loans on benefits

BEAR

My son who is not with me has managed in the last 3 days to ge 3 loans of £100 plus at least 1 contract phone to my knowledge ..we are currently not in contact due to reasons not for this board

is this usual...he only gets jsa and is already paying back a social fund loaon of £5 a week and fines of the same. How much more can he borrow and what will happen? any infor would be apreciated
thanks

KingElvis

I don't know your son but maybe he's been telling fibs to the lenders and mobile companies will consider you for their tat even if you're dead.

HappyMJ

BEAR wrote: »

My son who is not with me has managed in the last 3 days to ge 3 loans of £100 plus at least 1 contract phone to my knowledge ..we are currently not in contact due to reasons not for this board

is this usual...he only gets jsa and is already paying back a social fund loaon of £5 a week and fines of the same. How much more can he borrow and what will happen? any infor would be apreciated
thanks

He can borrow as much as they will lend to him....as soon as he misses payments they will report it to the credit reference agencies and further credit will stop being granted.

Tixy

Are they payday loans or doorstop loans? If so then some do offer small loans to people on benefits.

If you are not in contact how do you know what credit he is taking out?

How much more can he borrow? - quite a lot more I would imagine, if he goes for payday lenders he could probably get to £1k of payday loan debt (which when he doesn't pay back could quickly grow to double or triple that) - thats before they start entering defaults on his credit file.

There have also been people who've posted about taking out 3 or 4 phone contracts to then sell the phones on second hand - so nothing to stop him trying for another contraact.
If he is determined to get in to debt he'll probably do a good job of it.

What will happen? I imagine the chances are he'll default on the debts, and end up with a wrecked credit file and massive charges & interest. He could also end up with CCJs.

27col

It sounds like a good time for him to find out that all actions have consequences. Just make sure that you have no financial connection with him if you want avoid being dragged down with him.

geoffky

How old is he?

BEAR

he's 18
one was from wonga, anothr textloan and one quikquid..i can look at his bank account as he gave me the details so i can check when his jsa goes in....or I used to .as i said we arent in contact atm

luckily he has never lived at this address so hopefully no financial comeback on me...stupid stupid boy

opinions4u

Yup. He's a piillock.

And will be well into his 20s before he an lead a mainstream financial life.