son's loan

mingbop

In the last few weeks we have been pestered by letters & cards about a loan my son took out 11 years ago and seemingly didn't pay off. £2000 remaining on it.I thought a loan that old was un-enforcable ? He has long ago left home, only my husband & I live here now. I'm on incapacity and husband is over 60 with 2 heart attacks behind him. What can I do to stop this pressure ? We don't have any debt but we don't have any money either !
?

madduck

You are not liable for your son's debts unless you were a guarantor for the loan when he took it out.

Have you contacted your son to tell him that you are getting correspondence regarding the debts? What is he doing to stop his parents getting this hastle?

Why not write to the company and tell them that your son no longer lives at your address and that all correspondence should cease immediately?

There are rules regarding old debts, but your son would have to confirm how long it has been since he acknowledged them, etc.

mingbop

I think my husband signed as guarantor, not sure since it's so long ago. But I can say for sure there hasn't been any contact from them in around 6-7 years.
I don't know whether I should reply to these letters or not. - If I do, and say he isn't here he left home years ago --but then maybe they will pursue my husband instead ?
My son says they won't do anything and it will all be ok (!!!!):mad:

justruth

Don't let them push you around or cause you any un-nessacery stress. Ask for a copy of documentation relating to the debt and if they get funny go to the CAB. If they have nothing from within the last 6 years you're not responsible.

justruth

don't acknowledge the debt though, they will use that as contact within the last 6 years.

duncans-mum_2

I don't wish to talk ill of your son, but him saying it will all be okay is just not fair on you. You obviously don't need this stress. If it has geniunely been longer than 6 years since the debt was acknowledged, then the rules are that it is unenforceable. If your husband was guarentor, then I would have thought they would have chased him personally after a time, if your son had failed to pay.This is not fact, it is just a personal thought

I'm sure someone will be along who will be able to point you in the direction of the actual written rules.

I would agree that you should write a letter saying that he no longer lives there, and give your son a stern talking to that he should face his responsibility. This is not pressure that your husband (or you) need!

Edit: Have just re-read your original post again. Are the letters addressed to you or your son?

CLAPTON

if the letters are addressed to your son then reply accordingly.

if they are addressed to you then write back as follows (or you son could write as below)

''
I acknowledge no debt to you or your clients. I require you to provide the following documentation of the alleged debt before I can correspond further.

You must provide me with a true copy of the alleged agreement you refer to. This is my rught under the legislation contained in the Consumer Credit Act 1974: your obligation extends to providing a statement of accounts.
I enclose a postal order number xxxxxxx for £1 in payment of the statuory fee.
I require a response within 14 days.
Non compliance with this request is a criminal offence under the Act.
''

send the letter by recorded post and photocopy the postal order. (its very unlikely they will actually sent you the agreement so you will need to write again.

mingbop

yes, its all addressed to my son. thank you all so much for this --it was starting to get to me . Don't want my husband to find out. I am phoning the son now to tell him what to do. x

southernscouser

Follow Claptons advice about the letter. It is essential that you include the £1 postal order though.

I'm not sure how Scottish contractual law works but in England a loan would be statute barred after no contact for 6 years whoch would mean no one can be neforced to pay the remainder of the debt.