Buy Back Debt

CLAPTON

probably the most important issue is where or not your daughter is accepting responsiblity for the situation and is committed to resolving the matter.
if she isn't then your paying the debt off will probably only result in her running up further debts.

so i would suggest

a. you suggest she comes to this board and post full details of her situaion (Statement of affairs SoA) and seek the advice available here

or

to contact a free service like CCCS or Payplan for idependant advice.


b. whatever the bank suggests remember you can say no. what exactly are they offering... a consolidated 'managed' loan as what interest rate, at what monthly payments and over how long?

c. why isn't she working properly...is there a specific reason why she hasn't a fulltime job?

david_hellier

I would recommend you speak to the bank about how to manage the existing ODs, etc. This is a common trick they use with teenagers; persuading them to "consolidate". Consolidation paves the way to further problems later on ie she'll be in exactly the same position later only with the added burdon of an extra loan.

Better to challenge the bank with legal action on the basis of them being negligent in allowing your daughter to get into so much debt. That should galvanize them into negotiating a sensible settlement for all concerned. Consolidation is the easy and profitable option for them and is of no use to your daughter.

Good luck.