71yr old in need of a loan!

furryboo

Hi there,
I wonder if anyone can help or offer advice. My mother is in need of a loan for approx £7500. She is in part time employment and earns £21K+ a year. She lives in rented accomadation. She does also have some adverse credit against her name from a few years ago.

She has been to the credit union but they would only offer her £1100.00! She really is looking for more than that. Has anyone got an advice or experience of where she can go and get a loan for the amount she is looking for at a reasonalbe APR (i.e 19% at the most)?

Thanks

furryboo

HappyMJ

19% is reasonable? I don't think so...that's extortionate.

What does she need the money for?

Something like a new car can be leased instead of purchased. She's in rental so it can't be anything to do with property.

Tixy

What exactly is the adverse credit on her credit file? are you talking a couple of missed payments? or defaults/CCJs etc?

How long is she hoping to pay it back over? how long is she likely to continue to work and would her pension income be sufficent to cover repayments on the loan if necessary?

Has she tried her own bank (the one where her salary is paid into)?

jason1231972

furryboo wrote: »

Hi there,
I wonder if anyone can help or offer advice. My mother is in need of a loan for approx £7500. She is in part time employment and earns £21K+ a year. She lives in rented accomadation. She does also have some adverse credit against her name from a few years ago.

She has been to the credit union but they would only offer her £1100.00! She really is looking for more than that. Has anyone got an advice or experience of where she can go and get a loan for the amount she is looking for at a reasonalbe APR (i.e 19% at the most)?

Thanks

furryboo

At the risk of sounding condescending, bloody good on her for still working, and still earning a decent wage!

As for loan...maybe stating the obvious, but has she tried the bank? Many institutions will lend to anyone above a certain age, with no specific rules on an upper age-limit. Perhaps a personal appointment at a high street bank may be in order?

pineapple123

Looking back to your previous post, you stated..
Now the other side of all of this is that a relative has offered to get a loan so I can clear all my current debts and get myself back on the straight and narrow. The problem is this relative has a poor credit rating and I cannot find a loan provider that doesn't charge a massive APR.

I really hope that your mum is not taking this out for you, she is earning money but do you really want your mum to have to continue to work at 71 and maybe stuggle with finances to pay this loan back because you got into a fix even if she offered to try and get this loan for your benefit. Sorry to sound harsh or if Ive jumped to conclusions but you were given good advice on here previously.

I do hope you can sort something out without mum having a loan this size around her neck at her age.

chanz4

If its for the above, it wont be responsible borrowing or lending

jonni

If it's your own debts you want to sort out, call the Consumer Credit Counselling Service and tell them about all your credit. It won't cost you anything and I've only heard good reports about their advice.

Bravehearted_2

Shameless. Just shameless.

Kindly sort your debt out via Cccs yourself as opposed to working your 71 year old ma to the ground.

bouncydog1

You should head over to the DFW board, not take advantage of your mum. You already stated in you earlier post you had lost control of your finances, so best thing is to get objective advice to sort them out - not pass your debt over to your mother.

furryboo

Ok, I have been to the CCCS who are very helpful. Can you all not be judemental and see that everyone circumsatnces are different!

Hlaf of my totla loans is in payday loans and half the loan that she may get will be used for that the other is for her to use for perosnal reasons.

She is going to try her bank but has anyone got any further suggestions please?

Regards

furryboo

ILW

Do not drag a 71 year old down with you is the advice I would offer.

I really is unfiar and rather cruel.