Advice on a Join Loan.

RichGold

This is by far the maddest post I've ever seen on this forum, and that really is saying something. I'm flabbergasted, nay, astounded at almost everything you've written and shall continue to be regardless of further explanation from your good self. I see neither a resolution to your question nor why anyone (working or not) would want a £5k car to share between someone whom they simply "live with". Either there is something very fishy as to this ladies motives (I.E. you're being taken advantage of) or your post is full of lies.

Sorry if this post sounds harsh, but I think you're bonkers.

DCFC79

This car you supposedly want to buy, whose name would it be registered to ? im not sure if you can register it to 2 people and what would happen if at some point in the future the 2 of you fall out and you cant decide who has the car. Im astonished myself that the OP is contemplating this.

Apples2

If, on your current income(s) you are both falling into debt, how are you going to meet the repayments of a loan in any case? It means your outgoings will be going up, but they are already too high now.

My question doesn't warrant a reply as I think this is all immaterial anyway, I can't see any lender agreeing to this, I also think if the authorities started digging into your personal circumstances you may be in for a rocky ride.

InFi[D]eL

Gothicfairy wrote: »

Why do you need extra money for xmas ? No one should get into debt for just one day, there is no point and lets face it you can buy the toys the day after at half price so just get kiddie something small from Santa on the day and then hit the boxing day sales and explain that Santa got caught in a traffic jam and as the child was such a grown up child he knew they would understand him being one day late.....job done.

Car : get a cheap run around from ebay, gumtree, auto trader..MOT and Taxed can be got for under £500 > I was watching 3 that ended for less then that and they were legal and ready to go.

Debts : according to your figures they are not that high so just keep paying them back each month and get the balance down that way

What else ?

There is enough coming into the household to pay extra on the debts and if you want shopping help then check the old style board as there are people there living on less the £200 per month with kids.

Christmas isn't something that is a major factor on the loan, it's just one of many. I didn't state the loan was for "Car, Xmas, Cards" I said it was for those and some other things. Things I don't care to go in to as they are somewhat personal. Besides, the youngest is autistic how the hell are we supposed to make him understand a late Christmas because of traffic jams lol? Point however well taken on the living expenses.

DCFC79 wrote: »

This car you supposedly want to buy, whose name would it be registered to ? im not sure if you can register it to 2 people and what would happen if at some point in the future the 2 of you fall out and you cant decide who has the car. Im astonished myself that the OP is contemplating this.

I don't like to drive, she'd be the registered owner.

Apples2 wrote: »

If, on your current income(s) you are both falling into debt, how are you going to meet the repayments of a loan in any case? It means your outgoings will be going up, but they are already too high now.

My question doesn't warrant a reply as I think this is all immaterial anyway, I can't see any lender agreeing to this, I also think if the authorities started digging into your personal circumstances you may be in for a rocky ride.

I appreciate your bluntness but I feel some of the key factors have been missed out.

To everyone who's been kind enough to offer their thoughts I'll re-iterate and expand.


Personal circumstances; The benefits office and local council are fully aware of our living situation. They are satisfied with the situation. We know, thanks to some sound advice that the reasons for the joint loan are reasonable and we do not need to concern our selves regarding any legal action.

The car, A cheap run is not a an option, they usually end up costing more than you've spent on them in the first place. The youngest is disabled meaning a potential break down on the M1 is something that must be avoided. It could happen with any car, but the less likely, the better. A child with this level of autism would flip out, big time.

The car would have exsessive usage anyway and would need to last the distance like it's predecessor of 9 years. Not be knackered in 6 months and need major work.The car would need to survive the next few years of a 7 hour drive to Devon and back every month. I'm not saying that justifies a 5 grand car, but we never said we wanted a 5 grand car, that was something one poster assumed and everyone jumped on.


I am glad people are willing to take the time to respond and even bluntly blurt out their thoughts. However this is something we've thought hard about for the past several weeks and we both feel we would prefer to solve our mutual "issues" regardless of what the unmentioned ones may be and do those at the same time as the car for simplicity. I'm sure the urgency of the car can be appreciated knowing some of our circumstances and all though some of the other reasons for the loan are less urgent and could wait it seems easier to just do it all now and pay off one loan.

Johnny_Barnes10

Don't think you, your "friend/house mate", or the both of you will get that loan - without a job.

If you listed what the other things were, people could give you advice on going about getting them/resolving them/it a lot cheaper than you think.

KingElvis

I feel a bit sorry for the op but what a mad mad plan in a bonkers fruitloop thread.

Cut your suit according to your cloth, circumstances matter not.

XXSCOTSLASSXX

I also do not think either of you without any employment have any chance of getting a loan, regardless of this from what you have said ur income at the moment is from JSA the rest of the 'household income' is paid to your friend and is also made up of benefits etc majority of which are for your friends children...you have debts at the moment that you are unable to clear due to income yet you have no issue with using benefit money that is paid for THE CHILDREN to finance a loan.... your friend will no doubt be aware they can contact re the DLA payments they receive with regards to a car if is required for the child this as u have stated is the main reason for this loan and is top priority... your friends debts are as you have stated are only £300 given her income this is manageable even without the DLA payments. ur debt to income ratio are not so manageable tho.... your incomes are not comparable to even consider this as a fair and even option friend or no friend...apologies for being blunt however I have to ask the question who would have the most to gain from this arrangement??

InFi[D]eL

XXSCOTSLASSXX wrote: »

I also do not think either of you without any employment have any chance of getting a loan, regardless of this from what you have said ur income at the moment is from JSA the rest of the 'household income' is paid to your friend and is also made up of benefits etc majority of which are for your friends children...you have debts at the moment that you are unable to clear due to income yet you have no issue with using benefit money that is paid for THE CHILDREN to finance a loan.... your friend will no doubt be aware they can contact re the DLA payments they receive with regards to a car if is required for the child this as u have stated is the main reason for this loan and is top priority... your friends debts are as you have stated are only £300 given her income this is manageable even without the DLA payments. ur debt to income ratio are not so manageable tho.... your incomes are not comparable to even consider this as a fair and even option friend or no friend...apologies for being blunt however I have to ask the question who would have the most to gain from this arrangement??

Again, thank you for being blunt. Both mine and her debts are manageable and neither of us have had any problems with our repayments there in. We are both financially stable in that regard.

To answer your question though. I'm not sure on the grand scale of things who would benefit more. I suppose my friends need is more urgent considering the car, but my debts are higher and more of an annoying voice in my head, regardless of the fact I'm paying more than the minimum payments. I suppose it would benefit her more.

I think, thanks to the fine folks here we will take some of the advice listed. We plan to visit the citizens advice in a few hours and rethink the urgency of the loan size. The only crucial requirement is the car of which, after some research and advice from a family member who is "in the business" we only really need spend around 1200.

Again, everyone who responded has our thanks, and we welcome further advice and comments.

XXSCOTSLASSXX

InFi[D]eL wrote: »

Both mine and her debts are manageable and neither of us have had any problems with our repayments there in. We are both financially stable in that regard..

ermmmm I would refer you back to your initial post where you state... your credit card was in arrears recently for 3 weeks !!

Wish your friend all the best in financing a car hope the CAB can find a solution for her with regards to your debts etc good luck

InFi[D]eL

XXSCOTSLASSXX wrote: »

ermmmm I would refer you back to your initial post where you state... your credit card was in arrears recently for 3 weeks !!

Wish your friend all the best in financing a car hope the CAB can find a solution for her with regards to your debts etc good luck

Thanks pal, yeah it was in arrears for 3 weeks but completely sorted now.