October 29, 2013 at 9:55 am #517
My parents have offered to pay my debt for me but i’ve heard some bad stories about other people who have had help from friends and family.
Should i get help from them and if i do should i have it put in writing?October 29, 2013 at 10:58 am #518
It can be awkward to borrow money from friends and family, however it can depend on the level of debt and how much you can afford to repay.
How much will you be borrowing from your parents and how much will you be paying back to them on a monthly basis?October 29, 2013 at 2:16 pm #536
I would always advise someone to seek debt advice before deciding to borrow money from any source. You don’t need to take the debt advice but at least it will let you know what the alternative options are before taking any action.October 29, 2013 at 4:06 pm #537
Thanks for the reply, i owe about £7,000 and i would be able to repay them about £200 a month but i might be getting a better job so could pay more.October 29, 2013 at 4:30 pm #538
There are debt solutions which could help you repay the debt, such as a debt management plan or debt arrangement scheme if you’re in Scotland.
Both will negatively impact your credit rating however and a debt management plan doesn’t guarantee to freeze interest and charges.
Borrowing money from family can be awkward and affect your family dynamic but will protect your credit rating.
There’s no right or wrong answer, just what is best for you in your circumstances.
I hope this helpsOctober 29, 2013 at 4:54 pm #539
Thanks, i think i will borrow the money because i really don’t want my credit rating to be affected, i’ve managed to keep it high so far.October 29, 2013 at 5:13 pm #540
Glad we could help Joanne if you need any advice in the future you can find us here.October 30, 2013 at 8:03 am #541
As someone who lent to money to a friend i would advise against it because it can have a serious impact on your relationship. I now don’t speak to my friend after he stopped making regular payments due to losing his job. I said he could pay less but i think the pressure of owing the money was to much and ignoring me became easier.
I’m sure this doesn’t happen to everyone but thought i would share my experience for what it’s worth.October 30, 2013 at 9:02 am #542
I have a really good relationship with my parents, if worst came to worst and i lost my job or something serious happened i know they would understand. They want to give me the money and not take any payments but i insisted.
It’s good to hear from someone who has been through this but i do think my situation is slightly different.October 30, 2013 at 9:37 am #543
I suppose if there isn’t the same obligation to repay the money each month that would make it easier, sorry if i butted in, hope all goes well.October 30, 2013 at 10:00 am #544
Not at all Stewie the more help the better to be honest i appreciate your input.
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