Employer Guranteed loans

Woodcock11

Hi All,

I'm looking for a company which provides loans for which my employer will act as a gurantor, i know they will be expensive, but i'm due a large bonus in February from which i can repay it.

I've seen previously a company which will loan £1000 and my employer deduct it straight from my salary and pay it direct to the lender, but after an extensive search, i cant seem to find the company again.

Does anyone know of such a company?

Thanks

Chris

somethingcorporate

Is there a reason you cannot get a normal loan and just pay it back when your bonus comes through?

Your requirement sounds specialist to me and will probably be quite expensive as a result.

Is there any reason you cannot wait?

Remember bonus' are usually discretionary so spending it before you get it can be a recipe for disaster.

Woodcock11

I have a bad credit rating due to gambling problems a few years ago.

Although bonuses are discretionary, i'm the company accountant, and our targets and bonus criteria have been reached, so the bonus is to be paid out.

I understand it will be expensive, but im not planning on letting the loan run for the full term and plan to pay it off on receipt of my bonus.

Are you aware of such a company?

Chris

somethingcorporate

No, my only suggestion is having a word with the directors and see if they will give you an advance on your salary (possibly even against your bonus).

This would likely be free.

What is the loan for?

Woodcock11

My car has failed the Mot, and the proposed repairs are near £750, which i cant afford at the minute.

I have previously had a loan from work last year to pay my daughters nursery fees in advance when my partner went back to work, which i was advised at the time would be a 1 off.

I have a good relationship with the board, as i work closlely with them on a day to day basis, and am hoping they offer to lend me the ££ when i propose they gurantee me a loan, the problem i have is i cant find the company which i looked at a few months ago.

Chris

pauletruth

oh that sounds bad an accountant that can'y handle money. i would think the directors would be worried if you kept doing that not a good idea.

skintandscared_2

Are you absolutely certain that you saw a company who would lend on these terms?

It just sounds so odd to me that an employer would ever agree to guarantee an employee's personal loan. Why would they? Obviously you wouldn't do it, but in theory you could disappear tomorrow and never go back. What if you were sacked/made redundant/died in service, and the outstanding loan was more than any pay due to you? Okay, in the case of £1k that's unlikely, but even so...

I'm really sorry to say it and I don't mean to be rude but I would also be very wary of an ex-gambling accountant who doesn't have the means to pay £750 of car repairs. Do you really think your board would be okay with you asking?!

Tiddlywinks

Woodcock11 wrote: »

My car has failed the Mot, and the proposed repairs are near £750, which i cant afford at the minute.

I have previously had a loan from work last year to pay my daughters nursery fees in advance when my partner went back to work, which i was advised at the time would be a 1 off.

I have a good relationship with the board, as i work closlely with them on a day to day basis, and am hoping they offer to lend me the ££ when i propose they gurantee me a loan, the problem i have is i cant find the company which i looked at a few months ago.

I don't think you should involve your employer in this matter - they have given you an advance in the past and told you that it was a one off... now you are going to approach them again and this time ask them to act as a loan guarantor? That's madness, in my opinion.

You have a trusted position as a company accountant, if you raise real doubt about your personal financial management, might they worry about how you manage the company funds?

You may be leaving yourself open to accusations if any irregularities are found in the future...

Woodcock11

Thanks for all the construtive comments, and i have considered all the points above.

Just because im an accountant, doesn't automatically mean i have to wads stashed away in the bank, by the time i've paid my mortgage, nursey fees and bills theres not much left to save for a rainy day.

I have already asked my employer and they are happy to do so, i just need to find the company which provides it, i'm sure there is 1, as i printed off the forms previously.

Chris

skintandscared_2

This company

https://www.guarantorloansonline.co.uk/Explained/Loans-Online

says this:

"Some guarantor loan lenders are now offering a non homeowner guarantor loan, similar to the above homeowner guarantor loan; they require a friend, relative or employer to support the application."

But as stated above I am amazed that an employer would agree to take on payments if you are unable to repay the loan yourself. Good luck!

CLAPTON

Woodcock11 wrote: »

Thanks for all the construtive comments, and i have considered all the points above.

Just because im an accountant, doesn't automatically mean i have to wads stashed away in the bank, by the time i've paid my mortgage, nursey fees and bills theres not much left to save for a rainy day.

I have already asked my employer and they are happy to do so, i just need to find the company which provides it, i'm sure there is 1, as i printed off the forms previously.

Chris

Whilst it may be true that being an accountant doesn't mean one is rich but one does expect an accountant to know what a budget is and about cash flow and about the importance of making provisions for future fairly predictable events.