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

whitecloud663

ratrace wrote: »

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

Thanks ratrace :beer:

I'm confident in my OH but I cannot regard her brother in the same light, who can potentially ruin or delay our own personal plans together as a couple from a financial standpoint.

Its ultimately up to my girlfriend on what she wishes to do with her money, I can only raise my own points across. She is aware of how it can impact our plans but I hope her family also realises the risk she is putting herself in.

Pixie5740

If the loan is in your GF's name only then no you cannot be pursued for the debt. However, if your GF defaults on this loan it will effect your credit file as you are both financially linked.

10% APR isn't particularly good especially considering this is a staff rate. I can't fathom why your GF is willing to take out a loan to help pay for her brother's wedding when she has existing debts partly to do with a family member. Fool me once shame on you, fool me twice shame on me springs to mine but she's a grown woman and has made her decision.

What really doesn't make sense is paying out an extra £2k in interest when she has money sitting in a savings account making peanuts.

27col

If paying for relatives weddings is normal in this family. Perhaps the OP should suggest that the brother should pay for his fiances upcoming wedding.

patanne

All other things aside you need to accept that it is extremely unlikely that she will see this money again and that your household will be down £7k. You need to accept that and move on or it will damage your relationship. If she then receives some repayments - well that is a bonus.

Hope you both enjoy the wedding!

dealer_wins

I give up, yes OP take out the loan, they will repay every penny, plus interest, plus you will be the talk of the town for 25 years!!

Sweet dreams xx

Hazzinho

All have have to add is if you lend friends and family money don't expect to ever get it back, assume you won't and anything else is a bonus.

For your plans going forward remember this is her debt and not her brothers, this may massively impact her credit until the loan is paid off. Lenders see borrowing 50%+ of your annual salary as high risk.

whitecloud663

Pixie5740 wrote: »

If the loan is in your GF's name only then no you cannot be pursued for the debt. However, if your GF defaults on this loan it will effect your credit file as you are both financially linked.

10% APR isn't particularly good especially considering this is a staff rate. I can't fathom why your GF is willing to take out a loan to help pay for her brother's wedding when she has existing debts partly to do with a family member. Fool me once shame on you, fool me twice shame on me springs to mine but she's a grown woman and has made her decision.

What really doesn't make sense is paying out an extra £2k in interest when she has money sitting in a savings account making peanuts.

Th problem I'm facing now is that I can't even talk about the topic with her any more, every time I bring it up she gets angry, says I'm nagging and has now told me she is unsure of me. I know its because of the stress she is going through (her family putting her under stress because of her brothers wedding). I just can't help but think that 6k is better spent on more important things like our flat or our wedding!

Another thing I just don't get is that if she does expect her brother to pay her back why doesn't she use her own 6k savings instead of taking out a loan and paying nearly a grand on interest?
My blood is boiling and I just don't know what to do?!

Pixie5740

Yes I would want to know why the brother's wedding takes precedence over her own wedding and home. She might be unsure of you but in your shoes I'd be unsure of her. Previous debts from helping out family, now more debts to help out family, where does it end?

Hazzinho

whitecloud663 wrote: »

Th problem I'm facing now is that I can't even talk about the topic with her any more, every time I bring it up she gets angry, says I'm nagging and has now told me she is unsure of me. I know its because of the stress she is going through (her family putting her under stress because of her brothers wedding). I just can't help but think that 6k is better spent on more important things like our flat or our wedding!

Another thing I just don't get is that if she does expect her brother to pay her back why doesn't she use her own 6k savings instead of taking out a loan and paying nearly a grand on interest?
My blood is boiling and I just don't know what to do?!

I feel your pain, her mind is made up so there is little you can do, it's going to crop up again in the future when you need the money, what can you do. She'll regret it.

Spicy_McHaggis

bmwm5 wrote: »

I find your posts absolutely disgusting your clearly being indirectly insulting to op's other half it quite frankly makes me sick!

The thread is about a loan but you have but just cant stay away from having a dig at her can you, we live in a multicultural society with lots multinational foreign people that living here

Lets not forget we have our "own British nationals" living in foreign country's such as Spain, France Germany, Dubai, Qatar Australia America etc.... How would they feel to be judged and insulted at their "English culture" lets hope they not getting the same treatment we like to give out

Ive a family living out of England due to relocating, and i would be so upset if there were getting insulted for who they were, unbelievable

My brother is due to get married to a polish girl soon i better tell him to get used to her "culture" get his money affairs in order!



Really sorry op, you know all us English folk don't think like that, thank god there is still hope oh and dont let your oh see this it might upset her a little

Sorry Mate - Im just cheesed off

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?

Why are you posting on two accounts here?

One to rant and another to ask questions.