Best way to get £5K quick?

paddyrg

Guarantor loans are only nad news for the guarantor - best case scenario is that you face no upside and the borrower pays high interest, worst case is that you end up carrying the full weight of a loan you can't afford and never benefitted from with extra charges at higher interest! Avoid!

With the fuller detail you give, if you really feel you must do this, can you cash the savings and use them? Then do a deal with her that you will take the equivalent interest as you're losing (maybe £300/year at best) out of the £600/month and will take the full £5k (plus another couple of months interest) when the property sells - on the basis that you are the first money out of the proceeds, and the sale must complete within x weeks or be reduced by x% every fortnight until it does sell? The last thing you want is for her to lose momentum on the sale once she has a new home to decorate and you have bought her out of any sense of urgency!

macman

Not a good idea to cash in your ISA savings, once that's done you will lose the tax-free status forever-it can't be reversed.

chalkie99

Sarahbear666 wrote: »

Really really grateful for all your help with this, its great having a place to turn to for advice!

Thanks for posting that. It makes a refreshing change from the all too frequent responses of posters who receive "don't do it" advice!

paddyrg

macman wrote: »

Not a good idea to cash in your ISA savings, once that's done you will lose the tax-free status forever-it can't be reversed.

Yeah, but it's a few grand, well under the annual level, so I was thinking seeing as they don't seem to have a mass of cash to hand, re-ISA-ing it would be easy within the annual allowance.

macman

But they'll still lose the limit for the year in which it was originally invested. Once MIL pays them back (hah) they'll have nearly the current annual limit.