What should I do? Pro's and cons please :)

Eupho

Hi.. Im almost £38.000 in debit :eek: (with two loans and credit cards)

This Saturday Payplan is calling me for my SOA

I finally (today) told my dad what was happening.. (im 34- divorced-working mum of three)

My dad thinks me going Bankcrupt would be a better option. But id rather not do that really.

Then he suggested that he get a £30.000 loan in his name and I pay it. Which i could, (i think) I already pay £852 per month in paying card and loan payments. With my in and out goings at the moment, paying those (the 852) and my normal house outings, I am left with about £50 per month.

Could I pleeeeeease have someone ideas on the best option to choose?

Something has to change one way or another this month, Or I will start to get into BIG trouble, as everything is almost to the max. (tho ive been good and clamping down the last 2mths) almost? No. they are literally a few pounds off their maximum.

What should I do?

angelavdavis

Tough one.

Are you sure that, should your Dad take on your debt that the reasons for your getting into debt in the first place will effectively be removed too?

What I mean is "Are you likely to get yourself back in a mess?" From your other post http://forums.moneysavingexpert.com/showthread.html?t=350563 it is clear that you have already taken out a loan previously to pay off debt and then got yourself in more debt as a result of it...

With respect, if you haven't yet put your SOA together for Payplan or MSE site, have you really got a clear picture of your issue?

Whilst I think your Dad's offer is lovely, I think you need to ask yourself whether this will encourage an avoidance mentality to continue and make it less likely that you will accept your situation. Sorry if that sounds like I am being tough on you.

Post up your SOA and the good folks on here will have a clearer picture to advise you of the options.

plumduff-2

No, dont borrow the cash from your dad.. sounds a great idea in theory but what would happen if you had to come out of work due to illness or some other situation happened and you could not afford to repay him...

He would then be left to repay and it could cause a major rift in the relationship you have with him...

Why are you so scared of BR..? If you need info on this, have a look on the DHUK forum... (im a mod on there)... there are loads of people in similar situations, debts advisers and an Insolvency Practitioner.. who could go through all the pros and cons with you...

tyllwyd

Personally, I think it would be a really bad idea to take out a loan in your Dad's name. What happens if you can't pay - are you (and he) happy that ultimately he is responsible for paying your debt. If you let him down, it could ruin the relationship between you.

And it takes away your options - if in the future you decided that your best option was to go bankrupt, you can't do that any more because of all the money owed to your dad.

I think you should thank him but talk to PayPlan as planned to find your own way out of this situation.

sydney2002

Eupho wrote:

Hi.. Im almost £38.000 in debit :eek: (with two loans and credit cards)

This Saturday Payplan is calling me for my SOA

I finally (today) told my dad what was happening.. (im 34- divorced-working mum of three)

My dad thinks me going Bankcrupt would be a better option. But id rather not do that really.

Then he suggested that he get a £30.000 loan in his name and I pay it. Which i could, (i think) I already pay £852 per month in paying card and loan payments. With my in and out goings at the moment, paying those (the 852) and my normal house outings, I am left with about £50 per month.

Could I pleeeeeease have someone ideas on the best option to choose?

Something has to change one way or another this month, Or I will start to get into BIG trouble, as everything is almost to the max. (tho ive been good and clamping down the last 2mths) almost? No. they are literally a few pounds off their maximum.

What should I do?

sent you a private message, pretty much sound liek us, or hwo we used to be.
good luck though, and well done for getitng on here.
syd

artic_fox_2

please dont get your dad to get a loan out for you as they all say it could go belly up and ruin your relationship with your dad

SunderlandBlackCat

Definitely not a good Idea to take out any further debts in your dads, your own or anyone elses name until you're 100% positive that the underlying cause(s) for you getting in debt have been identified & overcome.

Pay plan can explain all of the options to tackle your existing debt without taking out any more.

dlb

From personalexperience i borrowed from my dad to clear debts of about £3000, and then stupidly ran up £24k of debts, i still owe my dad money, and am now on a dmp and have changed my ways big time since finding this site.
I just wish i could afford to pay dad back more money, we havent spoken for a year (not due to the money thats another story).
I am now proud to be paying off the money i have spent even if it only be a small amount at a time.
I will never borrow from friends or family again, if at all possible, as it makes you feel so bad. Not that i dont feel bad about my debts but it is alot easyier to tell a credit card company or bank i have to pay less than it is to tell someone close.
Good luck

Seaxwyn

Eupho, don't do it. My dad lent me money which I have been unable to pay back and I feel so bad about it, even though he doesn't chase me.

If you haven't done so yet, post your SOA on here and people will help you find ways to reduce the debt and pay it back faster, so if you do eventually decide to get a loan it will be a smaller one than you think you need now.

Good luck

whatatwit

If your dad had the money sat there in a bank account and he wished to loan it to you, then it would be lovely.
Unfortunately, if he has to take out a loan, then I feel it can only lead to disaster.

Help is here and good luck with PayPlan.

Eupho

angelavdavis wrote:

Tough one.

Are you sure that, should your Dad take on your debt that the reasons for your getting into debt in the first place will effectively be removed too?

What I mean is "Are you likely to get yourself back in a mess?" From your other post http://forums.moneysavingexpert.com/showthread.html?t=350563 it is clear that you have already taken out a loan previously to pay off debt and then got yourself in more debt as a result of it...

With respect, if you haven't yet put your SOA together for Payplan or MSE site, have you really got a clear picture of your issue?

Whilst I think your Dad's offer is lovely, I think you need to ask yourself whether this will encourage an avoidance mentality to continue and make it less likely that you will accept your situation. Sorry if that sounds like I am being tough on you.

Helloo thankyou for that, I agree with you actually, thats more or less what I was thinking if my dad took out a loan (bless him) Id rather get myself out of it all really. I dont THINK it would happen again.. as after reading SOO much here.. Im in a really good frame of mind to get on top of it all and stay there. I have been trying the last few months already.. (with thanks to everyone here) and have been doing REALLY well. Thankyou very much for your reply.. I will post my SOA tomorrow.. I have done it, but its in excel so I need to re write it to post here.