I need to borrow money for my daughter's college fees. Before the separation, my husband and I have operated a joint account with a line of credit attached to it. So, it was never a problem to stretch a budget a bit...
But, after separating about 6 mths ago, have no longer access to this account. When enquired at my bank, they asked me what kind of security can I offer?
What does it mean? I'm working full time, and live in a mortgaged house jointly owned with my former husband. Bank said, because the title is in joint names, the property isn't suitable as a security.
They've suggested, to go to my family and ask somebody to be my guarantor.
Don't really like this idea; for some $5,400 that I need, I'd have to unravel all my financial affair to my family.
Are there any alternative sources of short-term financing, available to divorced and separated persons? I can repay the loan in about 9 months.