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Last year, Gary told us about his situation: guarantor loan needed for my broken van.
His van had broken down and — because he was a self-employed painter and decorator — he needed the van for work. More than that, he needed to get his van fixed quickly so that he could avoid cancelling the work he’d already booked in and losing more money. Luckily, he came to Bamboo for help.
Here’s Gary’s story.
A guarantor loan needed for my broken van: how Gary got back on his feet with a Bamboo Loan.
Gary, 35, lives in a rented house on the outskirts of a rural town with his partner, Gemma, and their two girls, Laura and Sarah, aged 7 and 11. Gemma is a care assistant at a local care home for disabled adults and Gary is a self-employed painter and decorator. They make their money stretch most months and manage to go on an all inclusive holiday once a year, but they don’t have any money in savings.
One day, while driving home from work, Gary couldn’t get his van into gear. Fearing the worst, he pulled over at the side of the road to call the recovery service. When they arrived, they told him that his gearbox had broken and that it was going to need replacing immediately.
That’s when Gary’s trouble started.
The garage confirmed that the gearbox and clutch needed replacing. They also spotted that two of Gary’s tyres were nearing the legal limit and would need replacing too.
However, Gary’s local garage didn’t do van gearbox replacements, and there are only a few garages in his local area that did.
They called a nearby garage who said they could do it for Gary at a good rate, but they couldn’t fit him in for a few weeks, so he’d have to go without his van and cancel work commitments.
Alternatively, there was another garage that could replace Gary’s clutch, gearbox and tyres within a few days, but it was much more expensive, costing £925.
Gary had to decide: go without his van for a couple of weeks or spend more to have it replaced almost immediately?
At home, Gary and Gemma sat down to work things out. They couldn’t afford to pay the £925 to have the van fixed immediately, but they also couldn’t afford to turn down the work that Gary had booked in for the next couple of weeks.
At first, they considered putting it on their credit cards, but as they were both still paying off their credit cards from their holiday a few months ago, they didn’t have credit to cover the cost of replacing the van.
“About the guarantor loan needed for my broken van…”
The next morning, Gary went online to look for a loan. Initially, he looked for a bank loan. But with a few dents on his credit report — caused by a few missed payments after some customers didn’t pay on time — and having been self-employed for just over a year, he knew that he wouldn’t qualify.
Then he remembered reading about guarantor loans, and knew that his brother would help him out if he qualified.
That’s when he Googled guarantor loan needed for my broken van and came across Bamboo Loans. A quick soft search later and he’d seen that he could borrow £1000 (which gave him an extra £75 to cover unforeseen expenses) for 12 months and make 12 repayments of £102.98.
After checking his eligibility for the loan — he qualified with a guarantor — Gary gave his brother a call and talked him through the whole process, seeing if he’d be willing to help and answering any questions he had. He told him all about ‘the guarantor needed for my broken van’ and how him and Amanda could afford the repayments every month.
After putting the phone down, he went back to Gemma and told her the good news. “I talked about the guarantor loan needed for my broken van and Andy has agreed to be my guarantor.” he said, and started filling out the application form.
“They’ve accepted the guarantor loan needed for my broken van!”
We also informed Andy that we would transfer Gary’s money into his account and that he would be responsible for transferring it to Gary.
Andy agreed to all of this, e-signed the agreement and we processed Gary’s application.
That’s when we sent an email to Gary saying:
Great news! You’ve been accepted to borrow £1,000. The money should be in your account by midnight tonight!
As soon as he’d got the email, Gary called the garage and booked his van in for the work it needed. Within a week, Gary was back on the road and out to his customers’ houses, which meant that he didn’t lose any work or money because of the work done to his van.
A note from the Bamboo Team:
All of the details included in this article are based on real-life situations faced by Bamboo customers, but for the sake of privacy and anonymity, we’ve created ‘Gary’ to tell the story of customers who find themselves searching guarantor loan needed for my broken van.
At Bamboo, we offer guarantor loans for anywhere between £1,000 and £8,000. Click here to find out more.
- Author The Bamboo Team
- Posted 13 May 2019