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Hi everybody not posted for a while but keep my eye on the site, I have a question for anyone that can help, my son is trying to apply for a loan in order for him to get transport to work and uni but he is having great difficulty in doing this, my husband and i are both into an IVA, does this go against the address along with your name, what if anything can my son do, he has no adverse credit rating (as far as i'm aware)he is 20yrs old, he has a very good job that he does not want to loose.


Thanks Suzz

He could order a credit report or check online to see if his score has been affected. If it has he can disassociate himself from your debts. However, it may just be that because he is young and has not had many credit products as of yet people are reluctant to lend to him. What kind of money is he looking for. Has he looked at HP arrangements?

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Thanks Oliver, he is looking for approx £5000.00 to £6000.00, this he has worked out will give him enough for a decent motorbike, insurance for 2 years, and all the bits (helmet, etc), i my be thick and stupid but what is the difference between a loan and hp arrangements.

Suzz

An HP agreement is secured against the vehicle and if payments aren't made the vehicle can be repossessed. A loan in unsecured.

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A Higher Purchase agreement may be more appropriate as this will offer the lender the security of securing the loan against the vehicle.

Your son would then have to budget for the monthly cost of insurance himself.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp