what should i do?

Vaporous

Hi there this is my first post so be nice
(please move if there is a more appropriate forum)

A good friend of mine (for many years) needs a loan but he cant get one as he has had them before and has put himself down for bankruptcy not so long ago to clear them up.

So heres the problem he has asked me to get a loan for him for 12k! I tell him to look for one himself but he say no one will give him one and also hes not a home owner and self employed.

I have never had a loan myself and im looking very soon into getting a mortgage with my girlfriend for 120k.

Do you think getting a loan for him is a good idea as im about to move out of my parents house, i know he would pay me and he has lump sum to give me of about £500-600 to start me off.

Can i tell him of any place he can go get one himself or shall i help him or just say no???

Thank you for any help

Poppy9

Don't do it. He has no credit because he doesn't repay loan companies. He won't repay you either and not only will you lose your money but also your friend.

gary69

same as above, don't do it!! look out for number one
he obviously as no means of paying it otherwise he wouldn't of declared bankruptcy

silvercar

if you take a loan you will have to declare it on a mortgage application and it could limit the amount of mortgage you can secure.

in a years time, say you are struggling to meet your mortgage payments and your friend can't find the money for the loan repayments, what happens then?

A true friend wouldn't ask you.

frugalpam

Vaporous wrote: »

Hi there this is my first post so be nice
(please move if there is a more appropriate forum)

A good friend of mine (for many years) needs a loan but he cant get one as he has had them before and has put himself down for bankruptcy not so long ago to clear them up.

So heres the problem he has asked me to get a loan for him for 12k! I tell him to look for one himself but he say no one will give him one and also hes not a home owner and self employed.

I have never had a loan myself and im looking very soon into getting a mortgage with my girlfriend for 120k.

Do you think getting a loan for him is a good idea as im about to move out of my parents house, i know he would pay me and he has lump sum to give me of about £500-600 to start me off.

Can i tell him of any place he can go get one himself or shall i help him or just say no???

Thank you for any help

Definitely say no. That's a huge favour to ask of a friend, btw.
Also, if he's going /been down the bankruptcy route to clear debts, why would he want to take another loan out? Sounds like it's time he tackled his debt problem himself - you wouldn't be doing him any favours by doing this for him, nor yourself either.

Pam

Mark7799

Do not touch this with a bargepole

CJandY

I helped a friend out - lent him £7,000 and did about £15,000 of work for him to pay me later.

He put himslef into an IVA and I got £500 back.

He's no longer a friend

Vaporous

Thanks for all the help guys i guess im going to have to tell him the bad news.

There are no other ways of him getting a loan now i take it?

A11yson

:eek: ....don't do it.......:eek:

What does he need the money for??

nomoneytoday

Just say no.