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It is the time of difficulties when our world is facing money crisis. The term guarantor doesnt seems to be a strange word to many of us out there easpecially when one need to take a secure loan from agencies. Main point is, how do some of you guys see the term guarantor???? Apart from contacting every single number saved in the mobile to borrow money from , asking friends or relatives to be guarantor supposingly is the next thing which many consider as mission impossible???? I have a friend who owned several credit company debts amounting to 30K finds it rather impossible to find people as guarantor while on the other hand at first , I dun see the difficulties to it since you dun actually ask them(friends) to fork out hard cash??? Later realised the term mission impossible especially people of Asian country like Singapore holds. I myself agreed to pen in as his guarantor as I persoannally find it no big deal upon analizing several points : 1) Stability of loan company 2)Mode of instalement payment which deducts directly from his pay before reaching his account makes it rather impossible to void payment 3) Credibility of the person meaning my friend taking the loan 4) Urgency of taking the loan. (meaning life and death situation) 5) Percentage of risk factors etc etc.... However later discovered that it is harder than I thought upon seeing him gotten slam from door to door. Almost impossible to convice people to be a guarantor especially upon presented the amount needed to loan. Haiz.... well perhaps it is really true to say that no matter how close the friendship or how thick the blood relationship of fellow relatives seems, when issue of money...NO correction, large amount of money arises, relationship may seems to be nothing more than scandals and blood may seems to look as clear as soda water. Some like my friend resorted to offering a token of appreciation to people who are willing to be guarantors(2 to 3K) and those who are willing to recommand a token of $500 each may seems stupid but even naive to expect people to help for free???? Impossible.... Anyone may wanna share his side of the story of guarantor seeking quest or his personal point of view towards such. Actually, my pay is too little to be eligible for the guarantor thing earning a basic of less than 1.5K . Wish him all the best in his quest tho. I believe many of us are living in our own comfort zone too long , not going out of the circle nor having the chance to experience hardship out of the circle to truely understand how difficult the word survival is to some others????? Someday , who knows....I myself may deem to be caught in a life and death situations whereby all my friends and relatives leave me. THE world is round afterall.BEWARE!!!! [rolleyes] [rolleyes]

Just a thought? Is it possible. Assuming one has no bad records, stable income and high pay.

Hi Guys, Recently came across a sad and disturbing scenario encountered by my wife colleague She agreed to become the guarantor for her cousin who claimed that he needed a car for his work. Young chap who probably lured by the privilege of owning a car. So he defaulted on the loan instalment payment. Finance Company try to repossess the car but could not find it. Letters were probably sent to his house and conveniently ignore. Now the finance company is going after the guarantor, issuing lawyer letter demanding the car. They are not interested in the outstanding instalment payment anymore. They wanted to repossess the car and auction it off. She was given until a certain deadline to respond(< 1week) The guy know will avoid her phone call now. Refusing to answer, acknowledge and disclose the location of the car. Even his mum could not get any information from him. He can only say he will pay off the outstanding instalment before the deadline. Under the brief description above, what is the rectification recommended for the guarantor? Seriously speaking, she know nuts. Dunno what car, what model etc etc. Signed blindly on the loan agreement, trusting her cousin etc etc. I would recommended her to speak with the finance company lawyer and meet up with a senior office from the finance company to explain that she is actually the victim of such circumstances. Hopefully, on sympathy ground, they will extend the deadline or propose another solution. Anyone of your guys have better suggestion?

can enlighten me shd one of my friend take up an in house loan, he ask me to be guarantor as the finance company wan play safe in case anything happen..can i ask shd i be guarantor to him,will they submit my particulars to the bank or is it jus for their record purposes, i believe the finance company take up the loan themselves and jus charge them interest at a diff rate right? afraid later might affect my loan capacity from other bank shd i wan re loan again..

Hi fellow MCF forummers... need some advice from experts here. My Fren is a Guarantor of a Swift Sports... Now both owner have a problem with each other which will never be settle... My Fren desperately wanna remove her name as the swift guarantor... Called the bank up.. they sae cannot remove must swap with other garantor.. Oredi tell the first owner to find other garantor but i tink he take things very lightly... not bothered.... The quest is: Is there any other way to settle this?... Wat if the first owner starts to play punk threaten not to pay or skip payments..?? Anione can help or advice...