Guarantor Loan Application Made For Flood Damage Repairs Image

Guarantor Loan Application For Flood Damage Repairs

Our latest customer experience piece looks at a subject many locations in the UK suffer with regularly during the more turbulent months of the year and that is flood damage.

Theresa and Gabriel live in a small village in North Yorkshire. They moved to the region 3 years ago and purchased a stunning 3 bedroom house near the coast and the local river with a view to raising a family and settling down. Gabriel is a self-employed marketing executive and Theresa works in the local supermarket. The particular area they chose was ideal from a number of reasons. It had great schools and was a safe place to raise a family.

The house itself is a beautiful detached stone walled property with a stunning garden and off street parking. They were able to purchase the property outright with money left to Theresa in her mother’s will when she passed away a few years back.

The weather had been particularly horrible over the previous couple of years but they got through it without too much disruption, however sadly this year was a little bit different. Due to an abnormally large coastal storm surge many properties were engulfed by high water levels, leaving homes in wreck and ruin. Gabriel and Theresa’s cottage was severely water logged. All the carpets and furniture was essentially unusable and needed replacing. The electrical system needed fixing and the whole downstairs area needed a new paint job.

Theresa got straight in touch with their insurance providers, as did everyone affected by the storm, and had some of the worst news they had received in a long time. Their property was not fully covered by their policy.

To start with, the couple both were in shock as they couldn’t believe they had fallen foul of a loophole in the insurance policy leaving them unable to restore the property to a liveable condition.

Their next step was to gather their thoughts and immediately start looking into repair and renovation costs to understand how much it would take to get their beloved property back into a liveable condition. They started getting quotes from specialist local contractors. Many of the companies they contacted had been doing this form of clean up and repair service for a number of years and were able to give them a lot of great advice.

After a few days the couple had received the quotes and now fully understood how much it would cost to get their property restored. The next issue was finding the eight thousand pounds it was going to cost to get the work done. They already had three thousand in their savings account so they now just needed the additional five.

Gabriel approached his bank to see what they could offer but received his second bit of bad news. Due to a few late payments on his credit card and having gone over his overdraft limit several times in the previous year, the bank was unable to offer him anything at all.

Both Theresa and Gabriel were at their wits end and were really were struggling to think of what they could do to find the money needed. During this very stressful time they received a follow up call from one of the renovation companies that had provided a quote for their property repairs. The company was just calling to see if they had made any decisions on whether to go ahead with the quote. Gabriel explained the situation regarding the insurance policy and lack of funds to the caller. It was at that point that the couple received the first bit of good news in a while. The helpful lady calling mentioned that her company had dealt with other families in a similar situation. One of those families had used George Banco for a guarantor loan, which fully covered the renovation and repair costs, and allowed the family to get back to normal life.

Immediately Gabriel used his mobile to go online to find George Banco. He put in an application and found that although he was not eligible for personal loan, he would be eligible for a guarantor loan, provided he could find someone to act as his guarantor.

Gabriel had a chat with his father, Paul who initially was very sceptical. Paul said he wanted to know a lot more about how a guarantor loan worked before he would sign his name to anything. Paul called George Banco and spoke to one of our customer service representatives who went through everything in detail with him. Paul needed a short while to consider the option, and after another chat with both Gabriel and Theresa he was comfortable that they would honour their part of the agreement. Paul agreed to act as guarantor for them and completed the application.

As soon as the funds landed in Paul’s account he transferred the funds over to Gabriel and Theresa who were able to start getting their property back to the way it was before the flooding.

The repairs have since been fully completed and Gabriel has been making the agreed repayments to George Banco for the guarantor loan.

If you have been in a similar situation to Gabriel and Theresa and want to know if you are eligible for an unsecured personal loan or a guarantor loan then click here to start the application process.