0% eligibility

Maria_Fotheringham

I’m trying to get a loan to help my son out as, due to coronavirus, his bonus has been cancelled for 2 years, meaning that he’s down £40,000 a year. He’s servicing his debts but (seriously) worried about cash flow, (and I’m seriously worried about him), he’s been refused consolidation loans so I thought I’d try (he will pay). Although retired, I own my £800,000 house outright, have never had a bad debt, have an excellent credit rating. My husband, also retired, has 2 rental properties and part time job yielding £1400 a month...but I have 0% eligibility for a loan. I understand this is probably down to affordability but is there any other way I can raise some money?..I don’t want to get a joint loan or secured loan on my property as my husband is not my sons father.

Clive_Woody

If you have the cash to spare could you not give him this each month instead of taking out a loan for him?

sourcrates

Why dosen`t your son look at debt mangement options instead of digging the hole that he is in, even deeper.

Why people automatically look to further borrowing to save them in these situations, is beyond me.

Consolodation loans are hard to get anyway, the current situation means Banks are being even more careful who they lend too, and consolodation infers you are not good with your money management.

The fact he has to rely on a Bonus to pay his way would suggest to me he may benefit from some debt mangement advice, the debt charities in my signiture are a good place to start, all free, no commitment, may even find it helpful.

foxy-stoat

If you want to help him, get him to speak to a debt charity.

If you want to clear his debts for him then sell your house and buy a cheaper one, to give him some "insurance" from running up debts in the future get him to default on all credit commitments so his credit file will be trashed for enough time for him to learn how to get by without credit.

Anyone who can get £40,000 bonus a year shouldnt need to take out credit.

MinuteNoodles

Leave him to sort it out himself, merely offer the phone number of Stepchange. He's had more than enough money over the years to be able to build up a decent emergency fund and savings and he's chosen not to. Let him suffer the consequences of his actions, it might focus his mind a little if he's forced to go without some of the non-essentials he's become accustomed to and to re-assess his wasteful spending. No doubt you at points in your life had stuff you'd have loved to have got there and then but had to save for them instead of just going out and putting it on credit or just forget about getting them altogether so why should you suffer because he coudn't control himself and decided to buy it with other people's money? If you bail him out he'll never learn and if you bail him out it'll be like most debts owed to parents in so much it'll be at the bottom of the list of priorities to pay and all it'll do is make your retirement poorer.

Ultimately he's an adult who has had a bloody good income and shouldn't be poncing off his retired parents.

[Deleted User]

Families and money NEVER mix just read some of the examples on MSE, let him sort him self out, the bonus famine wont last forever !