son's dept!

GLUM_MUM

my son is in 14,800 pounds of dept. 10,800 to HSBC interest rate 14.6%. He has paid zero for last three months. The pressure is now on. Does anyone know if i was to pay his loan up to date, and he kept his bank balance straight, how long it would be before he would be considered for a new loan with another lender at a better rate?

Fran

Hi Glum Mum,

If you post this question on the "Loans & Debts" board you will get a better response. This section is to welcome new moneysavers.

Fran

Queenie

I don't wish to sound rude or harsh, but quite honestly, if you bail him out, he learns ... nothing!!

Do advise him, but don't bail him out. It's his debt, he's the one who hasn't made payments for the past 3 months; you'll be doing him a DISservice by paying it off.

Now, I'm confident you will be given lots of advice on here on how to clear such a monsterous debt - DO pass that on to your son, then you WILL be doing him a service.

I know it's hard watching our kids get into scrapes, large and small, and I can relate to wanting to do the best within our means to help them, but your son was old enough to get into this mess, he's old enough to take the consequences on the chin and *work* at getting himself out of it (by work I mean, cutting back, paying it off, etc., etc.).

Good luck ((hugs))

james32_uk

In answer to your question, probably best to leave it around 6 months. Careful though, cause he may easily have other debts he's not telling you about.