Month: August 2019

Loan Fraud: Taking Out a Loan With No Intention of Paying

Date 29 August 2019

Taking Out a Loan With No Intention of Paying This written piece could also be entitled, “Doing a Runner On Owing Money” And also, “How We Commit Loan Fraud”. Interested yet? You should be, as there are things we do that in the eyes of a bank or lender, could be viewed as loan fraud. But first, here is a...

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Does Being In Debt Show Bad Character?

Date 28 August 2019

No one likes being in debt, it just is not a good feeling. Many describe it as feeling like a weight is on you, bearing down on you all the time. There can be the constant worry as to if you will receive collection calls, text messages, emails, letters in the post, and the worry what if someone finds out???...

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Interest Only Mortgages: A Fuse Waiting to be Lit

Date 27 August 2019

Interest Only Mortgages: A Fuse Waiting to be Lit Many of us dream to get on the property ladder, since the dawn of land, man, and women, have wanted to be land owners. For some innate reason, we want to have our own place, piece of land, a property to call our own. However, property is not cheap. The old...

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My Partner/Spouse is Insolvent: Beneficial Interest and Joint Assets

Date 26 August 2019

My Partner/Spouse is Insolvent If I have been asked once, I have been asked hundreds of times, what happens when one partner or spouse has debts they cannot afford to pay, and they either have no joint assets with anyone, and the accounts are in just their name. They do however have a spouse or partner, how will being insolvent...

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5 Tips to Improve Your Credit Score

Date 25 August 2019

Our credit history and our credit scores are fluid, they can change over time. Every six (6) years any accounts that are old on our credit files for the six years should drop off, and our credit scores can change all the time depending on a few factors. The factors that can affect our credit scores are: * Payment history...

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When Does Your Debt(s) Begin to Feel Uncomfortable?

Date 23 August 2019

We all have our own and unique perspective on life, and how we do things. That is what makes us all so different, and it would be a boring world as they say if we were all the same. This also is true in how we handle our personal finances, and one particular aspect of those finances, who we owe...

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Should I Borrow Against My House?

Date 22 August 2019

In thinking about and applying for a loan, one of the many questions we ask ourselves is: * How much of a loan do I need? * What is the loan to be used for? * What are the payments going to be for the loan? Strangely enough a lender is going to ask some of the same questions, although...

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<strong>What is Our Criteria For Applying?</strong> 
Every lender on our website has their own specific criteria by the basics are mentioned below and you must have a guarantor to be eligible. Simply select the lender of your choice and you will be taken directly to their website where you can apply. You will be required to submit your details including:<li style=”text-align: center;” data-mce-style=”text-align: center;”>Name (must be over 18 as the borrow, 21 or 25 as the guarantor)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Residence (your chances will improve if your guarantor is a homeowner)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Employment status (must be employed or on a pension)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Income (earning at least £600 per month and able to make repayments)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Monthly expenses (not have too many loans open or in major debt)</li>
You will then be asked to include the details of your guarantor and as mentioned above, this is usually someone who you know and trust and wants to help you with your personal finances. Ideally, a guarantor with good credit will maximise your chances of being approved based on the idea of ‘if someone with good credit trusts you, well we can too.'<strong>How Much Can I Borrow From Guarantor Loans?</strong>Guarantor Loans gives applicants the chance to borrow £500 to £15,000 depending on the lender. Some lenders we feature like Buddy Loans only have a maximum loan value of £7,500 and TFS Loans is the only lender that stretches up to £15,000.Factors that can influence the amount you can borrow revolve around having a good guarantor. One that is a homeowner, with solid employment, income and good credit rating will maximise your chances of borrowing the largest drawdown possible.The lenders featured on Guarantor Loans see a homeowner as someone who has already gone through the rigorous process of credit checking and affordability and if they can afford a house, they should be able to act as a guarantor for you.By comparison, having a guarantor that is not a homeowner offers slightly less security and means that amount you can borrow is slightly less too.Higher amounts may be available to those who already have a better than average credit rating, are homeowners themselves and a repeat customer with the lender who has already paid their loan on time. To apply directly with your lender of choice see <a href=”” data-mce-href=””>direct lenders</a>.<strong>What Does The Guarantor Have To Do?</strong>Upon completing an application, the lender will typically send you a <a href=”” data-mce-href=””>pre-contract loan agreement</a> and SECCI (Standard European Consumer Credit Information form) which will highlight the terms of your loan. You and your guarantor will be required to review the terms of the loan, including the loan drawdown, fees, repayment dates and responsibilities – and this can be signed via an online verification process using your email and mobile phone.The lender will usually carry out an individual phone call with you and your guarantor to ensure that you both understand the responsibilities and what is required of you – notably that if you cannot make repayment, your guarantor will be required to pay on your behalf. Further to some additional credit and affordability checks, funds can typically be transferred within 24 to 48 hours (or sometimes on the same day).<strong>Are Guarantor Loans Available For Bad Credit Customers?</strong>Yes, even if you have a history of adverse credit, <a href=”” data-mce-href=””>CCJs</a>, bankruptcy or IVAs several years ago, you can still be eligible. The idea is that you are using your guarantor and their financial history to ‘back you up’ and give your loan extra security. However, it is noted that your guarantor should have a good credit score and consent to co-signing your loan agreement.<strong>How Soon Can I Receive Funds?</strong>Guarantor Loans works with lenders that can facilitate funds within 24 to 48 hours of approval, or sometimes on the same day.When your funds are successfully transferred, most lenders working with Guarantor Loans will send the full amount to the guarantor’s debit account first. This is a standard security measure carried out by lenders to ensure that the funds are going to the right person and confirms the involvement of the guarantor. The guarantor usually has a ‘two week cooling off period’ where they can decide to pass on the money to the main borrower or they can change their mind and return the funds with no extra charges.