Asking Dad to lend me money?

emilyxxx8

Hi All,

I have been stuck in the payday loan trap for over 6 months now... I have paid them all off again at end of Feb but as normal i'm left with no money.
I am determined not to borrow from them again but have overdue bills i need to pay and obviously need some money to live off until i get paid again at the end of March.
I am thinking of asking my Dad to lend me £400, this will pay off the bills i need to and leave me with enough to live off until the end of March. I will then repay him £100 at the end of every month starting from end of April taking me up to end of July.
I am sure he will help me and not want any interest, i am just finding it really difficult on how to ask him.. i'm 22 and live with my boyfriend and think that he will be really angry with me for getting myself in this mess... is it a good idea to ask him and if so what do i say?!

Em

iolanthe07

I have a daughter a bit older than you and I would be delighted to help her get out of the payday loan trap, just so long as she acknowledged that she was living beyond her means and had a plan to budget properly. Just point out the difficulties you're in and explain how you will address them.

chalkie99

I imagine most Dads would rather their children were upfront with them rather than fall back into the payday loan trap again.

You know your father better than we do though.

jonjamie1970

If I could afford it and my daughters came to me I would like to help them out but ask them to repay on a regular basis.

katerinasol

I know where you're coming from, as someone who has been awful with money in the past and needed parents to bail her out.

It might help if you make a budget for the next couple of months and explain to him that you have realised you need help and are starting to sort yourself out. That way he'll know you're learning from your experience and not just depending on mummy and daddy to bail you out (no offence meant, btw, I've been in exactly the same position as you before!)

mummybearx

I would start off with a simple 'Dad, I need your help'

Thats what I say when I need something from my daddy

Simply say that you have got yourself into a bit of a mess and need a small loan to get you back on your feet. Explain that you can afford to pay him back a £x a month if thats okay with him, he should be fine about it. Don't be embarassed or anything, he is your dad, he will help you out

x

geoffky

he will he pleased to get you out of the grip of loansharks i would hope...

BugsyBrowne

emilyxxx8 wrote: »

Hi All,

I have been stuck in the payday loan trap for over 6 months now... I have paid them all off again at end of Feb but as normal i'm left with no money.
I am determined not to borrow from them again but have overdue bills i need to pay and obviously need some money to live off until i get paid again at the end of March.
I am thinking of asking my Dad to lend me £400, this will pay off the bills i need to and leave me with enough to live off until the end of March. I will then repay him £100 at the end of every month starting from end of April taking me up to end of July.
I am sure he will help me and not want any interest, i am just finding it really difficult on how to ask him.. i'm 22 and live with my boyfriend and think that he will be really angry with me for getting myself in this mess... is it a good idea to ask him and if so what do i say?!

Em

£400 is not that much debt,which to me is a wage you and your boyfriend could afford if you both work.

Do you and your OH work?

CHR15

Speaking as a dad, the quicker you tell him, the better it will be for you.

Expect some sharp words though ( a small price to pay!!)

Have a read of this thread

https://forums.moneysavingexpert.com/discussion/3096208

xangeleyes

I think your dad would prefer you to ask him rather than stuggle.
I'm 27years old and my dad always says that he thought he'd stop worrying about us when we became adults, but infact he worries more lol.

I ask my dad, and I HATE it. But he knows I only ask when I really need it. I always insist on paying him back but he refuses unless he is in need of it back. I find other ways to pay him back though, like putting in a sneaking £20 here and there during the month lol

If he can't help you then at least you asked, and he'd probably be happy that you've turnt to him about it.
Just explain the situation to him, explain what you've done so far, so that he can see you are reliable at paying it all back, and then ask him and come up with a deal that you pay him back, be flexible in what he wants aswell though

No father wants his children to suffer.

Good luck

xangeleyes

My dad always knows if I need help because our conversation starts off as 'daaaaaaaaad'
I'm not constantly borrowing off of him, I HATE it and I always end up in tears after doing it, because I'm a believer that you work for things in life, but sometimes we all have struggles.

What I don't like is that some people I know will think, 'Oh well I really want a night out, I'll ask mum & dad for some money to pay 'bills''
I don't like that and THAT would be taking advantage, but you seem sensible. You've been paying everything off.

I also offer to work for my dad too, I've had him send me paperwork that needs typing out for him as I'm a MS Office Pro