Can you stop someone getting loans?

Peachylou

Basically my brother who is still living at home with my parents, keeps getting himself into debt then getting short-term/pay day loans, which he then can't pay back. My mum and dad have bailed him out so many times when letters from balliff companies start coming through as they don't want balliffs turning up at their house. My husband and I loaned him £1500 six weeks ago, to clear his overdraft and loans he had at that time. We have now found out that he has blown his overdraft and got another £400 from Payday Express which once again he has no way of paying back! So it means that someone is going to end up bailing him out AGAIN! It is just going round and round in circles. My brother has NO self control when it comes to money, so I am wondering is there any way of contacting these companies to STOP them lending to him? I'd appreciate any help and advice. Thanks!

BoGoF

Eh, no

And why would he end up getting bailed out again. Simple solution stop bailing him out. If baillifs to turn up then your brother has no assets there so wasting their time.

ILW

Peachylou wrote: »

Basically my brother who is still living at home with my parents, keeps getting himself into debt then getting short-term/pay day loans, which he then can't pay back. My mum and dad have bailed him out so many times when letters from balliff companies start coming through as they don't want balliffs turning up at their house. My husband and I loaned him £1500 six weeks ago, to clear his overdraft and loans he had at that time. We have now found out that he has blown his overdraft and got another £400 from Payday Express which once again he has no way of paying back! So it means that someone is going to end up bailing him out AGAIN! It is just going round and round in circles. My brother has NO self control when it comes to money, so I am wondering is there any way of contacting these companies to STOP them lending to him? I'd appreciate any help and advice. Thanks!

You are just encouraging him, to a certain extent you are equally to blame for his behaviour.

Tixy

You can't stop him getting loans.

What you and mum and dad could do is stop bailing him out entirely. Make it absolutely clear that nobody in the family is prepared to pay him any more money. If debt collectors start chasing then leave him to deal with it. If that happens and he realises you will all stick to that then he will have to face up to the consquences of his debts. If bailiffs turn up its not the end of the world, simply get mum and dad to refuse to answer the door to them and not to let them in the property. Regardless they cannot take anything belonging to mum and dad.

You mention bailiffs - are you certain its bailiffs rather than debt collectors? if its bailiffs then he must have been taken to court - tell him that if he gets any more CCJs he will need to arrange to repay them himself at a weekly rate he can afford.

Then point him in the direction of debt advice charities and leave him to it. Explain to him that the debt charities can help him negotiate reduced repayments on all his debts at a rate he can afford - but that he'll need to agree to live within his means and stop taking out any more loans.

Do you know what he is doing with the money? presumably living at home he has few outgoings - do you think there maybe a route cause - gambling? drinking? maybe drugs even?

CHR15

He will never change his ways if you keep bailing him out (why would he, easy way out every time).

Dig your heels in and be firm....... or section him and take control of his life.

Debt belongs to a person, not a house so the bailiffs can do nothing, again, be firm with them too.

Peachylou

ILW wrote: »

You are just encouraging him, to a certain extent you are equally to blame for his behaviour.

I came on for help (as you can see this was my first post) I was looking for advice not nasty comments. I am not to blame for this situation! My Mum is ill from the stress of it all and I decided to help him because I really thought that by sorting it out once and for all I would be helping my parents.

drjones

You can 100% stop him getting some of the loans.



The ones you're giving him! They're what you should be worried about, the others are his responsibility and things won't change until he realises that. Tough love time.

BoGoF

Your mum and dad should ask him to leave if it's making them ill

Peachylou

BoGoF wrote: »

Eh, no

And why would he end up getting bailed out again. Simple solution stop bailing him out. If baillifs to turn up then your brother has no assets there so wasting their time.

Well I definitely will not be lending him any more money and I have made my Mum & Dad promise me that they wont. I think as soon as they see balliff letters they panic and pay things off. Are you sure that can't take anything belonging to my parents? Thanks

Peachylou

drjones wrote: »

You can 100% stop him getting some of the loans.



The ones you're giving him! They're what you should be worried about, the others are his responsibility and things won't change until he realises that. Tough love time.

That wasn't my question. The question was "Can you stop someone taking short-term or pay day loans?"

ILW

Peachylou wrote: »

I came on for help (as you can see this was my first post) I was looking for advice not nasty comments. I am not to blame for this situation! My Mum is ill from the stress of it all and I decided to help him because I really thought that by sorting it out once and for all I would be helping my parents.

It was not meant to be nasty, just factual.
Perhaps I should have said that you are "inadvertantly" encouraging his behaviour.