Help!!!!!! money troubles

fatbelly

Precisely. She needs some kind of help.

She doesn't need to get her son into 5k of debt that he doesn't need.

You asked originally if a credit card or a loan is the way forward. The answer is no.

The way forward is to get her to address the issue by taking advice. You know the proper sources: National debtline, CCCS, Payplan, CAB. Give your mum the phone numbers.

ceegee

I agree with CLAPTON and fatbelly.......do not take out a loan to help your Mum, however much you love her.

She has to sort this problem out herself....with as much good advice as it is possiible to get. If you take out a loan then you will both be in debt. Don't want to be mean, but how certain are you that she will pay you back? How certain are you that she won't continue to run up more debt?

Does your Mum work? If not, could she get a job to start repaying these debts? If she doesn't pay you back, then you could end up in big financial trouble yourself.

Please do not go down this road.....she must take advice....the CAB are also good. Alternatively, seek advice yourself, on her behalf and get some sort of payment plan sorted out....to include stopping running up more debt.

A Mother should not put her child in this position. It is emotional blackmail. Believe me...."Mothers" can do this sort of thing and they think that because you are their child you will oblige.

I may sound harsh, but I can tell you from bitter experience of my own that this sort of thing does happen.

Also, again from bitter experience, I can tell you that borrowing money to help people out (even those supposedly close to you) can be one of the biggest mistakes you can make. You have no guarantee whatsoever that you will get your money back.

Think very, very carefully. I wish you all the best.

Callisto

I agree with the other posts. Please don't borrow anything to help her out. It sounds harsh, but your Mum got herself into this mess, so she should be the one sorting it out. If you bail her out this time and then she gets herself into more debt, who will she ask for more money? You!

Help her out with her paperwork and sums and point her in the direction of a debt help place (CAB, CCCS etc). If she won't even come and look at the posts on here, doesn't that suggest to you that she has not yet had her 'lightbulb' moment and is not ready to take responsibility for her debt?

Also, how would you get a loan of that size if you are a student and only work a few hours a week?

MrsTinks

Just throught I'd join in on the "don't lend your mum money" side of things I have helped my ada out in the past but at the time it was money I had and could spare (and it was only £800) but I think lending your mum £5000 on a loan taken out in your name would be a very bad thing to do... Firstly I don't trust that she has truely realised that she needs to stop spending and then in a years time she will have even more debt! Not to mention not be able to pay you back the £5000 plus interests that you are now responcible for. Unless you are willing to take responsibility for that and know that you can afford to repay it every month and still afford to live then chances are that you will end up back here in a few years asking advice on how to deal with bad debts and creditors at your door...
If you love your mum then say NO, she might not be happy about it but she needs proper help to sort herself out or this will carry on forever You have to be cruel to be kind hun, sorry....

livinginhope

Agree with everyone here,my 97,500 debt all started with lending a family member 2k,they paid it back,but not in time for the first payment,so I had to pay it,then I couldn't afford the rest of my bills,so out came my flexible enemy and our love hate relationship started.
Don't do it,I know it's your mum and you love her,but to put it bluntly,if she loves you she wouldn't put you in this position,when deep down she knows what has to be done.