Girlfriend is taking out and paying a loan for her brothers wedding?

patanne

Rossim this is my worry too. There doesn't really seem any way to me that this is going to end well.

I suspect that she has already been in effect cast off from her family. The only thing that is keeping her in the family is her "donations" to family occasions. This is never going to end - other births, marriages, deaths. I suspect also that the OPs OH will not actually be welcome at them even if she coughs up the cash to pay for them, I'm pretty certain he will not.

I would be really (yes I do mean this ) really pleased to hear that I am wrong

patanne

Sorry didn't see the comments about culture. Just saw that the person who would owe her money was going to live in another country and therefore be virtually untraceable. I guess your ethnic radar is a lot stronger than mine!

patanne

No guess I don't either. Just can't see how OP's girlfriend is EVER going to get paid back either. Doesn't make any difference if she is black white or sky blue pink with a yellow border. She is not going to see this money she is taking out a loan to get - so she can throw it away.

Nothing to do with anyone's ethnicity, they are about to be screw** for £6k.

Now if you had accused me of being religiously biased (against any I hasten to add) you may have been on a winner.

Nice bit of editing by the way on your quote on post 55. You should be proud - well gloating obviously that you appear to have got one over on some w...................

whitecloud663

ratrace wrote: »

I dont think the op's credit will be ruined as long as he HAS NOT financially tied with his GF for eg: no joint bank account, no joint loans, and no joint cc's or any other financial tie

We do have a joint bank account and joint mortgage. The loan will in no way be in my name, however if it cannot be repaid for whatever reason, can they pursue the flat in spite of the fact my name on on that too?

whitecloud663

Serendipitious wrote: »

My girlfriend is taking out a loan of around £5-6k to pay for her brother’s wedding. I am serious with my girlfriend (been together for 2 and a half years) and plan to marry couple years down the line when we are more financially secure.

It seems to me this loan will have a financial impact on your own plans to marry because any new debt will probably delay the point at which you feel you are more financially secure.

As a couple, perhaps you should both put your joint interests first, and prioritise your own life together. But I must admit I have no direct experience of what family financial expectations may be concerning people from other cultural backgrounds.

Is the brother going to Canada to live and work there? If so, is his Canadian income likely to be sufficient to cover living costs and repay a GBP loan? And who would he be repaying, bearing in mind that he thinks the cash has come from his parents' remortgage?

Thanks for the input. I agree it will delay our plans as a couple, i.e. stair casing up to 100% and our wedding expenses etc. Yes, the brother is planning to live and work in Canada. He apparently has a job lined up for him and for the first 6 months or so has a place to stay. The currency exchange is a factor to consider and would make the repayment that much more difficult. If my other half does take a loan out, I think he will know.

whitecloud663

patanne wrote: »

Rossim this is my worry too. There doesn't really seem any way to me that this is going to end well.

I suspect that she has already been in effect cast off from her family. The only thing that is keeping her in the family is her "donations" to family occasions. This is never going to end - other births, marriages, deaths. I suspect also that the OPs OH will not actually be welcome at them even if she coughs up the cash to pay for them, I'm pretty certain he will not.

I would be really (yes I do mean this ) really pleased to hear that I am wrong

She definitely is not a cast off member of her family! And her family full well knows that we have a flat together! This is all about saving face. Over their (India) having lavish weddings is very important in their culture so this is all about "face".

The brother clearly doesn't quite understand the impacts his wedding is having on the family. My OH is looking out for her parents because she doesn't want them to remortgage the house for their son. She is the one who makes the decisions in the family because the brother doesn't seem to have the sense or maturity to do so.

Rossim1985

bmwm5 wrote: »

So Which "culture" was she from then?, come on you can tell us :rotfl:
It will give the "cultural police" on here a bit more ammunition to fire at his girlfriend

I thought the point of the thread was about a loan but it seems to have drifted to indirect insults at this young lady and what background she is absolutely horrible.

She was English. Not that it matters in the slightest. I was commenting on the Ops girlfriend and her families financial situation not their culture or race.

ratrace

whitecloud663 wrote: »

We do have a joint bank account and joint mortgage. The loan will in no way be in my name, however if it cannot be repaid for whatever reason, can they pursue the flat in spite of the fact my name on on that too?

Good question Im not really sure about the joint bank accounts maybe someone can help

About the mortgage Ive always thought that as long as its not a secure loan against the property and its not a joint loan then as far as i am aware their cant really pursue you but i may be wrong about this

But a personal loan is always unsecured hence the high interest rates they charge

I had a unsecured loan from HSBC last year ofr the sum of £7,000 over 60 months at 15.9% apr i think and my monthly payments were £166 every month £116 was the loan repayment and £50 was the interest they charged

Hope this helps

whitecloud663

ratrace wrote: »

Good question Im not really sure about the joint bank accounts maybe someone can help

About the mortgage Ive always thought that as long as its not a secure loan against the property and its not a joint loan then as far as i am aware their cant really pursue you but i may be wrong about this

But a personal loan is always unsecured hence the high interest rates they charge

I had a unsecured loan from HSBC last year ofr the sum of £7,000 over 60 months at 15.9% apr i think and my monthly payments were £166 every month £116 was the loan repayment and £50 was the interest they charged

Hope this helps

My OH works for a bank so she's getting a good rate, around 10%. So the total payback with interest will be nearly £7k.

ratrace

whitecloud663 wrote: »

My OH works for a bank so she's getting a good rate, around 10%. So the total payback with interest will be nearly £7k.

Right I see, 10% on a personal loan is not too bad, well compared to was i was paying lol

I think if she works in a bank then she is quite clued up about the law and the banks lending rules ie: secured, unsecured, payment holiday, fee's etc...

You both sound very mature and im sure not matter what the outcome you'll pull through