Need to take out load - advice required

daakhu

Hi
I need to take out about 17k loan for a family member.
Without going into details. He already has a joint loan, which need to be in his name only. The loan company refuse to move the loan over to him. So instead i plan to take out a loan to pay off the joint one.

Can anyone advise what kind of loan i should get or who with!?

Thanks

mjdh1957

First of all, take a look at the 'sticky' thread on this board about lending money to family and friends.

It's not something to enter into lightly.

Rafter

Why is he taking on the debts for someone else and then why are you taking out a significant loan for him?

There is a reason the loan company refuse to move the loan over. Probably the credit worthiness, income and affordability of such a large loan to your family member.

Think carefully and consider whether he needs to take advice from a credit charity first.

R.

daakhu

Hi
It's not advice on why i'm taking out a loan etc.

It's advice on what kind of lender i should go to etc.

mjdh1957

Take a look at the main part of this website, Loans & Banking (it's in the list to the left of this frame).

That will give you an idea about interest rates and what you can afford.

regularsaver1

Is it affordable for you?

hopeless_case_2

daakhu you are so right no one ever seems to answer the question do they?
They just seem to want to giv advice as to why you should not get a loan Why?

rosysparkle

To try to ensure that you don't get into financial difficulties, perhaps? Or if you are already in financial difficulties, to try to ensure that things aren't made worse by applying for more debt.

vwman_3

hopeless_case wrote:

daakhu you are so right no one ever seems to answer the question do they?
They just seem to want to giv advice as to why you should not get a loan Why?

I think it's just down to people not wanting to see other posters getting into, or further into debt, it's all meant in good faith........

daakhu

I'm acutually going to setup 2 DD's, one to pay for the loan payments and other DD for payments from family memember. Done this before a few years back.
The loan he has now, is a joint loan, which the company refuse to move the loan over to just his name, can do do that?, is there another way around, rather than me taking out this loan?

Thanks!

Keith

DavidBrown1900 wrote:

Bad post

I've reported this post as I believe it goes against the entire idea of this site.

And what kind of decent loan company has a hotmail address?