Mum wants to buy a sofa using my details

paddyrg

Agreed with the above - don't take any credit lines for stuff that isn't for you. Perhaps get a charity shop one to tide her over as she saves for her dream sofa :-)

fluffnutter

I know she's your mum and you want to help her... but I think she's a bit naughty to ask this of you, tbh.

shellsuit

If you want to, then go ahead, but be prepared incase for some reason she can't make payments.

My Dad took out a loan for me and my husband last year as we were moving house and needed things which we didn't have the money for. We repay him weekly and it's not been a problem at all.

Culex

Tixy wrote: »

You are right to be hesitant - don't do it.

Especially as DFS sofas are widely reckoned to be rubbish?

Errata

I doubt mum's current sofa has gone from perfect to useless overnight. Tell her to save up if she wants a new one. As others have pointed out, the insurance idea is a no-go.
Additionally: your credit rating will be abysmal if you've never taken out a loan, used a credit card or used store cards; DFS sofas are overpriced rubbish; who pays if she can't and for some reason neither can you.

WellKnownSid

Culex wrote: »

Especially as DFS sofas are widely reckoned to be rubbish?

As someone on here has said before. DFS don't sell sofas. DFS sell finance!

Derivative

Rephrased for simplicity:

DFS buy your money. At 70p in the pound.

sp1987

Your mum does not 'need' a new sofa, she 'wants' a new sofa.

I dare say a sofa is one of the first home items one may require aside from a bed and somewhere to cook food but it isn't required to be new or from DFS?

They'll charge you £1000 for a sofa that isn't worth £200.

If you have money to pay for a sofa for your mum (either as a gift or as a loan), argos has them for circa £250 (which is surely only a few quid more than they are worth rather than £800). If you do not have the money to pay for a sofa, do not enter an agreement to pay twice as much for one.

magpiecottage

Post #20 reported as spam

magpiecottage

It think it would be possible to take a separate standalone income protection policy.

However, unless the entire premium to cover the entire period of the loan was paid up front, you would have no way of knowing the policy would be maintained.

There are two problems with that.

Firstly, if she needs credit, Mum clearly has insufficient funds to pay such a premium.

Secondly, single premium policies of that type are now illegal.

I think it will cost you less, in the long run, if you actually buy her a second hand one from a charity shop.

If you can find a decent one it will probably have more life left in it than a new DFS one anyway.

If you are able to find one with removable covers so much the better as they can be refurbished relatively inexpensively when the time comes.