Stopping paydayloans

I am sure a spell in the nick is not realistically what a father would have in mind for his son.

There is nothing you can do to stop another adult from taking payday loans and getting into debt.

He has a life-lesson coming when he can not pay it back. He will get a default on his credit record and then no-one will lend to him again for six years.

& that is the silver lining for you and him. Learning the life lesson at 18 means by his mid-20s (when people are willing to lend to him again) he will know the consequences of borrowing irresponsibly.

My only advice to you is that you must not bail him out under any circumstances. The quicker he defaults & learns the lesson, the better.

BugsyBrowne wrote: »

Don't talk silly, the chances of someone spending time in the nick for a fraudulent payday loan application is zilch:rotfl:

That was my thought, too!

Even if his 'fraud' was reported via the proper channels (why??!), it would be extraordinarly unlikely to result in criminal trouble of any kind.

gaz17, regarding this:

my son wasnt even on the electrol register and was able to get a loan so they cant be doing proper checks

Lenders don't have to check that applicants are on the ER. The good ones with good rates do, because it's an extra piece of proof that the borrower does indeed live at the address they say they do (though it's easy to stay registered at an old address, such as parents), and negates credit risk to some extent.

Payday lenders aren't as concerned about credit risk as such - their rates are so high because they know from the outset that a large proportion of their borrowers just won't pay. So the ones who do pay cover the losses incurred from the ones who rip them off.

Just make sure that you don't bail him out when it all goes t**s up. He needs to learn that all actions have consequences. He will not learn this if there is someone there to help out.

poppy10 wrote: »

He's not a child any more, he makes his own decisions and takes responsibility for the consequences. You've given him all the help and advice you can, now it's up to him - if he wants to end up drowning in debt then that's his decision

I have to agree with Poppy here, No matter what you say to your son he will most likely presume to know better. Sometimes with young people there is absolutely nothing you can do to stop their damaging behaviour.. I also agree that you really should not help him out of the debt he is going to get himself in as he will learn nothing but 'If I get into trouble then somebody else will bail me out'.

It is so hard as he is your son and you want to protect him but the truth is he will do what he wants regardless, keep telling him that this is not the right way forward but other then that you need to admit that there is nothing you can do.

Good luck and do not feel guilt or get yourself stressed out for a situation that you cannot possibly control x

If you do bail him out the only result will be that you will be seen as a soft touch forever, and the Payday loans will continue, as sure as little eggs.