Guarantor loan if previously bankrupt?

immoral_angeluk

euronorris wrote: »

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.

That's right, yea, with a Bankruptcy restriction order as I mentioned .
I wouldn't recommend anyone become, or get, a guarantor for anyone... especially with a history of bankruptcy.

As you say, wanting a loan after only a year since they went bankrupt is very worrying.

Wutang_2

immoral_angeluk wrote: »

That's right, yea, with a Bankruptcy restriction order as I mentioned .
I wouldn't recommend anyone become, or get, a guarantor for anyone... especially with a history of bankruptcy.

As you say, wanting a loan after only a year since they went bankrupt is very worrying.

To be fair - the ex-bankrupts love their loans

immoral_angeluk

Wutang wrote: »

To be fair - the ex-bankrupts love their loans

lol couldn't possibly comment!

AMILLIONDOLLARS

Just reminding the OP about the link Lending to Family and Friends, well worth a read, because bottom line being a Guarantor is doing exactly that!!

https://forums.moneysavingexpert.com/discussion/76953