Advice please

Rosie_64

Son has taken out short term balance credit cards (Aqua)and has other debts he wants to get a loan to pay them all off but i can not guarantor a loan as going through mortgage application. All the loans are coming up as 49 per cent or ridiculous 199 per cent. Advised him to go to step change to get a DMP but they have said because he can still make the minimum payments its not suitable for him and to get a loan to consolidate. Is there any that no charge the earth and will have no guarantor, He is only 23. He has taken these out this with out my knowledge as he lives away from home.

thanks

Edi81

He’s 23 not living with parents so it’s his issue not yours.

I wouldn’t help him out - he needs to learn that you can’t have it all.

He should get himself on here if he wants to sort this out.

hollydays

well that was helpful!

Sncjw

Don’t get a consolidation loan as that is doubling his debt. The lender will assess him on double the debt for affordability. Also a recent loan application which would be double the debt would not look good on mortgage. How will he afford to pay that off and his mortgage if he struggling now without a mortgage

[Deleted User]

Sncjw wrote: »

a recent loan application which would be double the debt would not look good on mortgage.

It's the OP who has applied for a mortgage, not her son who has simply run up a large credit card bill..

[Deleted User]

Send him to the DFW boards.

He'll need to pay the debts off the old fashioned way, but they'll offer a lot of support.

System

hollydays wrote: »

well that was helpful!

It was, it is precisely what needs to be done. He needs to learn the ramifications of borrowing from his future self before he gets to an age where it'll cause real issues so a bit of pain of having very little spare money and not being able to do what he wants may focus the mind.

hollydays

Tarambor wrote: »

It was, it is precisely what needs to be done. He needs to learn the ramifications of borrowing from his future self before he gets to an age where it'll cause real issues so a bit of pain of having very little spare money and not being able to do what he wants may focus the mind.

That's your opinion.
You can tell all that from a third party's post?

Edi81

Well what do you suggest?
The OP nails her son out?
We’ve all read enough posts similar to this. Sometimes tough love is what you need!

Socajam

Tarambor wrote: »

It was, it is precisely what needs to be done. He needs to learn the ramifications of borrowing from his future self before he gets to an age where it'll cause real issues so a bit of pain of having very little spare money and not being able to do what he wants may focus the mind.

I love the bit about learning to the ramifications of borrowing from his future self before he get to an age where the real problems set in.
That is so true, if he does not learn now, when will be every learn.
I have been reading and replying to posts on here and it amazes me the number of people who are way over their head in thousands of pounds in debt.
I am not sure how they sleep at night.

Dobbibill

Welcome to the forum Rosie,

You may not believe it but not being able to be his guarantor at the moment is a blessing in disguise. There are multiple threads all over this forum about how this has gone wrong and that's without the awful APR. It also forces you DS to look at things himself.

Tell him about this forum, also send him the link to fill out a SOA. This will make him look at his budget when it's written down, which can make a difference seeing it in front of you.

If he can afford the minimum payments - can he afford any more? An extra £5 or £10 to start chipping away at the debt. Is he able to sell anything?
You don't say how much the debt is or how much income he has. Parenting doesn't stop when they become adults, it's just a different type of support, moral rather than financial in this instance.

I wish you both all the best.