guarantor loans

KingElvis

These loans live on the bottom so don't expect anything below 40% - 50%

arowsell

Thanks guys.. I will take everything you have said on board. I am going to speak with her tonight and find out the finer details of her actual financial status...

You've pointed me to some great sources of info, which i will check out too...

I maybe back tomorrow with some further questions though!!

Thanks again
Andy

barbarawright

Alarm bells should be ringing since she's supposedly trying to sort out her debts but she's leaving you to do all the research. She should be the person doing this. Please have a search for 'consolidation loans'. If you can find a single person who has said they they took one out and it solved their problems first time, I'd be very surprised.

happyhaddock_2

barbarawright wrote: »

Alarm bells should be ringing since she's supposedly trying to sort out her debts but she's leaving you to do all the research. She should be the person doing this. Please have a search for 'consolidation loans'. If you can find a single person who has said they they took one out and it solved their problems first time, I'd be very surprised.

Totally agree with this, if you take a consolidation loan you should then be locked in a windowless room with no access to the internet, tv or shops AT ALL as it is far too easy to think that you have solved your debt problems and start racking it up all over again. Been there done that

themull1

Does she have a job? could she not get additional work to pay off her debts. Never take out a loan for friends and family. She's a close friend now, but anything could happen.....

sp1987

Give her the £4000 as a gift.

If this seems a ridiculous and mad notion, do not act as a guarantor and essentially agree to pay bits of £4000 every month for however many years, when you have no idea what lies in store for you in future either.

bouncydog1

You really need to investigate how she has come to be in this situation. Some people end up in debt because of job loss but for others it is pure mismanagement of money. As you say some of the debt is from student days, and if they are student loans I thought that these were paid back at low interest once people started earning in their later employment.

If the debts have come from bad spending habits then your friend needs to address these rather than try and sort out with a loan. You mean well but are not doing her any favours by getting a loan as she will not learn how to be responsible with her money as you will be bailing her out.

I would suggest (as others have) that you sit down with your friend, look at all of the debts with the interest rates - look at her income and outgoings and see where outgoings can be trimmed to give a surplus to pay back the money she owes. This is, I believe, in the long term a better option as your friend should learn from the experience for the future.

If you are still thinking of getting a loan, have a look at some of the old threads - particularly lending money to friends and family - so that you can see what often happens. Unfortunately many people are manipulative when they need money and the relationship you thought you had turns sad when they have what they want, leaving you with the debt.

KingElvis

Probably FLM complained to the mods and had it removed, it's all part of life on this board, things go missing at random and some firms hold more power here than others.

Never mention Loanfinder for example.....opps guess this one is gone too LOL

It's still a great place to post though.

CHR15

I've restored your Thanks

Agree with KingElvis, FLM are not the most favoured of companies, most posts naming them get the boot.

Hax

KingElvis wrote: »

Never mention Loanfinder for example.....opps guess this one is gone too LOL

The post might stay - but maybe they'll make you disappear - just like they did with our friend Henry!