Is it possible to joint/co-sign for £8000 if I've had IVA completed two years ago.

Mike10102

Jami74 says

What are you hoping the £8000 would buy/pay for? There might be cheaper or alternative ways.

TIME.
Primarily time is what I want it to buy me. Time where I could work a couple if days less a week.

It is utterly exhausting working full time in my high volume position (shares many similarities to a call centre role with timed targets with 30 seconds to a minute timed tasks for 9 hrs a day). 

After work I'm utterly spent. I've been trying to get up early at 6am for a few hours of study before work but it is exhausting also.

The university route is not for me. I DO expect I'll likely do a postgraduate course in a few years but definitely not now.

Jami74

Mike10102 said:

TIME.

Ah, that's a hard one. 

Would your employer be okay about you working less days a week?
It's a risky thing to borrow money for.

longjohnjohnson

https://forums.moneysavingexpert.com/discussion/6300114/had-iva-2-years-ago-paid-off-options-for-career-change-loan-10000

Asking the same questions in a different way is unlikely to yield different answers.

kimwp

longjohnjohnson said:

https://forums.moneysavingexpert.com/discussion/6300114/had-iva-2-years-ago-paid-off-options-for-career-change-loan-10000

Asking the same questions in a different way is unlikely to yield different answers.

It's a different question.

Mike10102

Yeah my previous question was an emphatic no, not possible.

I wondered if inclusion of somebody with very good credit and multiple homeowner would make a difference.
It's not ALL the money in the world also. Eg. Big difference between £8000 and a full mortgage.

To Jami, 
It could be possible to lower hours but I don't know. I've spent seven years at the role and I'm pretty done with it to be honest 🙂 I'd likely jump to something else if I had the choice.

Sncjw

your dragging your mum into it ethier way. If it's by garuntor loan or if she got the loan herself. Ethier way if you stop paying for struggle she would have to repay it. 

You say you don't want to drag your mum into it but you will. If you have struggles to pay a deby in the past what goes to say you won't struggle this time. Could you cut back in spending and save the money up..

What will the money be used for exactly. 

Mike10102

Sncjw said:

your dragging your mum into it ethier way. If it's by garuntor loan or if she got the loan herself. Ethier way if you stop paying for struggle she would have to repay it. 

You say you don't want to drag your mum into it but you will. If you have struggles to pay a deby in the past what goes to say you won't struggle this time. Could you cut back in spending and save the money up..

What will the money be used for exactly. 

Thanks for your reply.

Money would be used to give me a single year's window to allow me to study software engineering full-time with only a part-time job immediately (or once I find a suitable job).

I'm counting full time study as five hours plus a day (which I successfully managed at start of lockdown). Part-time as two or three shifts a week (so as to lower how quickly I burn through money).

It would pay rent, bills, course fees of £150 a month, food I could manage on £5 a day,  100 per month for incidental bills like mobile, cheap gym membership etc and monthly loan repayment amount.

I may ask for help from my mum but I'm not going to push it. If her initial reaction is to reject it I will never bring it up again.

I agree. I WILL likely go the two job route if not successful but this likely puts this plan off for a year or two at least.

If I'm successful in developing my software engineering skills I would hope to earn at least 27,000 in salary from currently 18,000 per year. I really do believe I can and already invested substantial time already in it (years) and maybe 1500 hours of study.

I do try to save and have very few vices that take money. I do not smoke, nor drink at all, I went out once last month and had three cokes. I wear stuff from Primark until it falls apart. The majority of my money goes on rent, bills and food and I'm in the process of trying to minimize the food spend as much as possible. I shop at Aldi regardless but now I'm big batch cooking to shave some pounds per meal off.

Minimum wage really is not much to live on at all and it's utterly draining. I've been trying to get up three hours before work to study (6am-9am) as my brain is useless after work (timed tasks for 8hrs that must be done either 30seconds each or 1min10 each). 

I'm making a bet I can make my future better than my past and if I was able I would wager my own money on it but due to my own past choices that's pretty tough. It doesn't look like this is an option as I have no savings or ability to obtain credit.

I am really trying to change my  life and was just curious if there were avenues that could help me given less than ideal debt issues in the past.

Pixie5740

How will you afford to repay a £8000 loan when working fewer hours when the rest of your bills remain the same? 

I’m studying part time (MSc) whilst working full time is a stressful job (the work isn’t stressful it’s the people) so I know it can be tough going at times. 

Would going back to live with your mum be an option? That should reduce your living costs meaning you can work fewer hours and study more? 

longjohnjohnson

Mike10102 said:

Yeah my previous question was an emphatic no, not possible.

I wondered if inclusion of somebody with very good credit and multiple homeowner would make a difference.
It's not ALL the money in the world also. Eg. Big difference between £8000 and a full mortgage.

To Jami, 
It could be possible to lower hours but I don't know. I've spent seven years at the role and I'm pretty done with it to be honest 🙂 I'd likely jump to something else if I had the choice.

No, it's the same question.

Lenders will look at the lowest common denominator, which is you.

To be clear you will drag their application down AND potentially financially link them with an insolvent, which is credit history suicide.

Sncjw

Pixie5740 said:

How will you afford to repay a £8000 loan when working fewer hours when the rest of your bills remain the same? 

I’m studying part time (MSc) whilst working full time is a stressful job (the work isn’t stressful it’s the people) so I know it can be tough going at times. 

Would going back to live with your mum be an option? That should reduce your living costs meaning you can work fewer hours and study more? 

Thats a good point that you will need to start paying to loan basically straightaway. How will you afford to do that.