Stopping Stupid Teens abusing loans

devoncatlover

Help and advice needed please. I have had bad credit, and I am trying desperatly with time to clear all debts and get back onto an even keel. However my nephew has moved in with me, and has been applying for loans. It started with one "pay day" loan, and a catalogue, and now its getting bigger and worse. When loan companies phone my home, I tell them "hes not interested" and to leave him alone, but they persist. Also with him leaving some post lying around, its obvious he is lying in his applications. One said hes been with his employer 2 years earning 900 per month, when infact hes been with them one month, and earnt less than 150. How can I disassociate myself and the rest of my household from this stupid lending, and how can I make sure sensible lenders are being given the true facts to enable them to make a proper judged decision to lend. I dont want this stupid teen, who thinks he can and will be able to walk away scotch free, to ruin 3 years of hard work on my behalf.

benroles

Hi - the fact he is living with you should have no bearing on your credit file or anyone else living within the house. The only way you get 'tarred with the brush' is if you have a financial connection with him. This means that you have applied for a joint credit bank account or similar - ultimately something that has tied you together as having a financial relationship. But as long as he's doing things independently of you things will be ok.

The only thing to worry about it when things go bad and he defaults as you may end up getting his 'red letters', phone calls and even doorstep visitors looking to resolve his debts. But of course you are not liable for these, just a hassle to have things resolved...

B.

devoncatlover

In the time I have posted this, and looked at gas and electric savings page, I have had 3 more phone calls from financial institutions

goodgirl80

Kick him out!

JasX

devoncatlover wrote: »

In the time I have posted this, and looked at gas and electric savings page, I have had 3 more phone calls from financial institutions

Why do you choose to receive these marketing calls? registed with tps (free, everyone should) and within a month they'll not be able to call.

I have an even more robust method involving having a landline for broadband internet only and no phone physically plugged in



....also talk to his parents?

Jeff_Bridges_hair

JasX wrote: »

Why do you choose to receive these marketing calls? registed with tps (free, everyone should) and within a month they'll not be able to call.

I have an even more robust method involving having a landline for broadband internet only and no phone physically plugged in



....also talk to his parents?

They are probably recieving them as the nephew has been posting the number round everywhere trying to get money loans and thus the number i passed on to companys who then call to give you a quote..

ajones28

What ''benroles' is saying is correct, its not the address that gets blacklisted, it's the person. But I understand what you are saying. Maybe you could look into adding note to your credit files stating that you have no financial connection with your nephew-just to put your mind at rest. You would need to contact each Credit Reference Agency individually and they will hen advise you how to make this possible.
Also I presume you have tried talking to your nephew have you? You need to explain that what he is doing is going to affect him for at least the next 6 - 7 years as all debts stay on a persons credit file for 6 years and that's from the last entry by the company he owes money to. He needs to understand that you are obviously unhappy about the fact that you are eventually going to be having bailiffs knocking on your door for him. You never know you may just make him realise his wrongdoings if you explain how upset and disappointed you are with him after you have been good enough to provide him with a home. It may not, but it's got to be worth a try.
Good luck with this, we all know teenagers are not the easiest of people to speak to. Don't forget most of them know it all, think that we were born old, and haven't got a clue about the world!!! :cool:Like I said it's worth a try though.

devoncatlover

Would kick him out, but hes had a troubled upbringing, and parents are a waste of space, (Sorry, said it now) Though by giving him a secure loving home environment it would sort him out, and to a certain extent it has. (no more drug taking, shop lifting, and miles away from old influential so called mates... etc) I was his last resort, as he was kicked out of foster care! But he just thinks that if banks stupid enough to let him have it, he can waste it and just change his mobile number. Will log with the TPS.

devoncatlover

Will also contact people regarding my credit file just to be sure.! Dont you just love kids

Hax

If he's obtaining money by lying on the application forms and without any intent (or ability) to pay it back, then I would think that he's committing fraud.

Coveredinbees!!!!

get a air horn, might not stop the calls but will make you fell better when you blast it down the phone