Citizens Advise or Consolidated Loan?

tgon

My son is in such a mess financially he now believes a new consolidated loan is the only answer. This may be so but I've said he should chat it over with Citizens Advise (or the like) first because I believe some of the debit is from when he was with his partner (now separated). Loans taken out together or for a common purpose shouldn't be his debt alone is my thinking.

Is my advise wrong? Open to new thoughts...

CLAPTON

best if he comes on here himself and posts on the debt free wannabe board and provide the full details of the situation.

DCFC79

tgon wrote: »

My son is in such a mess financially he now believes a new consolidated loan is the only answer. This may be so but I've said he should chat it over with Citizens Advise (or the like) first because I believe some of the debit is from when he was with his partner (now separated). Loans taken out together or for a common purpose shouldn't be his debt alone is my thinking.

Is my advise wrong? Open to new thoughts...

A consolidation loan isn't always the solution unless your son pays off the debts and not rack up anymore, it all depends on what the debts amount too, your sons salary and if he can get a decent apr as to whether its worth doing.

Ddepends who took the loans out as to whether our son pays for his share eg if the loans were taken out in your sons name does he have anything to show the partner would pay the fair share and vice versa if you get what I mean.

But yes its best if he posts on here himself.

tgon

CLAPTON wrote: »

best if he comes on here himself and posts on the debt free wannabe board and provide the full details of the situation.

Quite right - posted in wrong forum. Mods please note

CLAPTON

tgon wrote: »

Quite right - posted in wrong forum. Mods please note

better if your son comes on himself

DCFC79

tgon wrote: »

Quite right - posted in wrong forum. Mods please note

Nothing wrong with this thread where it is but get your son to come on here himself and post on the dfw board.

tgon

CLAPTON wrote: »

better if your son comes on himself

Sigh, sons and their stupid pride.:mad:

Will do my best - thanks all.

dresdendave

tgon wrote: »

My son is in such a mess financially he now believes a new consolidated loan is the only answer. ...

Almost certainly another loan is not the answer. At best all that does is shift the debt to a different lender. It does nothing to tackle the root cause of the debt.

You tackle your debts by increasing your repayments not your borrowings.

As others have suggested the DFW board should be able to offer advice on reducing his outgoings which then means he can increase his repayments.