Secured Personal Loan

M

mayolady

Guest
Just wondering about a Personal Loan secured against a cash deposit. My position is that I have a CU loan of about 30k which was taken out to finish my house. I also have CC debt of about 10k. Payments on both of these are up to date. My bank overdraft for business is at 15k. My mother has cash deposits (150k) and is willing to secure a loan of 50k. I feel that I should be able to reduce my monthly payments by going down this route. I dont want to borrow the money directly from my mother as she has offered just to give me the money but there are 6 of us in family and I dont want to create any ill-will with my siblings by having them think I may be taking advantage so I would prefer to opt for a personal loan secured against a deposit with a bank.
Any advice/comments will be appreciated.
 
mayolady said:
I would prefer to opt for a personal loan secured against a deposit with a bank.
Any advice/comments will be appreciated.
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Whats the difference doing this versus just borrowing from your mother? If you don't repay the loan then either way your mother is out of pocket.
 
I have no intention of not repaying the loan. I just think by doing it this way that I can get a better interest rate that that which I am paying now. The CU loan interest equates to about 13% pa, the CC is similar
 
Sounds a smart way to be, provided the bank go for it. What rate would you get on the personal loan, though?
 
Thats what I am wondering. Going to make an appointment today to discuss. Just posted here to see if anyone had similar experience and with what bank? My business accounts are with Ulster and mortgages are with B of I.
 
aristotle said:
You should just borrow so from your mother and give her the interest.
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I dont want to do that....she has offered to gift me the money however, I have already received property inheritance and as I said perviously I dont want to rock the boat with my siblings who have not received anything.
 
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