Becoming a guarantor

[HARDGAYHOOOO]

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]

Edited April 5, 2010 by HARDGAYHOOOO

[Randolf]

I think you have to factor in your future liability, cos if u require a loan from the bank. they would search for any liabilities you have and they will calculate the risk of lending to u. being a guarantor is one such liability.

[Blackseal]

Welcome to the real world dude....

 

I used to be like you....thinking why people can be so COLD to others....but fact is....$$$$$ talks the loudest in all nations.... and all skin colours will agree...

 

A decade ago....any frens who asked me for financial help with reasons of all kind including emergencies...I will not hesitate to help.....but after several " cao kuan " incidents.....I told all future borrowers that I do not give out personal loans anymore......rather then losing a fren for a pittance aka loan....I rather not lend to avoid such situations.....U know the old saying...to lend out $$$ is easy....but ask the lender to repay....they siam here and siam there.....best is dun lend...same for being a guarantor.....At least the friendship is still intact

 

..

Edited April 5, 2010 by Blackseal

[Ultramega]

On your point number 2:

 

"2)Mode of instalement payment which deducts directly from his pay before reaching his account makes it rather impossible to void payment"

 

 

 

What if he informs his HR to credit his salary into another account, or make special arrangements to be paid in cash or cheque?

[Blackseal]

On your point number 2:

 

"2)Mode of instalement payment which deducts directly from his pay before reaching his account makes it rather impossible to void payment"

 

 

 

What if he informs his HR to credit his salary into another account, or make special arrangements to be paid in cash or cheque?

 

 

I think the worst scenario is when the borrower loses his job and stop his monthly repayment...then the guarantor will surely kena from the bank or financial instituition.

[Ldawn88]

If I did not read wrongly, you penned yourself as the guarantor for your friend?

 

I guess you must be first time borrowing friend a big sum of money, no?

 

Get prepared for the worst case. You should know the consequences as a guarantor, right? cos, you may end up paying for him...in the event that he cannot pay for whatsoever reasons that he may not even have thought of.

[Blackseal]

If I did not read wrongly, you penned yourself as the guarantor for your friend?

 

I guess you must be first time borrowing friend a big sum of money, no?

 

Get prepared for the worst case. You should know the consequences as a guarantor, right? cos, you may end up paying for him...in the event that he cannot pay for whatsoever reasons that he may not even have thought of.

 

Worst scenario.....just wait for bank to declare you chapter 11

[HARDGAYHOOOO]

Welcome to the real world dude....

 

I used to be like you....thinking why people can be so COLD to others....but fact is....$$$$$ talks the loudest in all nations.... and all skin colours will agree...

 

A decade ago....any frens who asked me for financial help with reasons of all kind including emergencies...I will not hesitate to help.....but after several " cao kuan " incidents.....I told all future borrowers that I do not give out personal loans anymore......rather then losing a fren for a pittance aka loan....I rather not lend to avoid such situations.....U know the old saying...to lend out $$$ is easy....but ask the lender to repay....they siam here and siam there.....best is dun lend...same for being a guarantor.....At least the friendship is still intact

 

..

 

Hi , I believe what you meant by the phrase "Friendship" refers to close acquaintance ba because through certain incidents, that is when we can really distingush who are the acquaintances or real friends. Remember why you loan the money to that particular person in the first place???? It shows your trust and closeness as well as fondness for that particular "FRIEND"in a certain degree. The reason why you are rejecting offering help now is also because of your distrust to the term friendship after . But when so-call "FRIEND" ask you out for KOPI,CHIONG,MOVIES etc etc ....thing's still ok. I disagree with the fact that in order to keep a friendship is not to help, then can I humbly ask, how to keep a friendship intact when there isnt really one for you to keep in the first place?????? <_<

[HARDGAYHOOOO]

On your point number 2:

 

"2)Mode of instalement payment which deducts directly from his pay before reaching his account makes it rather impossible to void payment"

 

 

 

What if he informs his HR to credit his salary into another account, or make special arrangements to be paid in cash or cheque?

