?

Obviously we'd would rather go to a reputable company, but all we're looking for is around £500, nothing more. My wife has already asked the banks and they won't even entertain the idea.

Pitlanepiglet

Assuming that this is where someone acts as a guarantor for the loan do you have anyone who will do this?

Personally if I was asked to guarantor a loan and I felt able to do so for the person I'd rather borrow the money myself at a better rate and have complete control of the loan rather than risk you not paying and ending up with additional charges before the loan co came after me.

If you have someone in mind to be a guarantor could you ask them to loan you the money/

tigga_1961

HI sorry to hear of your predicament but avoid the guarantor loans like flm, i had the misfortune to take out one of these almost 3 yrs ago and what a mistake the interest is high and god forbid you miss a payment or make a late payment they will take the money from your guarantor and text and phone you incessantly, if you only need a small loan can you not borrow it from family or friends, or if you were able to find a guarantor would they not lend you the money short term dont want to sound crass but if your already br would anyone be willing to put their house on the line for you, even a provident loan is less hassle than a guarantor loan, your wife should be able to get one of those, good luck but if you search flm loans on here you will see how bad they are, steer cleer

jonesMUFCforever

So both of you have bad credit who in their right mind would guarantee your loan?

cp33c

PitlanePiglet - To be honest I was just sending out feelers as to if anyone had used a similar company in the past. I hadn't actually got the guarantor stage as yet.

tigga_1961 - Thanks for the info. I will definitely stay away as suggested

jonesMUFCforever - I'm not sure what your beef is with me or my situation, however as you've asked, I will respond. You are right, we both have bad credit, not through missed payments, borrowing too much, etc but through redundancy where I was the chief earner. I lost my job in Oct last year and was paying everything fine until that moment. Due to redundancy and not being able to get another job I had to declare myself BR. The only thing that myself and my wife had jointly was an overdraft with HSBC and unfortunately they placed a default on her credit file for non payment. Thankfully we have come through this and now I have another job, not quite the chief earner anymore but a jobs a job.

Please don't get me wrong I would prefer not to go down this route, but when everyone slams a door in your face sometimes you have no other choice.

With regards to who would guarantee your loan, I assume you mean my family/friends. I can assure you that both my family and friends would help if they could and they know our situation.

You have made a judgement based on my initial message, which is fair point, but sometimes its better to say nothing at all, than to slate someone you don't know.

jonesMUFCforever

Now that you have expanded your story I still feel the same way. When you were employed you borrowed heavily but seemed not to take out insurance in case a disaster struck.
I'm sorry to say that my original opinion stands.

sharpy2010

jonesMUFCforever wrote: »

Now that you have expanded your story I still feel the same way. When you were employed you borrowed heavily but seemed not to take out insurance in case a disaster struck.
I'm sorry to say that my original opinion stands.

A particularly harsh view to take, I believe, when the OP has defended himself in a polite and considered way.

cp33c

jonesMUFCforever wrote: »

Now that you have expanded your story I still feel the same way. When you were employed you borrowed heavily but seemed not to take out insurance in case a disaster struck.
I'm sorry to say that my original opinion stands.

You are entitled to your opinion, but at least what you've just wrote is better than what you wrote before (if that makes sense), nothing like kicking 'em when they're already down, eh.

How did you know that I didn't have insurance to help? Or did you just assume that with your initial assumption? As it happens I DID have insurance and somehow didn't qualify as I hadn't been in my job long enough. I suppose thats what I get for trying to better myself........redundancy.

I could get just as abusive to you, however I'm not that kind of person and as I've already stated you are entitled to you opinion, just sometimes its not good to air it.

I notice that you have quite a high rating. Have you been this abusive to other members?

jonesMUFCforever

No but I do talk a lot of sense.
Did you check out the terms of the PPI on your loan before being made redundant? Did it tell you how many months you had to be employed before it kicked in - did you investigate the possibility of a missale?