New partner with loan problems

Badger_Lady

Yeah... it's starting to look like a sensible option. I'd just do anything to avoid setting a precedent, just because I'm the higher wage earner. He has a lot of
talk about "never being a financial burden" but, after all, he's not been tried and tested yet.

When I was looking at jobs here for him, I was looking at how easily he'd be able to afford his monthly rent to live in my house... the loan repayments mean doubling that budget .

jonesMUFCforever

I wasn't suggesting that OP pays the whole loan off just one repayment until he finds his feet.
He could also cancel the PPI if it is of no use to him now- this could reduce the monthly repayment slightly.

Badger_Lady

I've just spoken him and talked through the options. I've introduced him to Quidco / Experian so he can get a copy of his history, and I've also got him onto www.saynoto070.com before he phones Barclays to talk to them.

He was a bit upset about the idea of me covering a monthly payment, saying his pride would be very bruised, but I explained that I'd rather loan (and I mean loan!) the cash to him than have to pay a higher rate when I remortgage next year due to bad credit association.

That bamboozled him.

beanielou

Ill bet it did!!
Bamboozled him I mean!

moominyak

jd87 wrote: »

Umm... no offence but I think you need to ditch this loser.

:rolleyes: Obviously didn't read your Lodger1 thread and therefore doesn't know that "new" partner is THE ONE!! :smileyhea

Not that that's any excuse for not being cautious I hasten to add

Oh Badger, I hope this thread doesn't get as convoluted as the Lodger1 did... let's hope you find a solution soon

Suggestion of you meeting the one payment and then if he doesn't pay it back by x date give him up as a bad job sounds reasonable IMHO

Good luck (again!!)

Louise03

Anyway, he got a letter today saying that he's missed his payment, is now paying additional interest on the arrears, and needs to make his next payment urgently.


He was a bit upset about the idea of me covering a monthly payment, saying his pride would be very bruised, but I explained that I'd rather loan (and I mean loan!) the cash to him than have to pay a higher rate when I remortgage next year due to bad credit association.


Can just ask, why show you the letter?????? He was obviously expecting you to come up with this solution.

My opinion for what its worth...be wary. No job, savings, income or assets.

Badger_Lady

^ The reason he gave was that I'm more financially savvy than he and could therefore propose a solution. I think he was hoping for something along the line of "payment holiday" rather than "I'll pay for you"...

His theory is that financial services organisations are secretive beasts who won't reveal their techniques, and because I work for one of them I must know the tricks!

In actual fact, it's just that he doesn't have any interest and therefore understanding of them.

JonnyBravo

I'm backing the credit search...... why?

Well maybe I'm cynical.... but I'll bet there's more on there than this one default and this one loan.

No job and no benefits? What's he been living on? Or who has he been living off?

Be careful BL. I smell a rat.

Sorry to be a "voice of reason".

Badger_Lady

JonnyBravo wrote: »

No job and no benefits? What's he been living on? Or who has he been living off?

It's only been for the last six weeks - he relocated up North with his girlfriend who wanted to be near her family, then she dumped him. By which time he'd quit his job, left his home and friends...

Because he'd quit his job, his PPI is invalid and he has to wait 6 weeks before signing on for JSA. He had no intention of doing so because it's not something he's ever done, it's "against his principles" and he didn't know what he could get, as well as the fact that he didn't intend to be unemployed for any length of time.

So it might look bad at the moment, but it certainly isn't a pattern! After all, I was "on the dole" for six weeks once...

The test will be when he arrives. It doesn't matter how much I like him, if he's still unemployed after 2 months he's going straight out the door. He's worked at McDonalds before and can do so again.

Can you tell that I used to live with a scrounger and learned not to take it any more?

elona

Badger Lady

There is a quote "The more he spoke of his honour, the faster we counted our spoons!"

I would love to find out why the girl friend dumped him - not just what he says happened.

It is not what they say - it is what they do that counts.

I am also a bit worried that he wants to "help improve" the place as that sounds as if it could give him a claim in the future on the property.

Are you sure that you want him with his feet under your table before you have checked out some things, like where his money has gone , what the loan is for etc. etc.

I really hope I am wrong and that things work out well for you both.