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my sons payday loans
sudamala50
Posts: 4 Newbie
Hi my son over the years has taken several payday loans out and never repaid these. This was in the days of high interest. the last count a few years ago his debts totalled £15000. I wondered how he will stand with these now. I have tried to help him to get a DRO but seems to be burying his head in the sand. any advice would be welcome.
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Comments
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Your biggest problem seems to be getting your son to face up to this. If he's not prepared to sort this then there isn't a lot you can do .good luckNo.79 save £12k in 2020. Total end May £11610
Annual target £240000 -
Hi,
There is currently a big payday loan interest and fee`s refund campaign going on.
Of course you have to complain to the lender first about unaffordable borrowing, then take it to the FOS if they dont find in your favor.
And it takes a little effort on the part of the debtor, if he`s willing to he may get some of the debt wiped out, but he has to be proactive.
Info here :
https://debtcamel.co.uk/payday-loan-refunds/I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Also take a look at https://forums.moneysavingexpert.com/discussion/5289150 lots of useful stuff there.0
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But as someone else pointed out recently, you can't have a lightbulb moment for someone else.
Is anyone hassling him for payment? Does he see any reason why he should do anything with these debts? How long is it since he last made a payment to them?0 -
Please don't pay these debts off for him because he won't learn otherwise.Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0
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