Friend wants me to be Guarantor but I have concerns

MEM62

* Mate wants to marry and have kids with a Filipino woman he has only spent a few days with.
* He wants you to guarantee a loan so he can have a reverse vasectomy.

Holds head in hand is utter disbelief!

If this is not a wind up you should be putting all consideration of being a guarantor out of your head and instead concentrate on talking your friend out of this madness. Your friend is being a flange and they need to be told.
If nothing else you might want to ask how, if he does not have sufficient money to fund his own operation, is he going to pass the financial criteria to obtain a spousal visa?

Ebe_Scrooge

I have to echo what everyone else has said. I'm with Browntoa on this one - even the "Filipino friend" story has got "scam" written all over it before you even start.

That aside, guarantor loans are a bad idea in principle anyway. For anyone that wants to help a genuine friend or family with money, you're better off taking out a loan yourself, at a much more favourable APR. Give the money to your friend, and treat it as a gift with no expectation of being repaid. If the friend does repay some or all of the money, look on that as an unexpected bonus. That's really the only way that the story will have a happy ending.

Voyager2002

Browntoa wrote: »

Your are also assuming the his "online friend" actually exists and is not a scammer sitting in an internet caf! somewhere

The OP says that they met and spent a couple of weeks together.

Voyager2002

I agree with all the other comments.

I will just add that medical costs are much lower in the Philippines than private procedures here, while quality at the best facilities is probably higher. If he does end up married to her, we can be sure that they will be spending a fair amount of time visiting her family there, and that might be a good time for the medical procedure. This might be a good excuse to decline to guarantee the loan.

rh205

Thanks for all the replies.

I must admit it is definitely not a risk I want to take and would be crazy to get involved.

1) He's got a history of poor financial planning / decisions and a poor credit history / score.

2) He's already got financial commitments in the form of credit for a bike, child maintenance and household costs yet is still wanting to take on more.

3) I would also question if she is trying to convince him to have a baby because she knows it is likely to get British citizenship. I'm not sure if this would then mean she would be able to stay or not.

I feel that I have worked hard over several years to build up enough of a deposit for a mortgage and it would be stupid to throw away all that hard work. I know it sounds selfish but I think sometimes you've got to put your own financial and personal interests first.

couriervanman

rh205 wrote: »

Thanks for all the replies.

I must admit it is definitely not a risk I want to take and would be crazy to get involved.

1) He's got a history of poor financial planning / decisions and a poor credit history / score.

2) He's already got financial commitments in the form of credit for a bike, child maintenance and household costs yet is still wanting to take on more.

3) I would also question if she is trying to convince him to have a baby because she knows it is likely to get British citizenship. I'm not sure if this would then mean she would be able to stay or not.

I feel that I have worked hard to build up a deposit a mortgage and it would be stupid to throw away all that hard work over this.

After knowing all of the above.......you still had to ask on here:rotfl:

Sea_Shell

You seem to have comprehensively answered your own question!

cymruchris

Tell him that as you're soon going to be applying for a mortgage - a guarantor loan is seen as a negative on your credit report - and that it may restrict the amount you can borrow, and potentially affect the rate at which the mortgage is granted, so that at this time you're unable to take it on, but hope he can get it through his own commitment to overtime....

PasturesNew

Lie to him. Tell him "confidentially" that you're actually credit blacklisted and you'd not be accepted as a guarantor. Tell him you're only just coping holding things together - and are hoping to get the black mark off in the future, but it's there now, which is what matters.

This chap isn't a friend..... he's a liability.

Barney_Rubble_0403

You willy shouldn't do it :rotfl: