Son being chased by SLL Capital

yus786

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

[Deleted User]

You could do, but expect them to want more.

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.

[Deleted User]

From experience your son could write to them and offer a final settlement amount of what he can afford but they will probably want more than what you offer.

Worth a shot though.

yus786

thanks both. Yeah worth a shot

sourcrates

They cannot charge you more than double the original loan.

£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

yus786

Can we deny taking out this loan in the first instance and ask for proof?

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

John_Jones

yus786 wrote: »

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

You do not want him to pay any interest at all for the use of the money, and no fees for making them chase for it?

You can expect his credit record to show this, which means he ought not to look for work in finance when he graduates.

sourcrates

yus786 wrote: »

Can we deny taking out this loan in the first instance and ask for proof?

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

Do not pay anything as yet.

Send the provit letter, available here :

https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter

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.

[Deleted User]

yus786 wrote: »

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

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?

yus786

camelot1971 wrote: »

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

sourcrates

camelot1971 wrote: »

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?

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.