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to be or not to be - a loan Guarantor??
Comments
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bubbles567 wrote: »Thanks zx81... I guess I feel that I'd be letting her down by saying no. Maybe advice and support on cutting back is the best approach.
Really dont want to go down that route of a guarantor at all....
Get her to fill in a statement of affairs and then you can see where the money is going.0 -
Don't feel bad Bubbles, she approached you about this and put you in this position0
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From the info you've given us, I think you'll be doing her the biggest favour (not to mention yourself) by politely turning down her request. And one would speculate that that is true in the majority of cases where someone is seeking a guarantor. Save yourself the future hassle and cost (in all ways) to yourself - just say no!“In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing at all.” - Roosevelt0
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Being a guarantor is EXACTLY the same as you lending her £700, only it costs more for her in interest, and you eventually have to pick up the tab when she defaults and you have to pay the debt back.
And very often it costs friendships and the guarantor normally is a bit peeved when this happens.
If you havnt read between the lines, im saying DONT DO IT.0 -
The only reason the loan company ask for a Guarantor is because they think there is a good chance the person taking out the loan will default on the loan, but they don't want to take the chance of losing the business.
The only person he loses is the one who stands Guarantor."There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0 -
It won't be just the £700 either, when the person defaults (which they will) there will be charges, interest and more."We want the finest wines available to humanity, we want them here, and we want them now!"0
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As said, loan companies are better judges of character than people, they are like bookmakers, they have a very good idea which horses are good for the course.
They find your friend might not make the first fence, so offset the odds by spread betting the risk over a second pot to dip in to, that would be your pot.
However , saving face, explain to your friend that to be a guarantor you need a perfect credit score and well, tell her you would not pass as you have had money troubles, that is why you are so careful now, but sorry, pretend your credit rating is trashed.
She wont ask again.
You save face.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
No. Tell her you wish you could help but your up to your neck in debt yourself and struggling. Tag a strap line question along the lines of.."could you sub me £20 til payday ?" and see how she responds...!!!Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0
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Is she a looker?"We want the finest wines available to humanity, we want them here, and we want them now!"0
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