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Advice appreciated on sons loan please
My son took out a loan for a laptop and since losing his job is struggling to pay the instalments. The loan is due to change to a really high rate of interest if he cannot pay the full amount outstanding by the 18/11/12. The loan was taken out at a lower rate but then changes to the higher rate on this date. Any advice please. He is up to date with payments up to now.
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Comments
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Not sure what you are asking?0
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Sounds about right, choices are to
Pay it off by the 18th
Pay it off with higher rate..
Sell the laptop, using proceeds to pay the balance..0 -
Is this a buy-now-pay-later agreement from a retailer?
If so, not only will he be facing high interest going forward, he may also have a lump of deferred interest added on to the balance on the 18th November. Could be a siginificant amount, depending on the length of the introductory period.0 -
Could you help him out? You pay of the balance and he continues to pay the installments to you.
A few people will say don't lend to family but you know your son best. If he hasn't asked you to help him out and he can afford his current payments then that's the way I'd do it.0
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