help???? pay day loans

stupid_parent

my son has got into so much debt with pay day loans
yes i no tell him to pay them off dont get them ... but he has he cant pay them off .... can i block him from these type companies and finding it hard to pay these back for him.....its such a vicious circle evan phoned one company up and try to explain but they just offered me a loan??????

Tixy

Hi, welcome to the forum.
No you cannot block him from taking out these loans, and you are not authorised to speak to his creditors on his behalf (they won't discuss his debts with you or anyone else due to the data protection act).

That said if he has fallen behind with repayments on them then eventually even they will stop lending to him.

Suggest to him that he contacts one of the debt advice charities or cancels the CPA (continuing payment authority) with his bank for each lender. Once the CPA is cancelled they should then be more likely and willing to agree for him to repay in installments (ideally via standing order or online banking).

Don't make any payments on his behalf using your cards towards these debts. It is common for payday lenders to continue using your card to take future payments (if you have already then cancel the CPA with your own bank).

This link may be useful for him - Payday Loan Survival Guide from Govan Law Centre

DCFC79

Why did he take them out/apply for them ?

BP1987

He needs to cancel all CPA's and cancel his bank card.
He needs to write a list of all lenders he owes money to, then contact them all advising he is having difficulties and needs the interest to be frozen and pay back in installments.
If you want to discuss these debts with the lenders you will need a signed statement from him to say you are authorised to discuss these loans on his behalf. This will need to be sent in writing to each lender.
Create a budgetting sheet there are templates that can be found on most debt advice charities websites.
This will show his income and outgoings and show what is left over at the end of the month to pay creditors.
They should agree to some sort of repayment plan and review his income and expenditure periodically.

Fruit_and_Nut_Case

How old was your son when he was given the loans? If he was under 18 I believe it would put the whole thing in a different light. Someone else would be able to confirm.