Advice please

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  • hollydays
    hollydays Posts: 19,812 Forumite
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    Edi81 wrote: »
    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!


    It was a basic opening post.
    Just a little politeness is good.
  • -taff
    -taff Posts: 14,504 Forumite
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    I very much doubt that Stepchange told him to get a consolidation loan.
    They are usually the slippery slope to being in debt for years.


    Get him to fill in an SOA,and post on the debt free wannabe boards.
    Shampoo? No thanks, I'll have real poo...
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    He needs to cut back on his spending, the dfw board will help.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    edited 14 April 2019 at 12:55PM
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    hollydays wrote: »
    well that was helpful!

    Yes it was - the most helpful reply the OP will get because it is true.:D
  • hollydays
    hollydays Posts: 19,812 Forumite
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    jonesMUFCforever wrote: »
    Yes it was - the most helpful reply the OP will get because it is true.:D

    Again, that's your opinion.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    hollydays wrote: »
    Again, that's your opinion.

    Well let's hear your opinion here - all you have done so far is deride all who have posted :T
  • Xbigman
    Xbigman Posts: 3,884 Forumite
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    Rosie.

    Some of the boards on MSE are controlled by little groups who jump on anyone that doesn't spout the party line. The loans board is not like that. Here we have all seen exactly the same things play out over and over again and we have become jaded. Laying things out in a blunt fashion is a natural consequence of that. It should not be taken as any personal criticism.

    From what you have posted I only need to read two things.

    1. Consolidate to save money/clear debts.
    2. Guarantor loan

    You cannot pay off debts by borrowing to do it. You're simply replacing one debt with another. It becomes an endless merry go round that destroys people's lives. When you even consider using a guarantor loan to consolidate there is only one reason. Your son is a bad payer. It's that simple. Even if his borrowing were high he could get subprime credit in the 20 or 30 percent range. 49% guarantor loans are for bad payers. Whether he admits it to you or not is irrelevant, he's a bad payer.
    He has only one way out. Pay the money back. If he really can make the minimum payments he should do so. Any spare money should be thrown at the largest apr debt. Even the minimum payments for a few months will bring the balances down a bit and allow a few pounds overpayment. The more he pays off each month the more he will have the following month to make overpayments. It's called snowballing.
    In your position I would never be a guarantor. I'd give him a few hundred to help get the balance on the first card down a bit and get him going. Tell him I love him then let him get on with it.



    Darren
    Xbigman's guide to a happy life.

    Eat properly
    Sleep properly
    Save some money
  • tealady
    tealady Posts: 3,743 Forumite
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    Rosie
    Lenders base their lending on risk. Your son sounds like he has a poor credit history so he may not qualify for loans at decent interest rates.
    As others have said he has few options.
    1) budget and pay off what he owes, the DFW board is a great source of info and help.
    2) get a guarantor for a loan to clear his debts. HINT do NOT do this yourself if you want a mortgage.
    3) carry on borrowing. Eventually someone will turn the tap off and he will then have to deal with the debts.

    He is an adult, however I am with Xbigman on this. Give him a small sum of money but make it clear that it is to help him start clearing his debts.
    Find out who you are and do that on purpose (thanks to Owain Wyn Jones quoting Dolly Parton)
  • macman
    macman Posts: 53,098 Forumite
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    If you really want to help him financially, better to borrow yourself at a non sub-prime rate and lend/give him the money. Same result (you end up paying anyway), but not at an extortionate interest rate.
    NB: consolidating does not 'pay off' your loans'. It just gives you one big loan, and most likely at a greater total cost, even if the monthly sum is lower (as the term is extended).
    No free lunch, and no free laptop ;)
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