Guarantor loans

Carrot007

The only way that a guarantor loan (or anything) should be allowed to be taken out is if..


The guarantor comes in in person and provides ID and a photo (preferably vido) is taken of them agreeing that they will cover the cost if the idot does not.


That way either the company takes a hit if they did not adequately check ID or the other idots that agreed to it does.


(Yes I think they should be beanned and information about such should be told to get another person to take a loan out for yo uat a probably better rate).


Still fools and money. (This one does sound like some fraud though, but given the check made and n oin person reqirement it is going to be hard to proove).

Mobeer

I think the problem is people trust their family members even when past history suggests they shouldn't.

foxy-stoat

Mattmoo71 wrote: »

Why, if one is prepared to accept liability of repayment as a guarantor for a loan at circa 50% interest, would one not get the loan at a more competitive rate themselves and draw up a personal repayment contract with their "amigo" in need?

That IS the advice on EVERY thread where the poor sap has come on here after figuring out what their duties as a guarantor are and asking how to get out of it.

The first piece of advice is to read the agreement before signing.....the next piece of advice is DONT BE A GUARANTOR.