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Car finance.

(9 Posts)
OhTheConfusion Sun 23-Jun-13 13:17:03

DH's brother was declared bankrupt last year, he has been discharged for 2mths and is now looking to gain car finance (as his last one was repossessed).

He has hinted (strongly) to DH that he has no idea where he will get the credit etc and if only someone could buy the car outright and he pay them back. DH and I don't want to do this as he already owes us a few thousand pounds.

Does anyone know where he would stand gaining credit for this?

keli5325 Sun 23-Jun-13 17:09:53

his credit rating will be affected for 6years from the date of the bankruptcy so he will find it impossible to obtain a loan at high street rates but have a look at moneybarn they might lend but the intrest is very high x

OhTheConfusion Sun 23-Jun-13 17:31:12

Drat, I thought the same but hoped someone would tell me differently. I can see DH considering lending him the money already, and I just know he will always have a reason not to pay it back.

I wouldn't grudge him a run around but he is looking at cars around the £9000 mark!

keli5325 Sun 23-Jun-13 20:31:18

£9000!! no wonder he is bankrupt! surley he only needs something for £1000 to get him through the next few years or pay 40%intrest on sub prime finance

specialsubject Sun 23-Jun-13 22:18:11

he clearly hasn't learnt much, has he?

don't give him a penny.

OhTheConfusion Mon 24-Jun-13 08:38:32

I'm glad it isn't just me with this outlook.

Oddly enough BIL has not learnt a thing, he seems to think we run a small independent bank angry. We never hear from him unless he needs money... plane tickets to visit home, car mot (before it was re-possessed), big gift ideas for his parents (we got to pay his share too!), parking fines, overdue council tax... this time it is just too much angry. He seems to forget we have 3 DC's!!!

OhTheConfusion Mon 24-Jun-13 08:42:19

Sorry hit post too soon.

DH and I have talked and said it is too much. We have agreed that he can hint all he likes but he needs to learn to stand on his own two feet (he is in his 40's).

I know DH's family will think it is all my fault but tough!

keli5325 Mon 24-Jun-13 09:13:37

i think you are absolutley right let him buy a car that he can afford with his own money xx good luck

OhTheConfusion Mon 24-Jun-13 09:41:29

Thanks Keli, think we need to stand strong on this one.

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