Guarantor loan if previously bankrupt?

want2bmortgage3

If somebody has gone bankrupt about a year ago can they still get a loan if they have a guarantor who is a home owner?

If so, do you know any loan companies who do this?

euronorris

In a word: No.

There is usually a set time for bankruptcy to last and I imagine that 1 year is the minimum and around 3 years is the average.

Have they not learnt their lesson yet? Save, don't get credit!

euronorris

Also, I would advice the guarantor against this. If they were only made bankrupt a year ago and are already looking for more credit, then it seems that no lesson has been learnt, they'll soon default on the payments and then it will fall to them to make the payments and their house could be at risk if they couldn't afford that.

Blonde19

Hi,

Euronorris with great respect all the orginal poster was looking for was a factual answer and not advice on rights and wrongs. This world is a cruel one and I am sure that people can make there own mistakes in life, thats how we learn.


Want2bmortgage3 it may be advisable to ask someone if when your friend/family go through the application process if they credit check you or them?

Thanks
Blonde19

euronorris

I was simply trying to offer the best advice I could, and I stand by that.

Whoever the OP is talking about would be best advised to save up for whatever they need the money for, not borrow again.

Wutang_2

Blonde19 wrote: »

Hi,

Euronorris with great respect all the orginal poster was looking for was a factual answer and not advice on rights and wrongs. This world is a cruel one and I am sure that people can make there own mistakes in life, thats how we learn.

With all due respect, surely the mistake has already been made??

And a garuantor doesnt improve ones credit anyway - its going to be a decline whatever happens.

PNPSUKNET

it would create a financial link , which aint good. Not so sure also if the OR got wind of it they wouldnt take action

robert0

you could try http://www.guarantorloansonline.co.uk they don't charge an upfront fee. FLM have a reputation for fee charging upfront, but maybe worth a try.

_Andy_

As stated above, a guarantor will make no difference with the adverse credit.

immoral_angeluk

euronorris wrote: »

In a word: No.

There is usually a set time for bankruptcy to last and I imagine that 1 year is the minimum and around 3 years is the average.

Have they not learnt their lesson yet? Save, don't get credit!

You are discharged from bankrutpcy (in england) usually after 6 or 12 months unless you are subject to a bankruptcy restrictions order. The credit file is affected for 6 years but otherwise the cl is free to get credit, it's just the trashed credit rating that will have an affect.

euronorris

immoral_angeluk wrote: »

You are discharged from bankrutpcy (in england) usually after 6 or 12 months unless you are subject to a bankruptcy restrictions order. The credit file is affected for 6 years but otherwise the cl is free to get credit, it's just the trashed credit rating that will have an affect.

Fair enough.

I also thought that the length of time can be increased if you were deemed to have recklessly, or purposely ran up debts you knew you couldn't repay etc.

It is possible to recover from bankruptcy and go on to get a mortgage etc. My brother did (years and years after the whole thing started), but that time gave him a chance to get used to living within his means and after the experience he never wanted another loan, OD or CC again! lol

But, that's also why I advised anyone against being a guarantor for this person. Anyone looking for new credit, just 1 year after declaring bankruptcy, doesn't appear to have learnt any lessons with regards to budgeting and debt, imo.