 

 

Bro, what you have pin pointed I dun denial there is such possibility. In terms CO OP, it means taking loan from the company credit operation department which lots of time are there to aid empolyee cope with cash problems especially when it comes to renovation,study as well as credit card debts lor. Indirectly to say , they are actually taking that loan from the company itself. To deduct instalement payment from the employee's salary is one of the measures for they(company) to ensure prompt payment as well as void ones. Even if employee apply for salary to be credit into another account of make special arrangments to be paid in cash or cheque, it will be after loan instalement deduction then what is left of his pay lor. How to siam???

 

Besides bro, do you think people who got married will worry stuff which may happened in the future which possibilityare quite low like spouse cheating on one another , husband gotten a second wife at china etc etc????? Sometimes it really depends of what we really wanna. Some loan circumstances, it is not really the risk factor that is the case but US ..... whether we wanna to help or not lor.

[Freestylers09]

Welcome to the real world dude....

 

I used to be like you....thinking why people can be so COLD to others....but fact is....$$$$$ talks the loudest in all nations.... and all skin colours will agree...

 

A decade ago....any frens who asked me for financial help with reasons of all kind including emergencies...I will not hesitate to help.....but after several " cao kuan " incidents.....I told all future borrowers that I do not give out personal loans anymore......rather then losing a fren for a pittance aka loan....I rather not lend to avoid such situations.....U know the old saying...to lend out $$$ is easy....but ask the lender to repay....they siam here and siam there.....best is dun lend...same for being a guarantor.....At least the friendship is still intact

 

..

 

 

sometimes emergencies i will take into acc for which kind of emergencies

 

but normal one i wont lend,unless they helped me b4 in past

 

but guarantor, die die i wont..die also dont know why

[HARDGAYHOOOO]

If I did not read wrongly, you penned yourself as the guarantor for your friend?

 

I guess you must be first time borrowing friend a big sum of money, no?

 

Get prepared for the worst case. You should know the consequences as a guarantor, right? cos, you may end up paying for him...in the event that he cannot pay for whatsoever reasons that he may not even have thought of.

 

Well like ID mentioned in my first post. Sometimes to help a friend also we cant just help blindly....as a precaution measure, we gotto analyize the loan term and condition plus the peson's creditbility and how much you know about him. Many freaked out becos upon seeing the huge loan amount??? I will talked about the amount in the later part. The thing is, term loan is deducted promptly direct from his salary before distributing into his account meaning it doesnt matter how many times he/she change the account where the salary will go or in what form he/she choose to receive the salary (cheque/cash) .... imagine the instalement amount is $500 month..his/her net pay is $2000 monthly.... so for the next 3 years, the fellow's net pay will be $1500 not matter what .

 

Beside, of course is I know my friend is borrowing money to buy car or any materialistic personal enjoyment, I will have to say no also ma. ifi it is a death situation, being friends, how can one sit and watch while a friend rots and die????? Ultimately, we may not be living a full lifespan of 70 to 80 , in any event of early departure...bro can you actual taken your wealth and riches with you ????? Or if we change another angle in the situation, what is it is our own son or daugthers who in need of a bone marrow and onli this 1 relative suits, in the end he/she reject helping and you can onli watch in despare ur love one rot away slowly till death. Will it be another story????

[Valx]

Wah see tio this thread i i had a very good buddy who go and be guarantor for her boyfriend,

they together loan 40k to repay his boyfriend soccer debts. what even finance company they also try.

