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Former_StepChange_Rachel

cazarol wrote: »

Please can I ask for some advice. My son is 17 and works away in full time employment. I knew he borrowed, not just from me but thought it was his mates as well. I have just discovered that in the space of 14 April to 7 May he has received into his bank loans from the following, wage day advance, loan marketing.co.uk, mem consumer finance, the1loan.co.uk, payday.co.uk, smile finance.co.uk, another loan marketing.co.uk and merlin loan.co.uk. Payments have been taken out payable to wageday advance, mem consumer finance, mem consumer finance x 2. I am sickened that at age 17 this amount of debt can be organised in such a short space of time. Is it really legal for this to happen and what should we do now? I can't speak to my son at the moment as he isn't contactable. I don't doubt that he has applied for these and may well have given incorrect information but surely checks are in place? Any advice is greatly appreciated.

Hi there Cazarol, thank you for getting in touch.

Due to your son's age, I'm concerned that the correct checks were not carried out when these loans were approved. A person should be aged a minimum of 18 years before they're even considered eligible for credit.

I think your best bet would be to contact and log a complaint with the Financial Conduct Authority (FCA) who will look into the matter for you:

http://www.fca.org.uk/site-info/contact

I do wish you the best of luck in getting this sorted. Please keep us updated.

Kind Regards

Rachel

Former_StepChange_Rachel

cheapopete wrote: »

Hi and thanx again James,
Well, a CCJ duly arrived and I duly wrote to them (sent via Special D) asking for either bank details for payment (as if they'd tell me something like that) or a form to arrange payment.
They've written back, but the payment date on their form is 30th of this month, which is 17 days later than the date demanded by the CCJ.
So, does their own form, with a printed signature, constitute a legally acceptable change of payment date?
Once I know it's ok, I shall set up the £50 per month to go out of a newly opened basic bank account, into which I will only pay the required amount via standing order.

Hi there Pete,

It might be best to speak to them directly and see if there's a chance they can bring the payment date more in line with the one you're used to. Explain to them that you would find this more manageable in the long run.

Kind Regards

Rachel

like_it_used_to_be

I got into debt about 4 years ago when i was laid off from work. Since then I have worked my fingers to the bone to pay back the debt on my mortgage (previously Northern Rock, now became Nram). they have been letting me have part and part repayments or interest only the last few years so I could pay more money to the arrears, but I finally got to a place where I thought I could have the debt gone in the next 12 months and they've said I have to go back to full repayments and pay less on the arrears(because I can make the full repayments) instead of letting me pay interest only or part and part for these last 12 months. What it has done has pushed the debt back to Aug 2016 to finish. I find this really unfair as I can't move mortgage companies and they can't offer me a new deal as they had their bankers lincience removed.
All I want is to pay the debt off and get on with my life. I feel like they're doing it delibrately.
Does anybody know if they are allowed to do this, or are they just making more money out of me knowing i'll move as soon as I can when the debts gone?

Mindworp

StepChange_Rachel wrote: »

Hi there, thanks for getting in touch,

As you've described, when you're self employed, it's quite common for business and personal debt to overlap. The most important thing now is that you get some sound advice on how to proceed with these debts, which we can provide.

Using Debt Remedy to consider your options is completely free and anonymous. It doesn't get logged anywhere such as your credit file, and we don't notify anyone that you've used it. If however you would prefer to talk your concerns through with someone, your best bet might be to speak to one of our advisors over the phone. They can look at your options and give any guidance and reassurance that you need.

Please call 0800 138 1111. We're open Mon - Fri 8am to 8pm and Sat 8am to 4pm.

Kind regards

Rachel

Thanks for your help & advice it is great to know that Debt Remedy is not logged anywhere and no one knows you've used it, always a worry.....

We will finalise our Personal SOA and give it a go, probably calling you after for further advice.

yhalwtgl

Sorry if this has been covered earlier - which bank would you recommend setting an account up with prior to signing up to a DMP.
I am advised not to do so with my existing bank as they have access to it and rights to amend it.

Thanks

cazarol

StepChange_Rachel wrote: »

Hi there Cazarol, thank you for getting in touch.

Due to your son's age, I'm concerned that the correct checks were not carried out when these loans were approved. A person should be aged a minimum of 18 years before they're even considered eligible for credit.

I think your best bet would be to contact and log a complaint with the Financial Conduct Authority (FCA) who will look into the matter for you:

http://www.fca.org.uk/site-info/contact

I do wish you the best of luck in getting this sorted. Please keep us updated.

