Is it wrong to ask for a loan from my parents?

Question

For the past six months I've been working towards joining the British Army, i.e getting down the gym and working as much as I can to pay off debts I've aquired throughout my Uni days.
Due to the nature of the work I'll be doing in the Army, debts are considered as a potential character flaw, specifically the Armys concern is that debt could be used as an in for bribery.
Basically, I still owe around £5000 on credit cards and student overdrafts which I'm pretty sure will be flagged up when I go through DV (developed vetting) once I start my phase 1 training, and thus I'm sure I'll almost certainly be told to choose another job because of this.
My question is this; Is it wrong to ask my parents for a loan to get rid of these debts and therefore eliminate this potential failure to my vetting or not? I know it's not a huge amount of money, but for some reason it still seems a bit cheeky to consider asking. I would appreciate a neutral perspective on the situation. Thanks.

Answer 1

No it's not wrong. Just as long as you don't pay them back, it'll be cool.

Answer 2

I certainly don't think it's a big issue... if your parents can afford the loan, they are potentially helping you to better yourself by assisting in your training to actually make something decent out of your life! The only concern is this: I was also in the military (American) and I required a clearance and, you are correct, they DO pull a copy of your credit report. If you have late payments, no payments and the like, you will STILL be considered to be a "risk" even if your loans are paid down. They look at the overall "big picture," not just what is outstanding at the time. What I would do is this: tell your parents how you feel and that you don't want to pass up this opportunity. If they are able to loan you the money, call your creditors and pay off the loans and explain the situation to them so it will not reflect negatively on your credit report. If anything is still in question when you go thru DV, explain to those in charge that if there are still debts outstanding, you will be willing to sign an allotment form which will automatically deduct a set amount of wages from your pay each month to pay the overdue bills. Good luck to you in your decisions and stay safe!

Answer 3

Everyone I know who started a business or bought car/house borrowed money off the parents.
My own theory is that if they can spare it, prepare a business plan. And show it to them.
Explain the reasons, show how it could affect your life, give them a repayment timetable, and in your case explain how you are going to keep from running up similar debts in the future.
This way both parties can change an emotional occasion into a practical one.
My old man paid off my overdraft once when I was 18, it was a crisis situation. But I've never asked for a large cash sum off my parents, I find it very difficult asking for money.
Good Luck.

Answer 4

Depends on how well off they are. If £5000 constitutes their life savings then no. Bringing up children is expensive and it is difficult to save for old age at the same time. You need some savings to top up the old age pension especially as health deteriorates.
While you intend to pay it back there is a higher risk of death or injury in the army.
If they have ample funds don't hesitate. Your parents will want to support you.

Answer 5

I dont think it is wrong, if your parents are supportive of your career choice then I can't see why they wouldnt help you on this if they have the funds available. From the way this has been written it seems you are an eloquent person and I am sure that you would be able to approach the subject clearly and concisely, good luck, there should be more people like you out there!

Answer 6

It is not wrong to ask for a loan, but insist on paying them back with interest. The current rate is about 6 to 8%. Establish a payment schedule in advance and stick to it. And sign a promisary note.

Answer 7

IF they have the money and they support what you are wanting to do then I would go to them and state what you have provided here and see if they offer the loan, if not they I would ask.

Make sure you have a plan for paying them back, what the monthly payment would be and the time frame of getting ti paid off.

Have a back up plan if they say no.

Answer 8

No it is not, but expect to get a no answer. Unless you have shown your parents that you have the responsibility and honesty to enter into an agreement or contract with them to borrow a certain amount of money with a monthly payment fee to be paid to them for a set period of time until the loan is satisfied they will be hesitant to do so.

Answer 9

Sounds like a lot of money to me mate. Why dont you postpone entering the army for a year or so and clear those debts off? They are your problem and believe me, they certainly do go away! Good luck..

Answer 10

Be fair, your parents did not get you into the debt so why should they get you out of it? You are an adult now so start acting like one and grow up you should not expect your parents to be at your beck and call. If you want to join the army then you had better get your act together and sort yourself out.

Answer 11

that's a sturdy concept. In my case we not purely requested for a private loan yet we moved our economic business organization debts to their economic business organization, & set it up so as that there are known automated transfers from our account to theirs to pay back the non-public loan. the effective element about it is the monitoring of funds is performed by the commercial business organization, & in case you ever ask your self how a lot you've paid back you purely seem on the commercial business organization statements. sturdy luck!