Bloody money

LegacyUser

Ok I know this isn't a major dilemma in comparison to all the other problems in here, but I really do not know what to do. Im a reg on this but going anonymous for obvious reasons!

Last year my mum took out a loan and I agreed to pay it each month, no the money was not for me, but she had done me alot of favours in previous times and she was in financial trouble. Anyway fast forward a year and the loan is in serious arrears. My mum has since moved house so the letters come to me, so she is not aware of the arrears. I really do not know what to do, I simply cannot afford to pay it anymore, and now they are sending letters and phonecalls and I am hiding my head in the sand so to speak. I know she does not have the money either, so she will be so upset when I tell her, or rather if I tell her..

I never did this intentionally, and I know she is going to seriously hate me if I tell her...

Oh The Humanity

Unregistered wrote: »

Ok I know this isn't a major dilemma in comparison to all the other problems in here, but I really do not know what to do. Im a reg on this but going anonymous for obvious reasons!

Last year my mum took out a loan and I agreed to pay it each month, no the money was not for me, but she had done me alot of favours in previous times and she was in financial trouble. Anyway fast forward a year and the loan is in serious arrears. My mum has since moved house so the letters come to me, so she is not aware of the arrears. I really do not know what to do, I simply cannot afford to pay it anymore, and now they are sending letters and phonecalls and I am hiding my head in the sand so to speak. I know she does not have the money either, so she will be so upset when I tell her, or rather if I tell her..

I never did this intentionally, and I know she is going to seriously hate me if I tell her...

Look, you have got to speak up or your Mam will get a bad credit rating. The longer you leave it the worse it will get, she will be angry, but she will be more angry if you continue trying to ignore it.

Who is the loan with....bank?....building society?....credit union?...

Has it gone to a debt collection agency.....?

You can usually get the loan frozen and negotiate a new payment schedule if you contact them, paying a small weekly amount...or monthly amount...

Dont ignore it any longer, deal with it.

The_Conductor

OP- you need to contact MABS and reorganise your finances.

sunnyside

The worst thing you can do is ignore the problem. You have to speak to the bank about it immediately. They can probably restructure it over a longer period of time or something but if you don't ask all they'll do is send you scary letters. You'll feel better after you speak to the bank.

LegacyUser

Why doesnt your mother know about it, surely she is aware that she owes the money and will not be surprised to hear the bank are after you. Did she know you took out a loan to loan her the money?

How much is it for OP, Is it a lot? The only thing you can do is speak to her about it or get a loan off a friend/family member where you can pay them back instead over a longer period, but really your mother should be responsible.

El Weirdo

I'm going to have to agree with smccarrick on this one. MABS is a great service. Also, don't avoid the phone calls from the bank (or whoever it is). That will only make things worse. As has been said already, if you speak to them, they may be able to come to some arrangement. MABS may also assist you with any dealings with the lender.

http://www.mabs.ie/

Phone: 1890 283438

Good luck, but don't keep ignoring it.;)

ok first off, don't worry about MABS for a bit, go into the bank tomorrow and get the ball rolling. if you wait for mabs, it'll be too late and all they're gonna tell you is go into the bank. you'll have to sign that you'll put in 20euro a week or something similar.

i waited till the debt collection agency had my debt, issued it's fin warning and then i copped on and just about got it sorted. taught me that you goto the bank straight away because getting the debt back to the bank from the debt collection agency is effort.

oh yea, askaboutmoney.com is brilliant. you should really check it out.

LegacyUser

Hi everyone, firstly I would like to apologise for the length of time replying back, Im sorry. I would love to give each individual a reply but bit difficult being unregged!

Anyway I have spoke to my mum, and she was very understanding, and didnt blame me at all, she is to contact the credit union and make arrangements, turns out she has shares which she can put against loan.

I am so relieved, and would like to thank every single one of the people who gave such good advice, I would have continued to bury my head in the sand to be honest.

Am so happy that I have told her and it will be dealt with, the knot in my tummy is gone!


Thank you all, and I hope I can offer as good advice in future to any of you xxxx

El Weirdo

Well done. Hope all works out for you.