Friend has asked me to be a guarantor

pearl123

Tell her you've got other financial commitments. Tell her anything - just don't do it.
Do you really want to get screwed for £5,000? What would that do to you life and credit history?
Friendships and money don't mix! A polite and firm refusal is the way to go.
If they want a car they can afford - they should get a old banger! And not rely upon you.
Be wise!
By the way.... your friend does seem to telling you alot of lies - you would be responsible for the debt if there was any problems and therefore your credit rating would go down. Some friend. She needs to go check her facts.
You could end up facing ccj's and maybe bailifs if it all went pair shaped. Would it be worth it?

Apples2

There's a reason they need a guarantor....

No Lender on Earth will lend them money, they have a history of taking loans out and not repaying.

This little stunt is going to cost you WELL over £5k, which is just the loan, FLM charge upwards of 40% apr.

If you Guarantor, it is YOUR loan, not theirs. The money will be deposited into YOUR account. They will be chaisng YOU for the repayments and all that lovely interest.

mrcow

Apples2 wrote: »

There's a reason they need a guarantor....

No Lender on Earth will lend them money, they have a history of taking loans out and not repaying.

.....in a nutshell

LovelyLeeds

Apples2 wrote: »

No Lender on Earth will lend them money, they have a history of taking loans out and not repaying.

This little stunt is going to cost you WELL over £5k, which is just the loan, FLM charge upwards of 40% apr.

That's the best advice you'll ever receive, please take it.

dealer_wins

shygirl54 wrote: »

Thank you all for your replies, they are appreciated. I am obviously worried about it and although I said I would read the terms and conditions before I signed, you have all now made me feel it would be the wrong thing to do. I have now just got to tell her and see if she will still be my friend! Thank you again.

If she doesnt respect your (very sensible) decision then she is not the sort of person you want to have as a friend.

NEVER be a guarantor, as it means that the lender believes that the borrower will not pay back the loan, so needs you to pay it back for them.

shygirl54

It has played on my mind so much all night since I posted and saw the replies that I could not wait until tonight after work to tell her, I have sent a text message early this morning saying I did not want to be a guarantor, (I know I am a coward) but I have done the right thing as I feel like a weight has been taken off of my shoulders. Thank you all for the support.

bouncydog1

And if your friend sends back a reply trying to persuade you othewise, please post back for support.

Better to lose a friend, rather than be in debt for £5k you haven't even had the pleasure of spending!

[Deleted User]

shygirl54 wrote: »

It has played on my mind so much all night since I posted and saw the replies that I could not wait until tonight after work to tell her, I have sent a text message early this morning saying I did not want to be a guarantor, (I know I am a coward) but I have done the right thing as I feel like a weight has been taken off of my shoulders. Thank you all for the support.

Well done! You can now consider yourself 6-7k richer, so I reckon you should go and treat yourself.

Good decision.

Clive_Woody

shygirl54 wrote: »

It has played on my mind so much all night since I posted and saw the replies that I could not wait until tonight after work to tell her, I have sent a text message early this morning saying I did not want to be a guarantor, (I know I am a coward) but I have done the right thing as I feel like a weight has been taken off of my shoulders. Thank you all for the support.

Absolutely 100% the right thing to do. Well done and stay strong. Under no circumstances let your friend change your mind, this is something you really really do not want to do.

donnap83

Doesn't sound like a good friend to me, a) For asking you to do this, and b) to blatently lie to you about the terms.

Ditch the friend. You don't need someone like that in your life!! x