*Any help please, loans for people on low income*

CharleneUK

OK, my aunt has just gone on holiday for 5 weeks and has left me to pay her bills, I am totally shocked to see how much she owes on so many things! I feel I have to do something to help, she did ask for some financial advice before she left, and asked me to be a guarantor (sp?) on a loan, and now I see why...

There is a total of around £7,000 debt on numerous things, catalogues, credit cards etc, from her figures she left me, she has a steady £185 pw coming in... She has also asked if I could cover anything at all till she gets back, which was a shock, but it's obvious she can't afford to pay all these things.

Anyway, she is gone for 5 weeks, and I'd like to give her some good news when she returns... Does anyone have any recommendations of loan companies who lend out around £7000 to those on low incomes? That's the only way I can see this becoming under control, to consolidate everything.

Any help much appreciated, I could post what I know of her SOA but i'm not sure that's allowed

skylight

Charlene - NO!!!!

Please, PLEASE do not do the guaranator thing. Not ever in a million years. You should never EVER lend money (or similar) in this case, to friends and family - they tend to forget the onus to pay it back.

And I cannot believe she asked you to cover her debts/bills while shes away! Are you "loaded" or something????? Probably not.

Whilst you wish to help, the only person who can really help is herself - she needs a lightbulb moment, and asking to you pay while she is away is not facing up to her debts - she is passing the buck onto you - which is what I fear will happen if you go guarantor on a loan for her.

I know all this seems harsh, but I think you need to let you aunt call Payplan and get onto a DMP directly with them to tackle this debt. This is the best help you can give - your love and support.

Floss

Don't become a guarantor - if she doesn't pay, you will then become liable for her debts.
Did she leave you any money to pay things?
How can she afford to go away for 5 weeks on £185 pw? (maybe why she owes £7k)
I wouldn't think that consolidating would be a good idea either - I'm sure others will have more experience & advice.

Sorry it's not really much help

loobyloo1980

I agree with Charlotte664 - whatever you do don not go guarantor on a loan - you will end up liable if she doesn't pay (and given that she is already struggling to meet current commitments, is quite likely). Your best way to help her is to get her to face her problem, speak to someone for advice, and support her that way by making sure she is claiming all her entitlements, with good gas & electric companies and not overspending unnecessarily etc.

file_wizzard

Totally Echo the above comments, NEVER NEVER NEVER guarantee a loan, and NEVER take out a loan on a low income which will be at stupid rates.

I suggest you get your aunt to come on here and post an SOA, also ( and at the risk of being flamed) if here financial situation is so dire what’s she doing on a 5 week holiday whilst you pick up her living costs ?

lazy&indebt

I completely agree with Charlotte664, if somone gets themselves into debt it is up to them, and only them to pay it back

rog2

CharleneUK wrote:

OK, my aunt has just gone on holiday for 5 weeks and has left me to pay her bills, I am totally shocked to see how much she owes on so many things! I feel I have to do something to help, she did ask for some financial advice before she left, and asked me to be a guarantor (sp?) on a loan, and now I see why...

There is a total of around £7,000 debt on numerous things, catalogues, credit cards etc, from her figures she left me, she has a steady £185 pw coming in... She has also asked if I could cover anything at all till she gets back, which was a shock, but it's obvious she can't afford to pay all these things.

Anyway, she is gone for 5 weeks, and I'd like to give her some good news when she returns... Does anyone have any recommendations of loan companies who lend out around £7000 to those on low incomes? That's the only way I can see this becoming under control, to consolidate everything.

Any help much appreciated, I could post what I know of her SOA but i'm not sure that's allowed

The only people who are going to lend in the circumstances you describe are those who 'feed' on just such situations. They will charge high interest and just can't wait until you are in trouble. Please follow the advice above.

rchddap1

I agree...don't do it. Don't even consider it. For all the reasons already posted.

Donedoingdebt

CharleneUK, as well as possibly getting yourself in a financial mess if you carry on this guarantor idea, you'll probably receive numerous virtual slaps on the wrist from all the DFWs! As said previously, get her to face up to these debts & then go down the CAB, CCCS or Payplan route if need be.

Broken_hearted

If you can't aford the debt you have you can't afford a loan and that is what you aunt has to learn. If she is struggling then she needs to seek advice.

regularsaver1

I aghree - the best way you can help her is to speak to her, and to not be a g'tor.
I also echo about how she can go away for 5 weeks, ands just leave you. I'd be asking myself why she was getting you involved, when she needs to want to do it for herself.

You will not be able to discuss her finances with anyone anyhow due to data protection act. if I was you I'd telephone her if you can and ask her why she is asking you to help.