Sanity check ... is this right??

JimmyTheWig

FattyBettyBoo wrote: »

If he had know what a guarantor was I would be suspicious, but given that he thought he was just vouching for her (i.e. that she worked at the company, had done for so long, and what she earned) I don't think there is anything fishy going on.

Did he not realise it was a little more than this when he had to put down his bank and card details?

If not, did he really not realise something odd was happening when the money turned up in his bank account?

Is he normally naieve like this?

malkyh

The questions I'd be asking is what is going on between them. Would anyone be stupid enough to do that just to help a colleague??

I took out a loan for someone in my name and they paid me back (well they didn't but that is another story) but that was someone I'd been with for 2 years.

Janie4Now

FBB

He gave them his bank details. And gave them to her. Without telling you. She's gone off sick and cancelled the standing order..... An idiot?! That is sooooo polite.

I'd kill him. Actually, I'd insist he arrange a loan, pay off these awful payday loan people and then NEVER LET HIM FORGET IT. He needs to get ready to chalk this up to experience!

DCFC79

FattyBettyBoo wrote: »

He has a reasonable credit rating so I suggested he gets a normal bank loan to pay it off. With his bank he can get £500 over 12 months for less than £50 a month so its a win-win situation for him and for her.

Definitely win win for all, he might see sense when the girl misses more payments.

Apples2

FattyBettyBoo wrote: »

He has a reasonable credit rating so I suggested he gets a normal bank loan to pay it off. With his bank he can get £500 over 12 months for less than £50 a month so its a win-win situation for him and for her.

Good plan but don't let on to the other bint. Let her carry on with her £53 month until 2028.

XXSCOTSLASSXX

FattyBettyBoo wrote: »

He has a reasonable credit rating so I suggested he gets a normal bank loan to pay it off. With his bank he can get £500 over 12 months for less than £50 a month so its a win-win situation for him and for her.

Sorry to put a spanner in the works.... but.... I suggest he check his reasonable credit rating as you will probably find this loan is showing on his report, also he will now probably be financially linked to the girl at work which if she has detrimental info it may well impact on his credit rating too ...sorry x

Janie4Now

XXSCOTSLASSXX wrote: »

Sorry to put a spanner in the works.... but.... I suggest he check his reasonable credit rating as you will probably find this loan is showing on his report, also he will now probably be financially linked to the girl at work which if she has detrimental info it may well impact on his credit rating too ...sorry x

but.....he's been making the payments on the payday loan and he can probably come clean with his bank.....they might laugh at him but I bet they've heard it all before! I bet his bank would be happy to take on the loan on the basis that he's been paying the other loan for 5 months.....

Worth a try anyway though I would make the enquiry over the counter first before going for a full application just in case!

FattyBettyBoo

Sorry to put a spanner in the works.... but.... I suggest he check his reasonable credit rating as you will probably find this loan is showing on his report, also he will now probably be financially linked to the girl at work which if she has detrimental info it may well impact on his credit rating too ...sorry x

He took out a 18 month loan with his bank 6 weeks ago with no problems. His previous loan had come to an end with no defaults so he borrowed another £1000. I think they would be happy to lend him another £500 on top (think they offered him more than he needed).

I think he is just incredibly stupid and very naive. He is the sort that will do anything to help others out and it doesn't occur to him that they would be dishonest. I believe that she actually lied to him when he signed for her by implying that it had to be someone from work on a certain pay grade. I don't think there was any ulterior motive and we had only been back together a fews anyway at the time. We don't live together so it actually isn't any of my business at the moment, other than I want to help him out.

Am I right in thinking that she would have to pay £85 a month to pay it off in 2 years?

XXSCOTSLASSXX

FattyBettyBoo wrote: »

I believe that she actually lied to him when he signed for her by implying that it had to be someone from work on a certain pay grade.

to be a guarantor for a loan, someone doesnt just sign a piece of paper.... FLM especially are pretty strict when it comes to guarantor for loans, they will call the guarantor.... go through all of their income expenditure etc and take their bank details.... a third party ie the loanie cannot just give out the card/bank details of the guarantor, therefore am a bit surprised he would say he thought it was just to confirm he knew her.... a friend was asked to be a guarantor for someone with FLM quick and the questions asked by FLM (ie their income/outgoings/ni number etc) raised a red flag and they declined in the end as FLM had over and over stated to them that they would be responsible if payments were not made.... how did they manage to get his bank details and why on earth did he give them over if he thot he was only confirming who she was???

hawkinsa21

Sounds like she has deferred the debt onto him. From my limited knowledge, a guarantor is just there to pay up if the loanee has problems making the repayments.

imo, either

a) she has taken advantage of his good nature

or

b) he took it out under his name for her, from a PDL and has now realised the mess he is in

I'd 'hope' it was a.

Either way, sounds like he is responsible for the debt so he best clear it quickly. Minimum payments will mean he pays back 10x what was taken out and the fact that he doesn't want to clear it via a bank loan because he thinks it isn't his debt is ABSOLUTELY the wrong way to look at it.

Good luck