garantor loans!!!!

darkmagician

miketaff1408 wrote: »

But YOU don't HAVE a 40,000 deposit??? It's your Mother in law's equity? So you cant utilise that equity - only she can?

actually the £40,000 deposit is my wifes money, she gave to my mother in law as a deposit on the house so she could get the mortgage, if my MIL dies or house sells it goes back to my wife. if we could we would use some of the money to clear our debts but as it is tied up in the house we cant.
my god how can you be so presumptious from reading forum posts. do you have anything constructive to say or are you just gonna be a complete A R S E

darkmagician

dresdendave wrote: »

Of course Amigo don't care if the borrower has bad credit, it's the guarantor who will end up making most of the repayments.

i know that but tbh they are probably as bad as payday companys they charge nearly 60% intrest so for instance to borrow £10k over 5 years i will pay back £26k, a bit much really i might as well take a debt relief order.

Apples2

darkmagician wrote: »

do you have anything constructive to say or are you just gonna be a complete A R S E

Try getting your story straight.

Your MIL has a 5yr BTL mortgage with 5 yrs left to run

Your OH gave the MIL £40k to use as a deposit for her BTL mortgage.

Sometime between very recently and recently your OH managed to incur a CCJ and between you spend £8k defaulting along the way.

Why did you amass such a poor credit file in the past, but repaying a ridiculously high APR loan now is going to be such a simple task to repay? What massive event has led you to this position?

The quality of the replies is dependant upon the quality of the question. So far we can see a pie in the sky idea only a madman would jump into bed with.

darkmagician

Apples2 wrote: »

Try getting your story straight.

Your MIL has a 5yr BTL mortgage with 5 yrs left to run

Your OH gave the MIL £40k to use as a deposit for her BTL mortgage.

Sometime between very recently and recently your OH managed to incur a CCJ and between you spend £8k defaulting along the way.

Why did you amass such a poor credit file in the past, but repaying a ridiculously high APR loan now is going to be such a simple task to repay? What massive event has led you to this position?

The quality of the replies is dependant upon the quality of the question. So far we can see a pie in the sky idea only a madman would jump into bed with.

whats not straight,
wife had fourty grand and gave it to her mum after we had moved back from portugal, this was so it was not sqaundered as we wanted to use it for a property,
at the time we was renting and trying to save, our land lord then decided he was going to sell, we offered to buy house he declined.
at the time our credit score wasnt good enough to get a mortgage anyway, so my MIL got a BTL mortgage using our 40k. this was three years ago, the money we did have out aside ended up paying for the fees of buying a house and moving, that bled us dry,
then when we moved in we found that we needed some work doing to the house new bathroom suite as the old one was cracked and leaking which we found out on our first day of moving in, double glazed front and rear doors as some one try to break in, this then cost us more money but was urgencies so other bills were put on a back burner.
then the recession hit and i was made redundant which then had an impact on our finances, found a new job but with cost of living shooting up i paid for what i deemed a priority.
now in a bit of a mess and looking for a suitable way out.
the idea is not pie in the sky its an option open to me, i have been to citezens advice and was told to make token paymnts to everyone (that would take a life time to pay back) or debt relief order which is probably worse than having crap credit score.
or a loan with garantor to help us out.
oh and just to add to the crap i did start a debt management programme with a company only to find out that after making three payments of £350 thyhad not paid any of my creditors and scammed me. so another £750 down the drain.

miketaff1408

darkmagician wrote: »

actually the £40,000 deposit is my wifes money, she gave to my mother in law as a deposit on the house so she could get the mortgage, if my MIL dies or house sells it goes back to my wife. if we could we would use some of the money to clear our debts but as it is tied up in the house we cant.
my god how can you be so presumptious from reading forum posts. do you have anything constructive to say or are you just gonna be a complete A R S E

That is exactly my point. You are buying the house from your MIL. She cannot get the money back until the house sells to give back to your wife. therefore you cannot use the £40,000 as a deposit as in the eyes of the bank and the law, it is your MIL's money.So if you want to get that mortgage YOU will have to find the deposit yourself, then when it completes your MIL can then give you your 40k back.

Tixy

If you are in a position to make payments on a guarantor loan then its unlikely you would qualify for a dro, as you would have too much monthly surplus.

Or, if you do qualify for a dro, how are you going to fund the money to repay a substantial debt repayment on £k over 3/4 years.

You say you won't sting mil on the guarantor loan but you sound to be living right on the limit, a small change in your circumstances, could easily leave you unable to make repayments.

One other thing to watch out for, some guarantor loans actually appear on guarantors credit file not yours, do wouldn't help imprint your file at all.

poppasmurf_bewdley

darkmagician wrote: »

oh and just to add to the crap i did start a debt management programme with a company only to find out that after making three payments of £350 thyhad not paid any of my creditors and scammed me. so another £750 down the drain.

With maths like yours, I'm not surprised you are in a financial mess.

tomvandam

If you're MIL has an income which I assume she has as she has a mortgage why not get here to GIVE you 8000 then when the house is sold she gives you back 32000?

Or give you as much as she can each month to help you pay off you're debts?

Am I missing something?

ILW

Sell the house to release £40,000
Pay off you debts, wait a few years and use what is left to buy a house.
Simple really.

Apples2

This gets more laughable.

The MIL had no deposit so the OP gave her £40k to use as a deposit.

The MIL has not made any payments toward the mortgage as the OP makes all payments.

I can't work out what role the MIL has in all of this, she contributes nothing now and never has done, but she has ended up with a house in her name. She sounds a wise woman, I like her!