Guarantor advice?

MFWannabe

HarleyQuinn13 wrote: »

Apologies.
The landlord of the house I rent is a friend and also a work colleague. Could I ask her to be the guarantor? She knows exactly how much I earn, and as I have been renting her property for almost a year and a half she knows I have never missed a rent payment.
Again, I don't even know if I am going to apply for the loan. I'm not sure if it's the right decision to make, I'm just gathering advice in case I do decide to get one. Although right now I'm thinking it may be best to save up, improve my credit history and if I still want one, get one through my bank instead of a third party

I've highlighted which one would certainly be your better option.
It's not a good idea to get involved in any way through borrowing money from friends; work colleagues etc; however well they know you.

ILW

HarleyQuinn13 wrote: »

It's going to take a while for me to clear my overdraft, but it's not impossible. As I say, I got into a bit of a mess a few months back when I got my hours reduced at my job, but now I'm getting everything back on track. We've looked into opening a joint account, definitely something we're interested in doing and setting aside a set amount per month to go into it, maybe set up a direct debit into the savings account to assure the money wont be spent elsewhere.

It's not that we can't save, it's just that we've both been stupid with money in the past, especially as students. We hold our hands up to that and are trying to make amends. The loan is something I'm looking into, it's not like I have my heart set on getting one, and perhaps it's not the best option. I just wanted a little advice

I would advise against the joint account, your BFs credit file will be "infected" by your bad credit record due to financial links and you will find that neither of you are considered credit worthy.

MFWannabe

ILW wrote: »

I would advise against the joint account, your BFs credit file will be "infected" by your bad credit record due to financial links and you will find that neither of you are considered credit worthy.

Not if it's just a joint Savings Account; savings accounts do not create a financial link. I would not recomment getting a joint current account; these create financial links

Xbigman

You need a guarantor who is a homeowner, its not FLM is it? If it is don't touch them with a bargepole.

Even if its not FLM, when they only accept a guarantor who is a homeowner then thats a wake up call that your credit rating is really crap. Just pay off what you can of your current debts as you can. It will work out for the best in the long run.
Regards



X

Classylady2010_2

"The loan isn't vital; I'm not desperate or in debt,"
its not vital then my advice would be dont do it
cl