Wanting a Loan

micaleff

Not sure if this is the right board but basically a member of my family went BR and was discharged 3 years ago approx. While BR i let them use my credit card for work expenses in the meantime there has seemingly been some sort of mix up....anyway basically he has been left with a 7k debt on my credit card.
He was hoping to get a loan to cover this as currently he can only pay the minimum payment which is not cost effective. doing some quick calculation i think he could pay the same as a loan payment but actually pay this debt off!

my question is which company/bank is the most likely to give him a loan? on his credit rating he is up to date and currently only has a vanquish card which is cleared each month to try and build his rating again.
Thanks

now

micaleff wrote: »

Not sure if this is the right board but basically a member of my family went BR and was discharged 3 years ago approx. While BR i let them use my credit card for work expenses in the meantime there has seemingly been some sort of mix up....anyway basically he has been left with a 7k debt on my credit card.
He was hoping to get a loan to cover this as currently he can only pay the minimum payment which is not cost effective. doing some quick calculation i think he could pay the same as a loan payment but actually pay this debt off!

my question is which company/bank is the most likely to give him a loan? on his credit rating he is up to date and currently only has a vanquish card which is cleared each month to try and build his rating again.
Thanks

So he has used your card which is now sat with 7k on it? I am not sure if he will get a loan even if he does it would have a high rate of interest. Not sure what to say as it is in your name you are responsible for the debt. Who's mix up is it? if it is a company that owe him the money then he needs to request that they pay him so he can settle the card, or have they had the money and not settled the card? Either if it was me I would request the card back and cut it up so as it can't get any worse (been in that position and boy am I not going back) I feel sorry for you because you could end up having to sort this out. If it was me and I am not judging you as I have had worse to sort out, I would try and get to the bottom of why it was not cleared monthly (after all you were good enough to let him use it) Good luck and please let us all know how you get on as we are all here to help if we can

micaleff

Thanks for you reply!

It was a bit of both tbh things came up which he needed the money for and it went on the card (funeral expenses) and then the company changed to a fuel card so the money he was expecting to get back from 'extra' milage didnt happen! He is well aware of the situation and will continue to pay the minimum payments on the card no problem i just wanted to try and make it cheaper for him or at least to paying something off the debt itself instead of just interest hence looking at a loan! he gets a bonus at the end of each year which will chip away at the debt but will take a few years!
I am not worried about having 7k in my name i dont require any borrowing etc and i am lucky enough not to be in a bad situation with my own credit at the moment. I just would really like to help him get a better debt deal!

any ideas appreciated

tigerfeet2006

With the BR on his credit files he has a chance somewhere between naff all and frack all. Sorry but no one will lend to him unless it at a rate of 1000 odd percent.

micaleff

thats what i thought tbh!!!

the only niggly thing is that my DH was BR when i met him it was when it was 3 years not a year and 1 year after discharge he got a credit card with no problems? has lending etc changed in regards to br since then?

now

micaleff wrote: »

Thanks for you reply!

It was a bit of both tbh things came up which he needed the money for and it went on the card (funeral expenses) and then the company changed to a fuel card so the money he was expecting to get back from 'extra' milage didnt happen! He is well aware of the situation and will continue to pay the minimum payments on the card no problem i just wanted to try and make it cheaper for him or at least to paying something off the debt itself instead of just interest hence looking at a loan! he gets a bonus at the end of each year which will chip away at the debt but will take a few years!
I am not worried about having 7k in my name i dont require any borrowing etc and i am lucky enough not to be in a bad situation with my own credit at the moment. I just would really like to help him get a better debt deal!

any ideas appreciated

OK so the card is in your name and you are not worried about the debt, why do you not apply for a 0 percent card and transfer the balance, that way no interest will be added to compound the issue. Cut up the other card and make sure the payments are made as the balance will start to drop. Or try and get a loan in your name on a low interest deal and get him to pay you every month. Both ways you are in charge. Barclays and Natwest are offering 16 months 0% so try that. Or if you can settle the card and get him to pay you a set amount every month. Just keep us posted and hope you sort it out.

micaleff

thanks for the reply!
I would apply for another card but i cant get credit now as i am a sahm and dont work! so me taking on the debt in another form isnt really an option for me either?

I have spoke with him and i think he is going to try and release equity from the house and take it as an addition to his mortgage as i think he just doesnt want the debt to be sat with me for the next x number of years!