So far loan 40k and need repay 400-500 per month between banks. she went on to work 3 jobs to help her boyfriend to repay the loans then she kana two timing so break off after duno how many donkey years of paying. so up to now still owe about 17K++. She have been receiving calls from the banks asking her to repay the installment due to she is the guarantor of the loan and due to the bank cant retreive money from her ex bf she got to keep paying for this outstanding loan. The bank don't care one they just want see the money being paid every month when my buddy explain that she no longer in contact with her ex bf the bank state that they cant retreive the money from her bf due to the accounts no money and they cant find him as he venture malaysia 3-4 times per week therefore she got to be liable for the payments. Up to now still paying a!!! i share this story with you as to dun easy easy think a signature has nothing to be worried off in fact there are hugh implication with being a guarantor unless its you are very sure he will pay if not don't bother putting yourself on the line. Sad case.

[HARDGAYHOOOO]

sometimes emergencies i will take into acc for which kind of emergencies

 

but normal one i wont lend,unless they helped me b4 in past

 

but guarantor, die die i wont..die also dont know why

 

 

You will definitely help if you were once in the fellow's situation lor.... sad to say, we are all comfortablely in our own comfort zone in regardless whether we are rich or poor , so much so that we feel we are oredi caught up in our own situation here, why must one walk out of our circle and help the others in despair, even if we can????? As you have mentioned, unless tat person helped you before meaning you were once stranded in tat difficult position and a friend caught to ur rescue is live proof to support my thoery lor...

[The_Bear]

Eat more rice, dude.

[Freestylers09]

You will definitely help if you were once in the fellow's situation lor.... sad to say, we are all comfortablely in our own comfort zone in regardless whether we are rich or poor , so much so that we feel we are oredi caught up in our own situation here, why must one walk out of our circle and help the others in despair, even if we can????? As you have mentioned, unless tat person helped you before meaning you were once stranded in tat difficult position and a friend caught to ur rescue is live proof to support my thoery lor...

 

 

yup...coz i kana put plane b4 so i noe

 

so even those helped me b4 i helped them back,put plane also nvm coz they pulled me out b4, owing people favour need to repay

 

thats how i feel and think

 

 

[HARDGAYHOOOO]

Wah see tio this thread i i had a very good buddy who go and be guarantor for her boyfriend,

they together loan 40k to repay his boyfriend soccer debts. what even finance company they also try.

So far loan 40k and need repay 400-500 per month between banks. she went on to work 3 jobs to help her boyfriend to repay the loans then she kana two timing so break off after duno how many donkey years of paying. so up to now still owe about 17K++. She have been receiving calls from the banks asking her to repay the installment due to she is the guarantor of the loan and due to the bank cant retreive money from her ex bf she got to keep paying for this outstanding loan. The bank don't care one they just want see the money being paid every month when my buddy explain that she no longer in contact with her ex bf the bank state that they cant retreive the money from her bf due to the accounts no money and they cant find him as he venture malaysia 3-4 times per week therefore she got to be liable for the payments. Up to now still paying a!!! i share this story with you as to dun easy easy think a signature has nothing to be worried off in fact there are hugh implication with being a guarantor unless its you are very sure he will pay if not don't bother putting yourself on the line. Sad case.

 

As iD mentioned before, wanna help , dun just help blindly but your girl friend's act of gracious is something which is worth commenting and I dun denial there are fxxkers or black sheeps who spoil the market of people trusting one another lor. Me myself also kana cheated by my EX quite a lot of money because she claimed she wanna to repay her father's gambling debts . Do you think it is easy for a BF or friend to reject seeing her cry and cry???At the end of the day promise to return but never????? Cant even find her after we broke up as she cancel her email, frienster,HP num ..... moved to her current BF or aka sucker's house to stay???? I also Lan Lan siao siao , die die pay the money myself. The thing is that i will still continue to help out my friends if i can looking at given conditions and circumstances.... I did not regret my act of helping my ex but if I knew she is out to cheat, definitely wont.....

[The_Bear]

A fool and his money is soon parted.

 

A slut and her legs are always parted.

Edited April 8, 2010 by Bavarian

[RadX]

A fool and his money is soon parted.

 

A slut and her legs are always parted.

 

 

wassup wi you ah polar...alwes thinking of the great divide??? you moses ah