Mum wants to buy a sofa using my details

elliott_90

I've never taken out a loan, used a credit card or used store cards, so I have no negatives against my credit score, and I want to keep it that way, however:

My Mother can't get credit, but needs a new sofa and is asking me to get it for her with the promise that she'll direct debit the money to my account every month to cover the cost of the sofa from DFS. I'm hesitant to do so as I don't want to mess up my current score or put myself in a position where in future it goes against me in any way.

Can buying a sofa this way go against me even if it's all paid back on time?

Tixy

You are right to be hesitant - don't do it. Well not unless you can afford to (and are happy) to make the repayments if she stops paying the money into your account. If mum can't get credit then she must have had issues repaying debts in the past and even if she promises to pay you if her circumstances change she may not be able to afford to even if she wants to.

Yes even if it was all paid back on time it could possibly go against you as any other potential lenders would take this credit and monthly outgoing into account when assessing whether or not to lend you money/ let you open an account with them etc etc.

I would suggest to mum that she looks for a second hand sofa or looks on freecycle/freegle or saves up a few months of repayments first and then buys a cheap one outright.

cgk1

The alarm bells should ring at this point: My Mother can't get credit.

The bottom line is this - can you afford to pay for your Mum's sofa? Because that's the contingency you have to prepare for if something happens and she can't afford to pay you.

elliott_90

I can afford to pay for the sofa if something does happens, but she's also taking out insurance security that if she is made redundant in any case the sofa is paid for though the insurance, so it shouldn't effect me.

I've thought through the consequences of me having to fund the sofa if something does go wrong, it's not that I'm worried about, I just don't want this effecting anything for me in the future.

GemBlueTopaz1984

Hi OP,

There would be no guarentee that you would get the finance anyway. No credit history can be just a big a hinderence as bad credit history as many people on here will know. Just tell her you aren't comfortable taking the risk. I find it odd that a mother would ask their child to do this, although saying that last week my sister asked me if I would guarator a loan for her friend, I can tell you how fast I said not a chance in hell.

Gem

moonrakerz

elliott_90 wrote: »

but she's also taking out insurance security that if she is made redundant in any case the sofa is paid for though the insurance, so it shouldn't effect me.

She is taking out redundancy insurance on something that (in effect) you are buying ?????

Who is being insured ????

This sounds more dodgy as it goes along...........

koloko

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Derivative

Loans on sofas have to be one of the greatest marketing triumphs ever.
Get her down to the charity shop and pick up a nice one for £50.

Can't believe people would get into debt over a bloody chair.

WellKnownSid

By all means - take a loan out for something important... like a house, or even a car.

But for goodness sake... it's a sofa! It'll be worthless the second it's left the delivery truck. Unless the loan period is, like, a minute... then it's simply not worth it!

elliott_90

I'm going to speak to her properly about it this afternoon, clear everything up and get back to you as I'm unaware of 100% of the details.

Thanks for the help so far, will update a little later.

AMILLIONDOLLARS

Pointless your mother taking out a policy if she was made redundant. The loan is not in her name, so neither she nor you would be covered and it would be another waste of money! Do as the others have suggested, save a couple of months, get a secondhand one, or mother could find a part-time job to fund it. by the way you have not stated the terms, is it on nothing to pay for the first 12 months, then four years thereafter. That's a long time not being able to get a mortgage if you want one in the future.

AMd