Loan, what type and where from

Delboy_The_Great

Hi all,newbie here!

Would really appreciate any help and advice on the following.

My partner is looking to consolidate a loan and a few cards but her bank hasn't offered a particularly good rate (15%)

As I have no debts ( well a few hundred quid on a credit card) I am looking to take out a loan in my name. My credit score is 900 so I should be able to get a good rate. My question is should I take a bank loan or perhaps one of the low interest credit cards (for life cards or something like that) that Martin:money: has talked about on here. I am looking to borrow about £13K -£14K and repay it over 4 years. Any suggestions?

Many thanks

cashflowexpert

forumites pls help this guy. your little suggestion is welcome

Wutang_2

cashflowexpert wrote: »

forumites pls help this guy. your little suggestion is welcome

Loving your work

barbarawright

Have you looked around the forum for the many other threads on debt consolidation and lending money to friends/family?

immoral_angeluk

IMHO, Don't do it. Sooo many times have I seen someone who's lent money to a friend/family member, only for the relationship to break down then the person is stuck with the whole debt. Also money is one of the main things which CAUSES relationship breakdowns, it's just not worth it.

lesalanos

another vote for don't do it. don't put all of that debt in your name

fozmcfc

I have to agree with others here. If it was for £500, maybe £1000 or even £2000 and you have a good solid job and the relationship is solid then maybe, but £13k - £14k is one hell of a lot of money, whatever your circumstances.

If you are going to do it anyway, I would suggest some sort of legal written contract (others here may be able to advise you on this). If your partner is serious about this, then they will agree to it.

Anything could happen, including god forbid, your partner becoming disabled or even worse and then you having to find the money on top of everything else.

Apples2

cashflowexpert wrote: »

forumites pls help this guy. your little suggestion is welcome

Some "expert" you turned out to be Mr :spam:mer.

Anyhoooo..

The Term Partner strikes alarms bells (Political correctness aside).

This is a HUGE debt to take on for someone else. With no commitments, the risk of her leggin it is FAR too great.

Even if you were Married with kids this is a big risk. In your circumstance, this is something you should RUN A MILE from.

There is a reason she is so far in debt, bailing her out now is not going to help her change that. She will drag you both down, you will end up with all the debt.

DON'T TAKE ON SOMEONE ELSES DEBTS

Fortheloveofmoney

I can only echo what the others have said. DON'T take on someone else's debt no matter how much you trust them.

When I got together with my now husband I owed £30,000. We were together for a few months when I told him. He was trying to plan a holiday for us and I just couldn't afford it so I came clean. He is a nice bloke and a gentleman and he offered to pay it off for me out of his savings. I refused.

The fact that he offered meant the world to me and the fact that I refused probably told him that I wouldn't be the one to take him for a ride.

I paid back the debt over the next 2 and a bit years all with my own money and I finally became debt free a few months before we got married.

Even though he didn't pay off my debt he still helped in other ways. He would take me out for dinner and pay and he even paid for our first holiday together. Most of the money we used for the wedding came out of his savings and he was there to kiss and cuddle me when I had a bad day.

Please don't think that paying off your partners debt is the only way to help him/her.