Seeking alternatives to a guarantor loan.

BonkersBonkers

Knitworthy wrote: »

Apologies, I did not reply to this question. I have no savings, 100% of my disposable income has been given over to debt repayment.

To a lender this looks as you are fully committed - ie no surplus to pay any new lending.
They don't know that you will be paying old debt with a new loan - in their eyes you could be doubling your debts.

Knitworthy

Thank you Tixy for your response and this incredibly helpful link. I shall write to the two debt agencies and see if my information can be updated before proceeding with any other arrangements.

Knitworthy

Thank BonkersBonkers for your perspective, it is very helpful for me to try and take a step back and look at things from the lenders point of view.

IainHL

Also, you have not said when in 2008 these 2 agencies are showing as the dates of default for these debts.

It is certainly worth doing as Tixy suggests, however do be aware that if the agencies are stubborn and won't amend the dates of default, then those accounts will drop off your credit report at some point this year (2014) because the 6 years will have elapsed since the date of default.

I would therefore suggest your best option is to write as Tixy has suggested, keep making payments as you can afford (at the current level, maybe put any surplus you have into starting some savings), and forget all about your relative getting a loan for you (guarantor or otherwise).