to be or not to be - a loan Guarantor??

blacksta

if you dont give her the £700 , be ready to scarifice your friendship, anyway he or she was going to offer you to gods first.

C_Mababejive

KingElvis wrote: »

Is she a looker?

Did you mis spell..?

bubbles567

lilly2011 wrote: »

Who is the lender?

I don't know who the lender is just yet. I'm just off to meet her so will fund out and let you guys know.

Thanks for the help folks. Will be back with more info when I have it

paddyrg

Simply say you know you are not an acceptable guarantor as your sister/auntie/made up relative asked you to be one for them, and you failed the credit checks yourself - let everyone save a little face.

bubbles567

Hi folks....

Well chat has taken place and it's way messier than I first thought.

It involves two 'rolled over' payday loans from Christmas and a default on Littlewoods and the reasons for those are down to ANOTHER two payday xmas loans been taken from and paid up front on her Feb payday. The £700 she needs would be to 'top up' and loan she has the FLM loans.

It wouldn't be a top up at all it would a total re-finance for which I'd be Guarantor that would be for £3490 + £700 = £4200 approx.

So,having had a quick look at the FLM loan place... they 'specialise' in people with bad debt history. (Legalised Loan Shark, by my reckoning)

I've looked at her credit file and there's a great big red default from a previous credit agreement. The default was back in Nov 2008 and settled in full in Sept 2009. However her file is still showing red month on month to present day.

Now this is what I'm thinking. From a selfish point of view there's no way on this earth I want to guarantor that kind of loan to what I think is a Legalised Loan Shark (LLS). So my answer will be no. (I have my own mess to sort)

I'm thinking of other ways to help....

This big fat red on her credit score... should it not now be showing green now that it's been fully settled? Her file says it settled and she has paperwork to prove it. I'm no expert but I think it should be green. I've advised her to phone Experian on Monday. Check if this is right. If it should now be a green light (so to speak) then I'm going to help write to Capital One and the debt company that took on the default.

These two remaining payday loans, need to be paid on her next pay day - end of March. I'm hoping to have made some progress on that red to green on her file (if I can). And think up a plan to stop her from using these LLS's.

She thinks her credit score is trashed because of all the change of addresses on there and because of the default, which yes it will impact it but not when it was settled back in 2009.? My thinking is it's more so because of all the searches on her file because of all the payday loans she's taken out over the last year (of which there are many), shes gone on and settled these and was straightening herself out but her overspending at Xmas has put her 3 steps back.

Can anyone advise on this redmark on her credit file please? And an idea to help her out of these payday loans. I dont have cash to give her at all otherwise I'd just give her it.

Thanks for listening everyone, I appreciate it :-)

bubbles

DCFC79

Yes i believe if an account is settled then it should be shown as green or settled. re the idea for the PDL's i cant help with im afraid. From what you say the change of address plus this red for the default plus all the searches has meant her histry is trashed.

Good move on the FLM/LLS idea, they will want a payment up front to get the loan, then want a second payment for whatever and it will go on and on. Do a search for FLM and you wil see what other posters think of them.

Your friend will be thankful for your help.

bubbles567

thanks DCFC.... I want to help her, but I can't help her financailly.... its sounds awful, but I think she needs to 'feel the pain' so to speak in order for her to realise these lenders are not a cure but pure evil.

DCFC79

bubbles567 wrote: »

thanks DCFC.... I want to help her, but I can't help her financailly.... its sounds awful, but I think she needs to 'feel the pain' so to speak in order for her to realise these lenders are not a cure but pure evil.

Its not awful and any decent friend will understand if you couldn't help financially, your helping out in another way which is sorting her finances out.

theoretica

Have you thought about sending her here so people can advise her directly?

bubbles567

Well yeah I have. But now I've posted on here myself, I think she might see it as a betrayal of confidience.