Clear The Name From Crib Being Guarantor

[MrCat]

best thing you can do is to do within your means...rather than trying to borrow to get something you want...if you do really have to borrow..borrow against your investments or based on ur salary using those professional loans or loans based on your qualifications...same way vice versa if someone wants you to be there guarantor ask them to utilize one of the options where they dont have to rely on some one else...as a policy ill never sign as an guarantor on behalf of anyone nor would i expect someone to be for me in return...

+1 for that, personally haven't had a loan my whole life (until today though). Other thing is to try and get a healthy deposit organized and borrow the balance required. Easier to get into a loan that way, less liability, less interest payments. Might not be piratical all the time but that sure is doing within your limits.

Edited October 5, 2011 by MrCat

[ae100]

Good thoughts.

My personal opinion is that being a guarantor doesn't provide you with ANY benefits. So it's very irrational for someone to be a guarantor. You sign up to pay a very large sum of money in return of absolutely nothing! (unless you have a crush on the lessees sister or someone )

[Tuff Don]

Another option is if somebody tells u to sighn as a guarantor tell him that u have already in the crib due to default.So he will never ask u again.

[Watchman]

Another option is if somebody tells u to sighn as a guarantor tell him that u have already in the crib due to default.So he will never ask u again.

Dam smart idea! You can save face, your credit-worthiness AND your friendship! +1 indeed

[SimpleAuto]

Another option is if somebody tells u to sighn as a guarantor tell him that u have already in the crib due to default.So he will never ask u again.

ha ha ha

[Sylvi]

Another option is if somebody tells u to sighn as a guarantor tell him that u have already in the crib due to default.So he will never ask u again.

'Tuff Don',

Very good advice for members, to be safe and avoid getting into trouble,without getting angry with a person.

Sylvi Wijesinghe.

[Uthum]

Another option is if somebody tells u to sighn as a guarantor tell him that u have already in the crib due to default.So he will never ask u again.

YES... this is the way you can avoid such request from your close friends/relatives.

If I tell you about my current position... I obtained a couple of millions loan from a private bank even my name appears in the CRIB. In fact, we found that my Name in the CRIB while we make application to that loan.

Trick is that you should have very close relationship with the bank (specially branch of the bank including manager and support key ppl).

I had to submit a letter that included explanation about the situation why my name appears in the CRIB, my financial back ground, job situation and my professional achievements. The manager too recommended me as good customer and finally I was through.

Thanks everybody for valuable advises.

Edited January 10, 2012 by Uthum

[Sylvi]

Members,

I was informed by a bank guarantees name will be there for three years on the Crib.

My name is on the Crib guarantying for two persons. two months back I signed for a another guarantee for a another Vehicle.

I got letters from the Finance company's to confirm that one person already settled the lease and other person had paid up to date.

Then Peoples leasing after going through my bank statements for three months gave the lease it was a small amount of .5 M for three years.

Sylvi Wijesinghe.

[jhone.m]

Assume that person X has signed for a vehicle lease as a guarantor on behalf of person Y. Mr. Y fail to pay installments neatly then the vehicle is taken back by the leasing company and they do re-sale it. Any outstanding or differece of financial settlement should be paid by Mr. Y. Mr. Y also fails to settle such financial outstanding.

In such case, THE PERSON  Y  IS DEAD AND ALREADY 8 YEARS PAST.

 

1. What accountability that guarantor has?.

2. If the financial institution block the guarantor's name in the CRIB how he/her can clear his/her name?

Advise is expected from experience people on this regards.

[Quiet]

1.Personal guarantor is liable to pay if directed by a court of law. (Jointly and severally liable)

2.CRIB cant do any blocks. CRIB will indicate the last 24 months repayment track record of the facility under indirect liabilities. Also it will indicate last repayment date, status of the facility (Repossessed and sold/Legal/Written off etc.)

If it is a indirect liability you may be able to obtain direct facilities as financial institutions including banks are lenient on irregularities on indirect labilities. It all depends on the size of the liability and the capacity of the borrower to repay the indirect liability in an eventuality.

Hope this helps

[Anu Gayashan]

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