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Guarantor loan if previously bankrupt?

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Comments

  • immoral_angeluk
    immoral_angeluk Posts: 24,506 Forumite
    10,000 Posts Combo Breaker
    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.
    Total 'Failed Business' Debt £29,043
    Que sera, sera. <3
  • Wutang_2
    Wutang_2 Posts: 2,513 Forumite
    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
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • immoral_angeluk
    immoral_angeluk Posts: 24,506 Forumite
    10,000 Posts Combo Breaker
    Wutang wrote: »
    To be fair - the ex-bankrupts love their loans
    lol couldn't possibly comment!
    Total 'Failed Business' Debt £29,043
    Que sera, sera. <3
  • AMILLIONDOLLARS
    AMILLIONDOLLARS Posts: 2,299 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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
    Debt Free!!!
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