The Guarantor Loan And Selling Phones To Beat Bad Debt

Since the banks went bust, anyone who has a bad credit rating is finding it harder than ever to borrow money

. Stricter lending rules and even more strict credit scoring criteria are pushing even the credit worthy into a high risk lending category. Never fear though, there are several ways you can make money work for you, from securing a guarantor loan based on someone else's excellent credit rating to cashing in on unwanted mobile phones and unworn jewellery just lying around in your draws at home.

It has only been over the last few years that we have as a global population become less thrifty, throwing away goods that are perfectly fine to carry on using in favour of the latest make or model. We have even stopped making simple repairs to electrical equipment, clothes and furniture we still want in favour of throwing it out and just buying something new. This has meant that not only do we spend more money than necessary, we are also throwing it away when we get rid of these things.

Unsurprisingly this has collectively led us all down the path of debt, and when we find we do really need to splash some cash on something new, we seemingly have no collateral to cash in on. Guarantor loans are one way to utilise someone else's good credit to access a loan from a lender in a situation like this. Guarantor loans are given to a borrower based on the financial credibility of a chosen guarantor. If this person has the capital to cover the requested loan repayment, the lenders will then go ahead and approve the loan to the borrower who cannot meet the strict criteria themselves.

However, it is becoming more difficult for many people to access a loan, and some people that really cannot find someone with a good credit do not have the option of accessing a guarantor loan, and this is where an old fashioned way of thinking comes in... Selling what you don't need. Car boot sales are a good way to raise funds, but there are a number of companies that are willing to give cash for gold, and for unwanted mobile phones. These two items are quite likely to be little nuggets of cash just hiding in a draw at home, that you have forgotten about.

Gold varies in value, but the price for mobile phones is actually increasing dramatically due to the scarcity of a mineral used in the components. Not only is there not much of it on the planet, it is costly to extract, therefore manufacturers are willing to pay a high price for it. If selling phones and jewellery isn't an option, and you cannot find a guarantor for a guarantor loan, it is advisable seek advice from a government debt management company before the situation becomes even more out of control.

by: Anna Stenning

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