Which guarantor loan to get? Advice please

BoGoF

corbyboy wrote: »

It would make more sense for her to take out a "normal" loan in her name and pay off your debts.

As a guarantor she is 100% responsible for your loan anyway. Why take out an FLM loan at 50% APR when she could possibley get one herself at, say, 15%.

By the way that APR is real. You will pay back £12000. Absolute insanity.

I would say it would make more sense for her not to get involved.....

maginot

jonnym8083 wrote: »

So how is best way to get a loan

The best way as mentioned, is for the partner to just apply for a loan themselves. If they go to a normal mainstream lender, they will get a much lower interest rate and then you just pay the debt as if it was yours.

As guarantor they would be just as liable if you stopped paying so may as well pay a lower APR.

However I would think twice before making anyone liable for my debts, you have already shown you have financial difficulties and so could easily default leaving your partner with significant debt and damage their good credit rating.

Bravehearted_2

Dude, leave your girlfriend out of this.

I'm going out on a limb and will call you a shyster taking advantage of a 22yr old pretty girl who doesn't understand the full consequence of guaranteeing your loan.

She'll become financially associated with you and trash her file as you've done.

And if she merely takes the loan out on her own and gives you the money, I'll go out on another limb and say you're the kind to flush the money down the toilet and never repay it.

Spare her the trouble of coming on here in 6 months "saying took loan for ex"

Apples2

The guarantor route is NOT going to lift you out of this mess, it will drag her INTO it.

This is NO solution, start working toward clearing it yourself, at £5k it is entirly "do-able", many have done.

LovelyLeeds

corbyboy wrote: »

It would make more sense for her to take out a "normal" loan in her name and pay off your debts.

I know I'm taking this quote out of context, but if you read it as is, then you will see precisely what the OP intends for his girlfriend.

OP: Why on earth would you want her to go into debt to pay off your debts? Outrageous. Please get your girlfriend to read this thread, and also the 'lending to family and friends' thread at the top of this forum. Leave your girlfriend out of your mess.

Being a guarantor guarantees your debt will be paid, and it wont be by you for long - you will see this debt as low priority because you've got payment back up.

DCFC79

You should maybe start to learn how to budget rather than get a guarantor loan to pay off the debts but thats my 2p worth.

TeenyBash

jonnym8083 wrote: »

I have several debts that I am looking to consolidate.. I can only do this with guarantor loan due to a default I have from 3 yrs ago has wrecked my credit. My partner will b my guarantor.. My partner however is not a homeowner and is 22.. I see a popular choice is FLM Loans but guarantor has to be homeowner? Are there any other loan companies where my partner can be a gurantor.. My partner has good credit rating.. All advise welcome.

Please take advice from someone that's had the experience, do not take out more debt to pay off debt. You've already said your credit is wrecked, so agreeing/making payments you can afford to each of your creditor/debtors is not going to make a difference, is it?

Please don't put your partner in this position and risking their credit history, if you really care, you won't.

My suggestion is you call Consumer Credit Counseling - 0800 138 1111. They will advise you on the best course of action.

I personally have £6k of debt with 4 different creditors, and I have made agreements with each. Presently I pay £1 a month, as that's all I can afford and they have accepted that, until my situation improves.