garentor. was i right to refuse?

Macca83_2

I think you should have signed it.

Im only kidding. You've done the right thing. If they were in the position to afford the loan then they wouldn't need you to guarantee it. Its hard to turn someone down when they need help because its in our very natures to help.. But it could very easily turn an expensive good turn for you and that's not fair.

oldhand

As above,You have just done yourself the biggest favor this year.Your inlaw may not be happy with you at present but how much worse would it be when the inevitable defaults happened and you were left holding the debt?

dealer_wins

Right decision.

And if they get arsy about it, explain that being a guarantor is basically lending them the money out of your own pocket, and you dont have funds to lend at the moment.

somethingcorporate

+1 for the right decision bunch. Just have a flick through the threads here for seeing Guarantor agreements going horribly wrong and realising too late what it actually means to be a guarantor!

immoral_angeluk

You've saved yourself a whole load of heartache there, you did the right thing.

neverdespairgirl

Very wise. Had you signed it, you'd almost definitely be £2k plus a BIL down the drain.

atrixblue.-MFR-.

thanks you all for reinforcing the decision i had made.

i suppose i felt more guilty than normal because 2 weeks ago his grand father had passed, and last week his grandmother passed (wife of grandfather who passed), and he's trying hard to peice himself togther, pick himself up and dust himself off and move on with life.

in a sense i suppose being a garentor for someone is a judgement call, based on the person your going to garentee, if he was in a stable home on a stable job with stable money and had no problems maintaining his money but past bad credit choices prevented a loan i would i have considdered being a garentor.

thank you huys again.

1Amigo

If you did feel like you had to. A much cheaper option would be to lend the money out of your own funds or take out the loan on their behalf. At least that way you wouldnt end up paying the high charges and interest if they default.

gravitytolls

Definately. I refused our son, and it was for a piddling sum of £200, but the interest was ridiculous and he'd not have paid it back.

I'd only consider guaranteeing a loan if I was prepared to gift the repayments.

Johnmcl7

I agree with all the comments about you being right not to be a guarantor (the brother in law should be the one feeling guilty they asked) and I'm particularly baffled by the car they wanted that they needed to rely upon and have no money to spend on it.

John