Son being chased by SLL Capital
yus786
Forumite 663 Posts
Son (Uni student) STUPIDLY took out a £300 loan from Sunny. He clearly was foolish and didn't think of the consequences. This was early 2018
Got a letter today from SLL Capital asking for £988.80 back and if paid now 35% (so £642.72). Sunny have sold the loan to SLL
Luckily i opened the mail as it was red and looked important
We have all intentions to pay back the £300. How can we do this?
Should we write to SLL and offer the original amount?
Please advise
Thanks
Got a letter today from SLL Capital asking for £988.80 back and if paid now 35% (so £642.72). Sunny have sold the loan to SLL
Luckily i opened the mail as it was red and looked important
We have all intentions to pay back the £300. How can we do this?
Should we write to SLL and offer the original amount?
Please advise
Thanks
0
This discussion has been closed.
Latest MSE News and Guides
Replies
If they've bought the debt, they may accept less. However, if they are recovering on behalf of Sunny, they'll want close to the full amount.
Worth a shot though.
£900 sounds excessive.
£600 absolute maximum that should be outstanding.
Write and remind them of FCA rules on payday loan interest :
https://www.fca.org.uk/news/press-releases/fca-confirms-price-cap-rules-payday-lenders
More than a third of IVA`s fail....fact.
Could A Debt Relief Order help you ?
Never pay a fee for a Debt Management Plan.
For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
My son took out £300 but there is no mention of that on the SLL Letter. They are straight up asking for £988
Like i said, we'll pay the £300
You can expect his credit record to show this, which means he ought not to look for work in finance when he graduates.
Do not pay anything as yet.
Send the provit letter, available here :
https://forums.moneysavingexpert.com/showthread.php?t=2607247
They are then compelled by law to provide evidence of liability and statements to prove how the balance they are demanding was accrued.
You must do this the correct way otherwise they will still chase you for the remaining balance.
As previously stated, since 2015 it has been illegal for them to demand more than double the original loan amount.
More than a third of IVA`s fail....fact.
Could A Debt Relief Order help you ?
Never pay a fee for a Debt Management Plan.
For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
Why are you opening mail from another adult? It's a criminal offence to open someone else's mail without their permission. Why can't your son sort it?
He studies abroad (Dentistry) and has given me permission to open any 'official' looking letter.
Plus he's my son
Only applies if there is intent to deceive, or the person did not have a just reason.
I doubt a dad opening his sons mail would fall into either category to be honest.
More than a third of IVA`s fail....fact.
Could A Debt Relief Order help you ?
Never pay a fee for a Debt Management Plan.
For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.