Need a loan, but guarantor is 70yrs old

BoxCleva

Hi,
My wife and I need to borrow a small amount (£2000) and need a guarantor. Is anyone aware of a lender that will accept a 70yr old guarantor ?

Thanks

nomoneytoday

Why not look for a lender that doesn't want any guarantor?

paddyrg

Or ask the guarantor to lend you the cash directly (which is more or less what a guarantor promises to do, but costing him more!)

Apples2

Stand on your own two feet and don't take advantage of a 70yr old.

I find the pair of you both disgraceful and disrespectful.

At 70yrs old, the pair of YOU should be helping HIM enjoy his final years, not trying to rip him off.

naff123

Oh Do one apples they aren't exactly forcing him!
I wouldn't be surprised if you wasn't a jumped up Long nosed Tory looking down upon everybody!
I am sure there is some out there but, shop about a lot due to lending is very tough right now

CHR15

Good grief. You want a 70 year old to risk his money when you stop the repayments?

The lender obviously thinks you will stop repaying which is why they insist on a guarantor.

McKneff

'kin ' ell,

70 is the new 50,

Im 61 i hope im not thought of as old, decripid and vulnerable in 9 year's time

OP, £2k should be relatively easy to access surely. This 70 year old, are they family

Idiophreak

Apples2 wrote: »

Stand on your own two feet and don't take advantage of a 70yr old.

I find the pair of you both disgraceful and disrespectful.

At 70yrs old, the pair of YOU should be helping HIM enjoy his final years, not trying to rip him off.

Why have people thanked this crap?

When I'm 70 I'll sure as hell want to help my kids out if I can - If I can help them get a (pretty small) loan, so much the better.

CHR15

Idiophreak wrote: »

When I'm 70 I'll sure as hell want to help my kids out if I can -.

That'sthe crux of the matter. If my kids wanted £2k when I am 70, hopefully I will be able to give it to them.

How would it be if you were living off your pension and had kids who have squandered money away expecting you to risk what little you had?

What if you couldn't afford £2k but they were hassling you to become their guarantor?
Would you still go for it knowing you simply could not afford the repayments when it goes pear shaped?

If it were me I would feel duty bound to agree for the sake of my kids but the risk is high (why else is a guarantor required?)

I don't see the post as crap at all.

archer7

Before this descends into fighting, I'll try to make things clearer. I think what people struggle with is the following:

1) A lot of 70yr olds can certainly be seen as vulnerable members of society. Not all, but enough to cause concern. Should you really be putting pressure on them? When you don't pay, are you comfortable in the knowledge that they can handle the payments/debt collectors/all the other things that come with debt?
2) The 70yr old may not be in a particularly comfortable financial position.
3) If you need a guarantor loan, your credit rating must be terrible. You most likely have a long history of missing payments, to the point where the loan company doesn't trust you at all. So - why is it going to be different in this situation?
4) The loan is for a relatively small amount - what could you need £2000 for that desperately?

Here's my view. If the 70yr old is family, they should probably be able to lend you £2000. If they can't, they probably can't handle your missing loan payments either.

If the debt is for something non-essential, forget the loan if it's got to this point. If it's for something essential, are you comfortable that they're happy with the entire situation, and that this is the correct thing to do? You know them better than us. Is it better to take responsibility for it, even if it leads to a CCJ?

Apples2

Point 3 in archers post is the one for me regarding guarantor loans.

Nobody thinks the applicant is going to meet the repayments, lenders are quite good at factoring lending risks but even so, just look at how many fail to repay (normally with a host of excuses).

I'd never advocate Guarantor Loans, no matter what.