Overdraft guarantor

tranmereforever

Hello there,

a quick question

I have had problems in the past and had a few problems with my overdraft ( have all been paid back now) I have now sorted myself out and was wondering whether you can get someone to act as guarantor for the overdraft amount? as i doubt they will allow mine to activate on my own so quickly

thanks

jonesMUFCforever

I think for current personal accounts that this will be a no no.
Most operate an internal credit scoring system these days and you will qualify or not qualify for an overdraft.
If you don't then there is not the mechanism to have a guaranteed o/d set up.

If it is a business account then that is very different and you should ask to speak to your business manager to see what they will accept.

tranmereforever

thanks for the info, it is a personal account, as i say i have paid all outstanding debts now so maybe that will be seen as a positive sign

oldwiring

Whther a person wuld be willing to gove any type of security to a lender for the debts that someone elde will be respnsible for depends on their attitude to ridk, how much they trust the person whose debrs are being covered. The sad truth is that many people do not realise it is not a notional risk but a real one. If the debtor fails to pay the guarantoor will ave to pay. Another fact that guarantors have to be careful of is this, Bank giarantess, although they may be limited as to the sum demandable from the guarantor, are, or at leat were in my days, for all monies owed, That is, even though the originla overdraft ha been repaid and cancelled several years befor, a new loan may be taken up, and unless the guarantee has been discharged, it will still be there for the new loan,

You have admitted that you have had problems, and I have to say, that were anyone to approach me, asking for what you are looking for, with all the above in mind, I would have to be really persuaded of the goodness of your cause, IMHO you should not be asking for a guarantor but taking the pain on yourself to get your affiard in order.