Guarantor problems

dealer_wins

Moeller wrote: »

You can go to court where lawyers can help you if you have the complete proofs and papers that this loan is not taken by you at all.

Spammer spammer go away!!

Paul_the_Painter

Consider raising a new loan and paying off the total amount of the old loan. If you are stuck paying for it why pay 50% interest when you could pay 10% of you borrowed it in your own right.

Brains64

27col wrote: »

The mind boggles at why anyone would ever consider being a guarantor. Especially at the high interest rates concerned.
I would think that anyone who has ever read the guarantor posts on this forum would keep well clear. But, unfortunately the persons stuck with the consequences of guaranteeing someone's loan have signed up without ever actually realising the implications of being a guarantor.
They seem to ignore the fact that the mere requirement of someone needing a guarantor would indicate that the borrower is a bad risk and therefore, likely to default.

Tell me about it matey, my mind is definitely boggled by it, You wanna know something?, the very first time I heard about Amigo and these Guarantor loans I thought 'what a stupid idea...who on earth would be a Guarantor for me or anyone else?', sadly, this thread and other horror stories I've heard have served as confirmation that my initial thoughts on the whole thing were the right ones.

I understand the problems with having bad credit, I have bad credit too and I have been emailed by Guarantor lenders like Amigo and they've even been suggested to me but I say to hell with that, in all honesty, I'd probably find it easier to work on improving my credit score (and that's a challenge believe me) than I ever would finding anyone I know who'd be a Guarantor for me, whats more I wouldn't blame 'em for not doing it if I asked them to, I wouldn't be a Guarantor for me either Lol.

Not to say that I wouldn't pay a loan back or at least try to, I'm saying that there's so many things that can go wrong even with my best intentions and then someone would have to fork out for me in the event of me not being able to make payments?, you've got to be kidding, seriously though, who in their right freaking mind would be a Guarantor?:huh:

Thrugelmir

Gaz83 wrote: »

And if the principal doesn't have any assets?

A court can't force a debtor to pay what they don't have.

Apply for an attachment of earnings.

im_here_to_help

Seen a few of these threads since coming on here. Really cant get my head round why anyone would consider this?? If you were going to do it there are much better rates to be had most people end up having to pay the loans them selves anyway

RuthnJasper

dealer_wins wrote: »

Spammer spammer go away!!

Yeah, but they'll be back another day...

ConsumerWizkid

Guarantor loans are often used by those with new or "thin" credit files such as students straight out of Uni looking for their first car or flat rental deposit and signed for by parents.

I had one myself, I paid it back without fail because I could actually afford the loan

Brains64

ConsumerWizkid wrote: »

Guarantor loans are often used by those with new or "thin" credit files such as students straight out of Uni looking for their first car or flat rental deposit and signed for by parents.

I had one myself, I paid it back without fail because I could actually afford the loan

In those circumstances it's arguably more appropriate although even then, it would be a risk because it's an unknown as opposed to a known bad situation, the real problem with Guarantor loans is that putting to one side students as you've mentioned and people who for various reasons don't have much of a credit history, these kinds of lenders adverts are clearly designed to attract people with bad credit, even though they may not say it out and out (they use clever word play like 'we don't judge you by your credit score we do it the old fashioned way'), that's really the gap that they're trying to fill in the market, being a Guarantor for someone with no credit history like a student is one level of risk but being a Guarantor for someone that you know has a bad credit history would be the maddest thing I can think of bar driving down the wrong direction of the M25.