Helping out the mother-in-law....

[Deleted User]

CLAPTON wrote: »

how does a loan pay the debt off in one go?

I didn't mention the word "debt".

I meant pay off the CC balance.

CLAPTON

Bedsit_Bob wrote: »

I didn't mention the word "debt".

I meant pay off the CC balance.

how does that help?

the only sensible reason for shifting the debt is if the APR is less

if they can shift it to a 0% BT CC then that will be cheaper than a loan

exponential

I have looked at our income and it is possible to pay it if the worst happens but im quite certain that it wont come to that!

Yeah, the main reason to not go for the loan was to take advantage of the good balance transfer deals out there at the moment. A lot of 0% deal are not to be sniffed at! hehe.

Thanks everyone for your input! Really appreciate it! :T

emzieslou

Hi there,

Just a thing to remember with 0% balance transfer cards I have noticed. They are great if your mil can guarantee that she is going to pay it off in the time that the offer is on. However if it is going to be more long term than that a loan in some cases can work out cheaper when you consider the fees for transferring. Just a thought!

Emma

byjimini

CLAPTON wrote: »

how does that help?

the only sensible reason for shifting the debt is if the APR is less

if they can shift it to a 0% BT CC then that will be cheaper than a loan

He said he wanted lower monthly repayments, so the sensible thing would be for his MIL to get a loan in her name so it's lower.

However, she has a poor credit rating, so I don't think she'd qualify.

Just as long as there's a legal contract, I don't see a problem with transferring it into your name.

CLAPTON

byjimini wrote: »

He said he wanted lower monthly repayments, so the sensible thing would be for his MIL to get a loan in her name so it's lower.

However, she has a poor credit rating, so I don't think she'd qualify.

Just as long as there's a legal contract, I don't see a problem with transferring it into your name.

a loan may or maybe not have monthly payments less than a 0% BT credit card; but point well made if the monthly payment is of majpr importance

[Deleted User]

CLAPTON wrote: »

If they can shift it to a 0% BT CC then that will be cheaper than a loan

The OP didn't mention 0%.

shop-to-drop

Is MIL addressing the reasons for her debts and bad credit? This is really important as otherwise it will be too tempting for her to see this as freedom to run up more debt.

SnowTiger

exponential wrote: »

I understand the risk involved, we have just had our first child together so breaking up isnt on the cards but I completely understand the risk involved.

Ever watched Jeremy Kyle?

KingElvis

Madness pure and simple, I would rather put my nuts in the gears of a combine.

Help by all means, advise and point people in the right direction but you're as daft as a box of rocks to take it on as yours.

Noodle doodle.