Help with a guarantor

Napsta87

Hi,

I am in need of some help I'm after a loan and need a guarantor for it and I haven't got the luck some people have with rich families or friends in position to help out was wondering if I could get any help along the way any suggestions happy to hear I can have a good credit rating but ruined it when I was younger I am currently getting it better but looking to considate my youth debt I am really reliable and have never done anything wrong in my life just following the rules and hasn't helped I have a family which I am happy with and a really stable job any help appreciated

somethingcorporate

Don't drag a hapless guarantor into your financial issues. Just keep plugging away at your debt. Post an SOA on the debt-free wannabe forum and look at snowballing your debts.

[Deleted User]

You'll need someone who thinks enough of you to pay the entire loan for you.

So best advice is to go to the DFW boards and seek advice about cutting costs and snowballing your debts.

Gaz83

Napsta87 wrote: »

Hi,

I am in need of some help I'm after a loan and need a guarantor for it and I haven't got the luck some people have with rich families or friends in position to help out was wondering if I could get any help along the way any suggestions happy to hear I can have a good credit rating but ruined it when I was younger I am currently getting it better but looking to considate my youth debt I am really reliable and have never done anything wrong in my life just following the rules and hasn't helped I have a family which I am happy with and a really stable job any help appreciated

What exactly are you asking?

Are you asking someone on here to be a guarantor for you?

Alice_Walker

Some use of punctuation may be helpful!

Debt consolidation through further borrowing is rarely a good idea.

If you don't have anyone suitable to be a guarantor, then (very high interest) guarantor loans are not going to be an option for you.

PeacefulWaters

Well, you can keep me out of it.

andyfromotley

In a way its good news. It shows your friends and family are emminently sensibe and financially aware. Most guarantor loans have interest rates starting at around 50%, this cant be less than your outstanding debts surely?

Follow the advice given above and head over to the DFW board for tips on how to pay off your debt.

Angry_Bear

Napsta87 wrote: »

Hi,

I am in need of some help I'm after a loan and need a guarantor for it and I haven't got the luck some people have with rich families or friends in position to help out was wondering if I could get any help along the way any suggestions happy to hear

No-one on here would ever recommend that someone agree to be a guarantor unless they were prepared to just give you the money. So I don't think you'll get quite the help you were looking for. However, that's not to say you can't get the help you really need ...

I can have a good credit rating but ruined it when I was younger I am currently getting it better but looking to considate my youth debt

As said above, consolidating debt is also very rarely recommended on here. In almost all cases, it ends up with people building up the debt again alongside their consolidation loan and ending up in more debt than they started. A consolidation loan that required a guarantor would be even less likely to be a good idea as it would likely have a high interest rate.

I am really reliable and have never done anything wrong in my life just following the rules and hasn't helped I have a family which I am happy with and a really stable job any help appreciated

In which case, follow the advice above and go to the Debt Free Wannabe bit of the forum (http://forums.moneysavingexpert.com/forumdisplay.php?f=76).
Read a few threads and look up two important calculators:
Statement of Affairs: This will let you know what your budget really is and what you have available to pay off your debts.
Snowball calculator: This will let you see what effect paying a little more to your debts will have, and which order to tackle them.

If you're feeling brave, you can post up your Statement Of Affairs and ask for advice, people in the Debt Free Wannabe area have great advice and tend to be a little more understanding than people in other areas of the forum when it comes to past debt mistakes (usually).

National_Debtline

Hi Napsta


Clearly a guarantor loan is not an option for you if there is no one willing to offer such a guarantee. So, realistically, you need to dismiss that option and see what ways you have of dealing with the debts personally instead.


The advice that you get in forums like this one and from debt charities will only be as thorough as what you're able to share about your situation, so do please consider posting a Statement of Affairs as suggested above. Try not to limit yourself to looking at further loans and consolidation, as they are not always the answer.


Dennis
@natdebtline

DCFC79

Napsta87 wrote: »

Hi,

I am in need of some help I'm after a loan and need a guarantor for it and I haven't got the luck some people have with rich families or friends in position to help out. I was wondering if I could get any help along the way any suggestions happy to hear I can have a good credit rating but ruined it when I was younger I am currently getting it better but looking to considate my youth debt I am really reliable and have never done anything wrong in my life just following the rules and hasn't helped I have a family which I am happy with and a really stable job any help appreciated

Your rating is neither here nor there, its your history that's got various defaults etc.

You don't need another loan nor a guarantor loan at that. Follow the advice already posted.

marcarm

I would also advise against getting a guarantor, don't drag anyone else into your financial situation, and don't put them in a horrible position by asking them.

Al, a consolidation loan does is move your debt around, in most cases you end up paying more as your monthly payments are lower but you are paying over a longer period.

Don't be fooled into thinking the way out of debt is to take on more debt.