Help!!!!!! money troubles

BarginHunter1985

Hey People

I am in dire need of help. My mum has just told me that she is in over £11,000 debt and that she wants me to take a loan out for her, for £5,000 and she will pay it back. Now I trust my mum totally and I want to help her out,but I am very unsure on what loan companies I can trust etc.

My situation is that I am a uni student, working 12 hours a week, living in rented accomodation, should have a good credit rating, although I am deeply inmy student authorised overdraft.

Firstly what my chances of getting £5,000 and what is the best way to get it, she says she can pay it back within 2 years.

Help please....is a credit card the way or a loan....I have no idea!

I look forward to the replies

Cheers

BH!

rchddap1

To be brutally honest the best method would be to get your mother to come on these boards and to post a full statement of affairs (incomings, outgoings, debts etc...). Then the people here can advise on what is the best thing to do.

Quite often taking out a loan to pay off other debt just enhances the problems that the person is in (ie, paying more interest)

AMILLIONDOLLARS

Totally agree with rchddap1

You love your mother dearly, and you don't want to let her down, that is understandable. But what she doesn't need right now is another loan, especially one from you. What if she can't pay you back for whatever reason? and how can borrowing £5000 to pay back £11,000 help, where is she getting the rest of the money.

Speak to your mother and come onto the board together, let her have a look at other peoples experiences here. a consolidation loan will make matters worse in the long run, think, you'll have to borrow £5k but may possibly have to pay back £8K more debt. That's £3k less than the original debt and its only half paid:eek:

If you love your mother, and we know you do, I beg you bring her here, where we can help.

Don't do anything you may both regret

We look forward to meeting mum!!!

Tom_Jones

I somewhat disagree, your mother is in serious debt and should go to a debt counseller or the CAB as soon as possible. I would not take out any loans for here until she has seeked proper advice.

jobbingmusician

Please get your mum on to this board, or the debt free wannabe board, so we can try to help. Read some threads on DFW - they are really inspiring and will help both of you to worry less!

BarginHunter1985

Thanks everyone I am gonna try and see if I can get her to come on here so you guys can help her, wish me luck!

Thanks

BH

AMILLIONDOLLARS

Any luck with getting mum on board? If not get her to seek advice from one of the reputable debt companies recommended on here, if not your local Citizen Advice centre

Broken_hearted

Good luck hope she gets the help she needs.

HGLTsuperstar

Dont do it. Your mum shouldn't have asked you, but I know she's desperate, but for both your financial sakes, and the sake of your relationship, dont go there

BarginHunter1985

Hey Guys

No luck with getting her on here, I kinda think I am gonna get out the loan for her, because she is not really speaking to me about it, but I know she needs some sort of help.

I'm gonna think a little more...hopefully you guys can help!!!

BH

CLAPTON

why will you getting a loan of £5000 help your mother, if you simply use your loan to repay her loan you/she still owe £5000 and you/she still have to make repayments...essentially nothing has changed has it?
Who is going to make the repayments and how?

the best help you can give her, is to help her fully understand her financial situation,
her income, her outgoings and her debts . as others have said ...post her SoA here

a format would be


If you browse the bulletin board you will see examples but the general format is

: statement of income:

: statement of expenditure
this should be quite detailed but excluding debt repayment
: a subtotal to save us all having to add it up

: statement of all debts including
outstanding amount, monthly repayment , APR
a subtotal of the total debt and of the total repayments, to save us having to add it up

also add a brief details of her situation, partner, any children, rent or own property, value of house and mortgage, any special circumstances that are relevant