guarantor loans

KingElvis

Hax wrote: »

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

Loanfinder Hit squad?

Get down, on your knees, what are your debit card details etc etc

Tixy

Might have been that they thought you were advertising one of the websites you mentioned? or that you were the owner of one of them?
Doesn't sound like you were being negative about FLM so would seem unlikely they'd have asked for it to be removed - and besides there are loads of negative posts about FLM on this forum.

Mexicoco

Hi Andy,

A wee warning about taking on the guarantor of your friends loan. We have just had to pay off my sister in laws entire loan. It was growing all the time with late payments charges every month.

It's kind of sad when you think you know someone's character and believe you're helping them out a short term fix, only to find they have been hiding behind a mountain of lies going back years.

I've known the sister for over 20 years and my wife a lifetime (obviously) and the depth of deception we've uncovered is breathtaking. With still no acceptance of responsibility we've added to her problems by helping her take on more debt.

Hope your story has a happier ending.

paddyrg

Companies only want guarantors for loans when they don't believe the loan holder will be able to pay them back. These companies are experienced money-lenders, lending money is their core and only business, yet they won't do so without an underwriter (you). That should tell you something - you're more likely to pay off the debt (at a high interest rate) than your friend - the lending companies think so anyway.

Just give her the £4k and have done with. At least the interest and stress will be a load lower, and if you're really lucky you'll get some of it gifted back. If that sounds like a bum plan, a guarantor loan is a far worse one!

samorgo

Hi there,

As someone who has a guarantor loan I can see both sides of this arguement. I am lucky enough to have a friend who trusts me and I would not break that trust. I sat down with my friend with my budget and showed her how I could easily afford the monthly repayments and each month I repay as much more as I can afford so that the loan will finish earlier. I was "forced" (ie I would have rather had had a main stream loan) to take a guarantor loan since I have things to pay for that I hadn't budgeted (or saved) for (I have no rainy day fund as I'm trying to pay off my debt) - yes we all make mistakes - but that doesn't mean that I am doing it irresponsibly. I applied for a loan for no more than I genuinely needed and for which I can comfortably make the repayments.
I understand the mantra on here is not to borrow if its expensive but this is real life and sometimes you have to make informed decisions and do what's right for you at the time even if it's not 'right' in a bigger sense. Believe me I wouldn't borrow from these companies if I could get a cheaper loan elsewhere but unfortunately for now it's a godsend and I think it's lovely that there are people out there who trust friends who have made mistakes and that there are friends who do as they promise in return for that trust.
Sorry about the ramblings but I thought it was important to get the other side accross...