Lending money to friends & family

techmax76

marycoco wrote: »

Can anyone tell me if you stand Guarantor for someone and they pay the loan, will this effect me applying for my own loan future while this loan is still live.

I also co guarantor a loan for my friend but unfortunately she was lay off from her job and no money to pay her loan. I was the one who paid for her balance. As far as I understand every lending company have different policies. You have to read carefully the co-guarantor policies before signing in so that your credibility will not be affected.

techmax76

Rupert_Bear wrote: »

At what thousand did you decide you would never get it back?

Actually I can't even remember how much was the exact amount because every time I got to thinking I got a headache........ But that was before when I'm earning more. Now I have learned my lesson. If ever I will earn that big amount again surely I will put it into an investment.

Rich_Richmond

marycoco wrote: »

Can anyone tell me if you stand Guarantor for someone and they pay the loan, will this effect me applying for my own loan future while this loan is still live.

Yes, it will. Most banks and financial institutions look at the loan that you are a guarantor for, as a loan that you hold. They will therefore deduct that much amount from your loan eligibility.

Also, if the borrower has defaulted on some payments during the course of the loan, this also shows up on the guarantor's credit history. This can additionally reduce your chances of getting a loan.

samsondog

Hi everyone we didn't get our money back, we went to a debt collector with a heavy heart, we didn't want to...but, our niece and her husband have an easy solution....just go bankrupt....people today can rack uo debt and just go bankrupt....not one word of regret, not one word of apology..........and that's all we wanted, we would have understood. They are only in their 30's so will have years to recover, where our time to retirment is limited. My sister-in-law, our neice's mother has been so vile towards me. We have to let it go, but as my grandma used to say...God pays debts without money....

moneymouth77

It's always best to make sure there's something written and signed. I've lent money to friends before, but we've had a little contracty thing that says when it's repayable by, or else percentages apply etc. This is obviously not for little amounts, but it's good to have a system in place. Especially since, according to this article, we all try and pretend we have more money than we really do... (http://money.sky.com/mp/features/news/2009/06/03/Young-lie-about-money-to-fit-in.html)

kianicky

Stuck record and parrot springs to mind. Now run along now little spammer, won't be long now before you are banned

ally58

I am in desperate need of a £1000 loan have tried every avenue no one will lend me the money even so called friends who i have helped out so many times in their hour of need when the boot is on the other foot they disappear so reading this thread was interesting.The only loan i could get was from express loans who now say they want a guarantor who is a homeowner so now im back to square one i could manage the repayments with no problem as i had asked the aforementioned friend to lend it to me for just five months repaying £200 and i wrote a formal agreement then they decided to use the money for another holiday i just couldnt believe it it has left me suicidal with worry i havent any family apart from my daughter 9 and an ex husband who owes me £5500 in child support who is being chased by enforcement officers at csa but thats another story

maz1964

ally58 wrote: »

I am in desperate need of a £1000 loan have tried every avenue no one will lend me the money even so called friends who i have helped out so many times in their hour of need when the boot is on the other foot they disappear so reading this thread was interesting.The only loan i could get was from express loans who now say they want a guarantor who is a homeowner so now im back to square one i could manage the repayments with no problem as i had asked the aforementioned friend to lend it to me for just five months repaying £200 and i wrote a formal agreement then they decided to use the money for another holiday i just couldnt believe it it has left me suicidal with worry i havent any family apart from my daughter 9 and an ex husband who owes me £5500 in child support who is being chased by enforcement officers at csa but thats another story

hiya ally

i know exactly what you say,,,im still owed money and i now need money and no one is there for me,,,so a very hard lesson ive learnt if nothing else

what ive decided to do is join my credit union - however, it may not help you immediatly but as a future thought could help you

we had to save at least for 12 weeks continously or monthly an amount before they let us have a small loan, only about twice what your savings were, and then the next loan was 4 times the amount of savings, however, you wont be able to get all your savings out, have to keep at least a 3rd of savings to what you owe on any loans amount

ive set up standing orders each week to pay off my loan and continue a small amount into my savings, its working brill for me,,,

can you look at all your expenses and see if you can cut back a little and see if you can pay what you need to out of this 1000 - other than that anything else has horrendous rates so is it worth it to borrow at such high rates,,, my credit union charges 1% of what is left at the end of each month owing, the faster i pay it off less interest i pay and gives me the incentive to keep chipping away at the loan each week

wishing you lots of luck and keep positive

cheers maz

shubh

If you don’t a have a receiving note or bank details of cheque clearance, chances of getting your money back are very low. If you threat him, he may lodge a complaint against you.

ally58

thanks for replying i had already tried the credit union as you say would have to save for 12 weeks first which doesnt help me now its worse because i am owed that money and cant get it back now we have no one but thank you for at least replying i have no where but here to speak about it