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Paying off loans safely
PETERGRIFFIN_2
Posts: 3 Newbie
Hello,I have to pay off several thousands of pounds worth of debt with a lump sum.Its not my debt but a family members,its his lump sum from an industrial accident which thankfully he has transferred into my account.Its not enough to pay off all his debts (gambling debts) but it will go a long way to getting there 8Kplus.
I am concerned if I use my debit card to pay whatever full and final payments we can negotiate they may be able to come back to me if it happens again,(God forbid).
Any ideas on a safe way to pay them off,without consequences?.
Thanks.
I am concerned if I use my debit card to pay whatever full and final payments we can negotiate they may be able to come back to me if it happens again,(God forbid).
Any ideas on a safe way to pay them off,without consequences?.
Thanks.
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Comments
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Are you trying to pay the whole lot off with partial settlements?
Who are the debts with? Banks/debt collection agencies/bookmakers?ISA £1675
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Send a cheque? For a fee you can request a bankers draft made out to the company if you don't have a chequebook.
Make sure you get any negotiated settlements in writing, before you give them the funds.Some days, it's just not worth chewing through the leather straps....
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The loans are a bank and payday loan companies including all the usual suspects,Wonga,Lending stream,Peachy Loans,Quick Quid and credit cards Aqua and capital One.Some have been passed on to DCA`s all are in default,its a right mess as you can imagine.0
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is the bank a loan or overdraft?:rudolf: DF by Xmas 2018: #83 £8,250/£15,000 55% :rudolf:
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Its an overdraught 3600 for a 20 year old,madness.0
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Could you not pay off the overdraft and immediately remove the facility (or open up a new basic account) and then as you agree figures, transfer the exact amount into his account which can then be paid to his creditors?
A brand new basic account might be better so the pay day loans don't hold any details to automatically take payment.:rudolf: DF by Xmas 2018: #83 £8,250/£15,000 55% :rudolf:
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Ask for bank details and a reference number and make the payment by internet transfer. There is no implied continuous payment authority that way, and they wouldn't have the necessary details to be able to just take future payments from your account.Do you not know that a man is not dead while his name is still spoken?
― Sir Terry Pratchett, 1948-20150
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