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"guarantor" Loans

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All the rage according to daytime TV adverts.

No doubt a straight response to the new affordability rules (CONC guidelines from the FCA)

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IS this Amigo or something like that?

I saw these on telly once.

They charge you the same high APR for an unsecured loan.

And them repo your guarantor's house when you fail to pay the loan.

Ace - win, win!

It reminds me a bit of The Simpson, when Homer asks Mr Burns for a loan.

And Burns replies: 'Do you know the meaning of the word 'usury'?'

Homer: 'No.

Burns: 'Excellent!'

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Most of the previous 'payday' loans places by the look of it.

Saw at least 3 different ones today on TV. One was Amigo yes.

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Other one is sunshine loans? And the girl with block head hair cut. They must get some punters else why would they advertise

Only ones that do not understand the contract and cannot work out percentages - so thats ~70% of the UK population.

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These ads have been around for a while I remember a "remember the good old days..." guarantor loan from a few years ago.

As benefits begin to be squeezed once again I can see these becoming another "mis-selling scandal", "but I didn't realise that's what guarantor meant". If Gidiot had some balls he'd just say caveat emptor or the hard of thinking "funk you, you signed the funking paperwork now pay the funking money back or we send you to debtors prison*".

*I'm in a foul mood today and would be very happy to see the return of the debtors prison, can't pay your loans go to debtors prison - no bankruptcy for you.

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Most of the previous 'payday' loans places by the look of it.

Saw at least 3 different ones today on TV. One was Amigo yes.

Amigo is not your friend and certainly not your guarantors friend.....why not cut out the middle man and approach guarantor directly.....they only end up paying anyway if you don't.

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UK = Large scale Debtors prison. Its even an island!!!

Debtors paradise more like, and housing wealth fantasy land.

Realm of HPIers.

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winkie...because as a guarantor I wouldn't trust the person who wants to borrow from me with my money, but I am happy for them to borrow someone elses money.

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winkie...because as a guarantor I wouldn't trust the person who wants to borrow from me with my money, but I am happy for them to borrow someone elses money.

Going back to my Burns/Homer quote, Do you understand what a 'Guarantor' is?

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I do, but I am sure there are many that 'think' the way I put in my first post...

....the only thing I would act as a guarantor to is the inevitability of my own death...knowing that if 'he' defaulted I would be happy to get 'caught'

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I do, but I am sure there are many that 'think' the way I put in my first post...

....the only thing I would act as a guarantor to is the inevitability of my own death...knowing that if 'he' defaulted I would be happy to get 'caught'

A banking law lecturer on a course I went on defined a guarantor as "a mug with a pen".

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My mate asked me to be a guarantor (for a rental place), and I replied "why would I risk the roof over my head for the one over yours"... he didn't quite understand...

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