Parent getting loan for son..?

robin91

Hi,

For personal reasons I need to raise ~£1500 or ~£4000 (either or, both the same purpose.) Being 17 I can't raise this money myself without saving for a LONG time as things stand currently and that's not really ideal. If I were ask my mum to take a loan for me, given that I believe she already has various debts already and I'm not sure how great her credit history is.. Is there any sort of loan she can get which is safe and wouldn't put an increased strain on her finances currently.

My plan would be to pay it off next year (I plan to go full time for a period after finishing 6th form) and so raising the money then wouldn't take long (and so it could be payed back off then.) But in the mean time, I wouldn't be able to pay much towards it (probably £50-100 a month at the most).. Is there any way she could obtain this sort of money without a very high APR that I could then pay back in the way proposed above?

Or does anyone have any suggestions on other ways of going about this? I don't wish to disclose why I need the money, and I've yet to speak to her about doing this as I thought I'd best get a few realistic ideas before I even bother.

I appreciate saving is an option, but for personal reasons I realistically need the money asap and so if it can be done, that would be brilliant.

Failing that, I turn 18 in a few months, is it likely I'd be able to get the money in my own name when I do without a stupidly high APR and flexible payments?

Any idea/suggestions more than welcome!

Thanks!

ILW

Get a job and sort yourself out rather than getting your mother into more debt.

Fortheloveofmoney

I'm confused. You say that it will take a long time to save that money and then in the next paragraph say it wouldn't take long to pay back and could be paid next year Which is it? It can't be both.

Ignore me, I've just re-read the post.

churchrat

If your mum has a poor credit history and already has debt I am afraid that you will find it very difficult for either of you to raise that amount of money quickly and by going to the mainstream lenders.
all the sub-prime lenders do charge very high interest rates and are very aggressive if the debtor falls behind with payments.
One option may be a credit union, many areas have one (google it or look in yellow pages) but these have savings rules that mean you cannot borrow for a while before you have saved.

All loans will put her under a finacail strain, and when you turn 18 I think you will still find it very difficult to find anyone to lend you the money.

I know you don't want to say why you need the money but have you looked at the debt free wannabe board? lots of advice about how to pay off debts that you owe.

good luck with it all

secretspender_2

what does a 17 year old 'need' £4000 for?

I imagine its a car.

If it is and you can't afford to pay much now how will you afford tax, petrol, insurance and repairs to it if it doesnt work?

I work in recruitment and whilst its great you 'plan' to go into full time work it might not be as simple as that. There are barely enough jobs for skilled people at the moment adn for an 18 year school leaver its even worse.

Stick to getting the bus for a while and enjoy being a student and a teenager rather than getting into debt.

Its incredibly selfish to ask your mum because she will be lumbered with it when you can't make the payments.

emmington_2

Definately don't ask your Mum. There is always a risk of it ruining her credit history which is an unfair position for you to put her in. And, if as you say - you will pay it off quickly when you get a job - well what happens if you don't get a job, that will cause friction.

I would suggest that nothing is that important that you need that kind of money at 17 years old even though you think that you do. I did the same thing, took out loans and credit cards as soon as I turned 18, my intentions were also the same to pay the money back quickly, at 20 years old I was £30k in debt, my outgoings were more than the money I had coming in.

Don't fall into the same trap.

churchrat

Fortheloveofmoney wrote: »

I'm confused. You say that it will take a long time to save that money and then in the next paragraph say it wouldn't take long to pay back and could be paid next year Which is it? It can't be both.

just wanted to say that I'm very impressed by your lack of debt??:D

how did you get rid of it so quickly?

Fortheloveofmoney

churchrat wrote: »

just wanted to say that I'm very impressed by your lack of debt??:D

how did you get rid of it so quickly?

Thanks. Long story can be found on DFW forum. See reply to another poster today http://forums.moneysavingexpert.com/showthread.html?t=1929309&page=2

robin91

Please don't make assumptions here..

I've already got a job, but I'm part time as I'm also attending 6th form at the moment, my plan is to take a gap year before going on to university (if I decide I want to go to university) and go full time during this period to raise some money.

And no it's not for a car or anything material, it's actually for an operation (won't go into details).

I don't want to be selfish and I wouldn't want to be my mum at any financial risk so if it's possible then it's not possible. The only other person to ask is my dad, he doesn't have any debts himself (with exception of a tiny amount on mortgage) as he's very good with his money and so it has paid off for him - but I'm not sure he would be willing to take a loan if it were required purely because he avoids any sort of credit where possible (hence why he's in such a good position).

Is there anyway someone like him with a good credit record (or clean at least) could obtain an almost 'buy now pay later' loan which carrys a reasonable APR? So that nothing would need be repaid until I was out of education, at which point I would then have to begin paying it off?

Thanks

jonesMUFCforever

NHS is free!

Ames

I've never heard of a buy now pay later loan, apart from some graduate ones.

If it's a necessary operation then it'll be available on the NHS. If it's cosmetic, then it's not vital and can wait until you can save up and afford it, besides which operations at your age can be dodgy because your body's still growing - I think you'd struggle to find a reputable surgeon who'd do it anyway.