Serious debt problem after payday loans given to 17 yr old

[Deleted User]

Antimoron wrote: »

Astonishing beyond belief.

How have you been on this forum so long, yet suggest someone take out a loan for someone else? Especially one who doesn't have a history of reliably paying back?

Who becomes liable for it?

Give them a break!


in the same way we don't know how much OP's boyfriend actually owe's!?


Nor do we know his outgoings!?


So perhaps we can also quit with saying Stepchange or any DMP provider will come to the rescue!!! 2 years back the very likes of the above didn't help if you owed less then £5,000 or generally had little income to pay into a plan so
some might find suggestions of this less then savoury actually! and harmful, as this was quoted on this thread also..... besides I don't think the OP was clearly looking for DMP advice...


A car is never safe with a logbook loan, the damage is already done for that is also considered an asset just in case OP wasn't aware

I_know_my_ABC_and_my_CMYK

Deleted%20User wrote: »

Give them a break!


in the same way we don't know how much OP's boyfriend actually owe's!?


Nor do we know his outgoings!?


So perhaps we can also quit with saying Stepchange or any DMP provider will come to the rescue!!! 2 years back the very likes of the above didn't help if you owed less then £5,000 or generally had little income to pay into a plan so
some might find suggestions of this less then savoury actually! and harmful, as this was quoted on this thread also..... besides I don't think the OP was clearly looking for DMP advice...


A car is never safe with a logbook loan, the damage is already done for that is also considered an asset just in case OP wasn't aware

Well back in 2005 they helped people with less than £5000.

CKhalvashi

dealer_wins wrote: »

If he was lent money when he was 17 this is actually illegal. Im not sure whether he would be done for fraud or the PDL would be done for illegal lending though?

I guess it depends if he lied on the application form about his age.

If he didn't lie, it's not illegal, just can't be enforced in a court, which is why many banks won't lend to under 18s.

I lent my DD's (both under 18) money for something yesterday, that they've agreed to pay back from their pocket money when we get back to the UK. I'll probably write it off, but the point is that I couldn't enforce it in law.

CK

marywooyeah

heartbreak_star wrote: »

If he is determined to get a loan, can you take one out for him and he repays you?

If not, I'd definitely speak to one of the debt charities.

HBS x

No! do not do this otherwise you'll be responsible for his debt! whilst it may seem like a nice thing to do to help someone out of debt, ultimately you can get seriously screwed over if he doesn't pay you back.

dresdendave

marywooyeah wrote: »

No! do not do this otherwise you'll be responsible for his debt! whilst it may seem like a nice thing to do to help someone out of debt, ultimately you [STRIKE]can[/STRIKE] will get seriously screwed over [STRIKE]if[/STRIKE] when he doesn't pay you back.

Just corrected your statement to make it more realistic.

SuperAllyB

CKhalvashi wrote: »

If he didn't lie, it's not illegal, just can't be enforced in a court, which is why many banks won't lend to under 18s.

I lent my DD's (both under 18) money for something yesterday, that they've agreed to pay back from their pocket money when we get back to the UK. I'll probably write it off, but the point is that I couldn't enforce it in law.

CK

Any chance you could edit or delete this post in case my kids see it? Ta.

heartbreak_star

To be fair, it was more a suggestion if he is determined to get a loan. He may only need a small one.

And I'm sure I've been here longer than your 60 combined posts, first people who took a dig. This advice HAS been given before, usually in threads regarding guarantor loans which is where I think the OP's bf might look next.

HBS x

bigadaj

heartbreak_star wrote: »

To be fair, it was more a suggestion if he is determined to get a loan. He may only need a small one.

And I'm sure I've been here longer than your 60 combined posts, first people who took a dig. This advice HAS been given before, usually in threads regarding guarantor loans which is where I think the OP's bf might look next.

HBS x

Still very poor advice in isolation, even given your seniority.

Even your excuse above is flawed, the only sensible advice in relation to guarantor loans has been aimed at borrowers not involving a vulnerable guarantor, such that they are aware that the guarantor will be ultimately paying the loan.

Where you do give poor advice it's best to either leave well be or acknowledge it, and ensure that the OP understands this. In fact I can't believe you've raised this, rather than post count it might be more insightful to look at the thanks given, none for your post and thirteen for the two posts critical of your advice that speaks volumes.

Pixie5740

13claire wrote: »

Before he met me my boyfriend was going through a tough time and took out multiple payday and logbook loans.

for the past 2 years he's been trying to pay them off but he's been struggling with most months the repayments taking almost all his monthly incomes.
The past 3 months he's been signed off work due to depression and also a stomach illness that is yet undiagnosed and he's currently going through tests. This now means he can't pay back his monthly repayments

Hes stuck his head in the sand a bit its just all to much for him.
I think the best way would be to consolidate the money and perhaps take out another more sensible loan or credit card with 0% for a year or something so he can pay back all these loans that are charging him £80 interest a month a least to make it more manageable.
As you can imagine his credit score is awful so is anyone ben going to give him anymore credit or is he just stuck now?

Thanks

It's unlikely anyone will lend money accept another PDL. In your shoes I certainly wouldn't take out a CC or loan in my name to pay off his debt. What I would do is help him put a statement of affairs together and negotiate a repayment plan with the current lenders to get rid of them once and for all.

appleblossum

Nobody has mentioned the new government recommendations (might even be law now). Most genuine PDLs will stop charging interest if he confronts them and admits financial difficulty. It might affect his credit file short-term as if they freeze interest they may register repayments as an arrangement. I see them on my file. I would also suggest he register for free with noddle dot co dot uk which provides a free monthly credit report. Whilst Im certainly not condoning taking out one loan to pay another if he has a decent credit rating he may well be able to get a low or even 0% CC. Nothing to lose. In fact the aforementioned site actually are able to run for free by providing a list of companies who may lend based on his credit rating - of course this all assumes he really wants to take control and pay off the loans himself?