Kind Regards

Rachel

Thank you Rachel, I have spoken to the fca and unfortunately the age element is not within their remit. The lady has given me a number for Civil Legal Advice if I want to pursue it that way. I don't think there is any point in my pursuing it any further as he has obviously provided his details to these people. I am just so shocked and disappointed that this can happen. In my naivety I didn't think that a 17 year old could so easily obtain loans/advances. I am afraid to think where this is going to end. thank you again for your time and reply.
Best Regards

Beckyemptypockets

Hi
After having my children 11 years ago, I lost my job and ended up n a serious amount of debt. I am in payment plans for 2 credit cards although, TSB VISA refuse to stop adding interest. I have also had a repayment plan in place on and off for a large loan that was originally £21k, again with Lloyd's TSB. They have consistently changed credit chasers and at one point the wrong company took the money and so I stopped paying, especially as I could not get any response from the bank themselves. I now owe £14k on this loan and have recently been sent a letter saying they may either take me to court or attach to my earnings. I have contacted this company by email once in the last 5 months however, am I still liable to pay?? And if I am, as I am the only income earner in a family of four, how do I ensure this does not send us below the
Poverty line?

Please help
Thanks in advance.

System

Beckyemptypockets wrote: »

Hi
After having my children 11 years ago, I lost my job and ended up n a serious amount of debt. I am in payment plans for 2 credit cards although, TSB VISA refuse to stop adding interest. I have also had a repayment plan in place on and off for a large loan that was originally £21k, again with Lloyd's TSB. They have consistently changed credit chasers and at one point the wrong company took the money and so I stopped paying, especially as I could not get any response from the bank themselves. I now owe £14k on this loan and have recently been sent a letter saying they may either take me to court or attach to my earnings. I have contacted this company by email once in the last 5 months however, am I still liable to pay?? And if I am, as I am the only income earner in a family of four, how do I ensure this does not send us below the
Poverty line?

Please help
Thanks in advance.

Hi Beckyemptypockets,

Welcome to the forum.

The statute of limitations for a credit debt is 6 years from the last payment made – so you’ll have to check. Here’s an article explaining how to check if your debt is enforceable http://moneyaware.co.uk/2013/10/statute-barred-debt/

If the debt is statute barred it doesn’t mean you don’t owe the money, it just means the creditor cannot force you to pay it. If the creditor registered a CCJ you could defend it on the basis it’s passed its period of limitations.

Credit cards and loans are unsecured debts – you should only be repaying them at a rate you can afford. Your priorities like rent/mortgage, household bills, food, travel etc…should be budgeted to be paid in full. Your credit cards and loan should them be paid from the money you have left – your disposable income.

You certainly wouldn’t have to worry about being pushed under the poverty line because you need to pay a debt.

The best thing to do is to get some free, impartial debt advice. We can look at your situation and recommend the best solution for you. If it is a debt management plan, we can set you one up with us. Our DMPs are fee-free and we have a good record of creditors freezing interest and charges for people on our DMPs.

Call 0800 138 1111 to build a budget and speak to a debt advisor or use our confidential Debt Remedy tool.

I hope this helps.

Thanks,
Jess

cheapopete

StepChange_Rachel wrote: »

Hi there Pete,

It might be best to speak to them directly and see if there's a chance they can bring the payment date more in line with the one you're used to. Explain to them that you would find this more manageable in the long run.

Kind Regards

Rachel

Ah, no, I haven't commenced payments yet, this will be the first, directly after the CCJ arrived. But I don't care about their own payment date, as they'll receive it before that. I intend to pay then in the first week of each month. I'm trying to bring all my outgoings as close to the day after my mortgage goes out.
My tinnitus tends to interfere a great deal with phone conversations. Even the info given me by the nice lady at your office is all gone from my brain. But I asked for the basics in an email I sent as well and was accommodated without problem.

Lowells have a reputation for messing people about and a payment on the 30th is destined to screw up as soon as February arrives.

eddie864

I had a Barclaycard Platinum from when I worked and rarely used it. Since going on to EESA and DLA for disability we have used the card and built up a £3000 debt - the max of our limit. I noticed the other day that rather than the 18% APR i thought it had it's actually charging us 29.9%! We are happy to pay off our debt but the interest is running at about £65 a month so we are only paying off £35 with each £100 payment.

Given our credit rating is poor we can't find any means of getting a loan or another card at a better rate to pay this off. I would have liked to have a fixed rate loan to clear it but no one will give us one. I don't want to do anything to damage our credit rating more than it is - I just want to be able to clear this loan!