Welcome Finance

[carly1970]

I have found out my boyfriend has a loan with them and is paying £300 a month.

I feel bad becuase he left a letter in my bedroom by mistake and I looked at it I feel awful for looking, but am very worried about how he is managing to pay off such a big amount and how long is the loan for

 

If I ask him about it, he will know I looked at the letter.

But, I am worried about the debt he is in. Our finances are seperate, so I am not worried about any possible affect on me. I want to help him if he is in trouble, maybe look on the net or go to the cab to look at the loan terms.

 

Any ideas how big a mess he is in?

 

Thanks for any replies

[WelshMam2009]

No Carly...as you say, it depends upon the length of the loan and also the interest rate that is being charged.

 

Do you have any idea why he had a loan in the first place?

 

Sometimes, it's better to be up front about things when you are in a relationship. Tell him you came across the letter and read it as you were unsure of what it was.

 

On the flip side of the coin, there is also the worrying aspect about your boyfriend not being totally honest with you about his financial affairs either.

[carly1970]

I overheard him on my phone once talking about consolidation. Doesn't sound good does it.

We haven't been going out that long, but I love him to bits and he is a lovely man.

He must be ashamed to admit how much he owes. He knows I don't like debt. I think if you can't afford it, try and do without, not get a loan for luxuries I mean. He certanily has nothing to show for it. He doesn't have a car or own his own home.

Maybe it was debt from a past realationship.

I sort of wish I had never seen it. He'll think I'm a right nosy mare

[WelshMam2009]

No, consolidation loans are rarely a good idea and suggests that he has or had run up several debts.

 

If you haven't known him that long then it's difficult to intervene.

 

However, you could always try and broach the subject of budgeting I guess.

 

The point is, if your partner is having financial difficulties, and his expenditure exceeds his income, then he should be doing something about it now, such as trying to get interest and other charges frozen.

 

The longer he leaves it, the worse it will become. Then again, there is always the possibility that he's comfortable paying out £300 on the loan. It really depends how this equates to his income and how much disposable income (if any) he has left over every month.

[carly1970]

I am going to tell him I found the letter.

He needs help. The things I have read about this company, well, they sound like they would really take and arm and a leg if they could.

He won't be angry with me. He is a decent man.

 

I have read online, if you ask this company to lower the payments, they add charges and you never get out of paying them. You end up paying interest on interest for years!

 

Thank you!

[ukaviator]

Carly how much is the loan for?

 

Are you now living together?

 

I have moved your thread to Welcome Finance section for more assistance.

[carly1970]

Hello again.

I don't know how much the loan is for. I couldn't ask him today. I'm trying to think of how to word it.

We don't live together. He does stay over, but our finances are seperate.

I won't get financially trapped again (been bitten badly before)