Consolidation Loan advice

BrassicWoman

9500 + 7000 = 16500

what are you doing with the extra thousand..?

ballet123

Last year our son took out a £10000 loan over 5 years. (Not sure at what rate but not a low rate) . He then was off work sick and looks as if he will not have a job to go back to when lockdown is over.  We are currently paying the loan for him so we’re thinking is there a way we can take a loan out at a lower rate or can he or we apply for a credit card at 0%. We are homeowners and have no debts and excellent credit rating. (Hopefully he will repay us when he finds employment). Any advice would be welcome.

[Deleted User]

If you're happy to pay his debts, then you can apply for a loan or money transfer card.

You'll need a decent credit file to get a good offer though.

Clive_Woody

ballet123 said:

Last year our son took out a £10000 loan over 5 years. (Not sure at what rate but not a low rate) . He then was off work sick and looks as if he will not have a job to go back to when lockdown is over.  We are currently paying the loan for him so we’re thinking is there a way we can take a loan out at a lower rate or can he or we apply for a credit card at 0%. We are homeowners and have no debts and excellent credit rating. (Hopefully he will repay us when he finds employment). Any advice would be welcome.

You could try the eligibility checker to see if you might be able to get a loan.

https://www.moneysavingexpert.com/eligibility/credit-cards/search/

DCFC79

ballet123 said:

Last year our son took out a £10000 loan over 5 years. (Not sure at what rate but not a low rate) . He then was off work sick and looks as if he will not have a job to go back to when lockdown is over.  We are currently paying the loan for him so we’re thinking is there a way we can take a loan out at a lower rate or can he or we apply for a credit card at 0%. We are homeowners and have no debts and excellent credit rating. (Hopefully he will repay us when he finds employment). Any advice would be welcome.

Should really start your own thread.

Whoever gives you the excellent credit rating you should ask them.

[Deleted User]

ballet123 said:

Last year our son took out a £10000 loan over 5 years. (Not sure at what rate but not a low rate) . He then was off work sick and looks as if he will not have a job to go back to when lockdown is over.  We are currently paying the loan for him so we’re thinking is there a way we can take a loan out at a lower rate or can he or we apply for a credit card at 0%. We are homeowners and have no debts and excellent credit rating. (Hopefully he will repay us when he finds employment). Any advice would be welcome.

I'm not sure why you would even contemplate doing this or are paying the loan for him in the first place.  If he can't afford the repayments then he can't afford the repayments.  The lender cannot get blood out of a stone so unless you can afford to give away £10,000 plus interest your son can write to the lender explaining he can't afford to repay the loan whilst offering a token payment of £1 a month.  Your son might even want to consider contacting on the debt charities (CAP UK, National Debtline and Step Change) for advice.