Any Loan Guarantor loopholes?

dealer_wins

DonnaKebab wrote: »

Also, does anyone have any tips on how to say politely and firmly to close friends and family "no I will not be a guarantor"? What kind of fool proof reasons (i.e. lies ) could you give when you say no to them and they beg you and give the sob stories?

Just say that in the past you guaranteed a loan for your best friend/partner and they left you having to pay it all back, and that you vowed you would never be a guarantor EVER again for ANYONE!!

redcard

PeacefulWaters wrote: »

You sympathise and lecture them on the benefits of a contingency fund.

Unlikely considering the OP doesn't understand the benefits of having his own contingency fund!

somethingcorporate

Why would you need to lie? The word "no" does the trick when you don't want to do something (my 17 month old daughter knows this).

Why are you trying to worm out of your contractual obligation? think about this next time you expect something from a company if they were to try and worm out of giving you what they signed up to provide.

bargainbetty

RuthnJasper wrote: »

Grim situation for the OP... but are people really allowed to post questions on the forum asking for advice on how to defraud a loan company (even though the loan company isn't one of the greatest)...?

It's the internet. People can ask anything. What they get in response might not be to their taste, but they can ask!

27col

Or, you could just tell them that the very fact that they cant get a loan without having a guarantor proves that they are quite likely to default on the loan., and that is a risk that you are not prepared to take

somethingcorporate

aftab267 wrote: »

I read the article and want to say that if you need loan you need a guarantor. This is true.

Very insightful, thank you. //sarcasm.

AMILLIONDOLLARS

PeacefulWaters wrote: »

Amigo make it pretty clear on their website. Here are their criteria for guarantors. While I might dislike their business they are crystal clear up front.

They are also smart enough to require a guarantor to be a homeowner. This significantly reduces the chances of the borrower's chosen mug doing a runner.



Be able to afford to make repayments if the borrower doesn't pay
Be aged 18–75
Have good credit
Be a UK homeowner (don't worry your home isn't at risk)

Yes your home is as risk, as they could apply through the Courts for a Charge be put against your property. For this to be removed you'd need to pay up in full. If you wanted to sell up this would alert anybody out there that this debt needs to be paid before the sale could go through.

AMD

ConsumerWizkid

Yes there is a loophole.

First, you must conspire an ultimate insurance fraud.

Find a latvian girl willing to get in on the scam, divorce your wife if married and marry said latvian girl and fly her over to live in your house. Make sure the house and contents are insured to the max along with you & your children if any. Get your new wife listed on your life insurance and will leaving everything to her, remove your old wife from said documents and get her to fly to another country preferably outside of any UK or EU law jurisdiction, maybe East Congo.

Then, pay someone to burn down the house, fake the death of your entire family in the tragedy except of course your new wife. Get your new wife to claim on the insurances for a massive payout offering her maybe 30% to keep the deal sweet for her, then transfer the rest to your old wife in East Congo. Smuggle yourself and children to East Congo.

Debt Escaped.

pmartin86

ConsumerWizkid wrote: »

Yes there is a loophole.

First, you must conspire an ultimate insurance fraud.

Find a latvian girl willing to get in on the scam, divorce your wife if married and marry said latvian girl and fly her over to live in your house. Make sure the house and contents are insured to the max along with you & your children if any. Get your new wife listed on your life insurance and will leaving everything to her, remove your old wife from said documents and get her to fly to another country preferably outside of any UK or EU law jurisdiction, maybe East Congo.

Then, pay someone to burn down the house, fake the death of your entire family in the tragedy except of course your new wife. Get your new wife to claim on the insurances for a massive payout offering her maybe 30% to keep the deal sweet for her, then transfer the rest to your old wife in East Congo. Smuggle yourself and children to East Congo.

Debt Escaped.

My god! Your're a financial genius!

*googles latvian mail order brides*

Gaz83

Ksenia Solo is Latvian. To be fair I'd do just about anything for her.