Joint loan- a good idea?

roses1986

Hi guys,

I am new to the forum, just wondering if anyone has advice. My boyfriend is in about £2500 of debt (we are not homeowners or carowners- basically no assets!!), and he has been unable to get a loan to pay it off even though he has a permanent job. It may be because he has missed payments on his credit card and that has effected his credit rating.

Thinking about trying to get a joint loan to help him get the money to pay his debt off. I have had only 1 credit card and I have always paid it off on time, but i haven't had any loans or anything. Do you think this would work? Is there anyway of transferring the loan into his name once we get it?

Thanks for ANY help! Really appreciate it

CLAPTON

a totally mad idea...

he has damaged his own credit rating and getting a joint loan with you will damage your credit rating as well.

in addition, a joint loan means you are responsible for it if he fails to pay; so unless you are willing to take on his debt just don't do it.

you haven't given much detail about his affairs but he needs to budget properly; maybe get a second job and so pay off his debts.

LeeSouthEast

The moment you do it joint, his bad rating will affect yours. Far better, if you're committed to doing it, to getting it just in your name and then giving him the cash.

This is of course fraught with its own issues.... but that's for another topic.

immoral_angeluk

Don't do it. You WILL regret it. Simple as. There are tonnes of threads on these forums along the lines of "We've split up, we have a joint loan and he won't pay, now they're chasing me for the lot!"
No relationship is secure, no matter how much you think it is. Even marriage isn't secure.

You will be affected by his bad credit.
You will be liable for the whole loan if for some reason he doesn't pay it.

Just.. no.

hullight

ALSO - consolidation is pretty much always a bad idea.

Why expose yourself to more debt, just see if you can post an SOA and see where you can cut back to get the existing debt cleared faster.

venusspirit

Please dont do this - you wouldnt beleive the trouble Im having with a loan that my ex husband had for a car which was put into joint names as thats how our bank account was set up. I have spent all afternoon onto Santander trying to speak to them about this, I cannot get past the security questions to speak to them as I can remember very little about the loan and my ex does not communicate with me. This has completely ruined by credit rating, which has always been good - I knew nothing about this default even though I still bank with Santander, until I tried to get credit again recently.