Son being chased by SLL Capital

in Debt-free wannabe
17 replies 9.9K views
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
«1

Replies

  • 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.
  • 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.
  • yus786yus786 Forumite
    663 Posts
    thanks both. Yeah worth a shot
  • edited 29 May 2018 at 4:09PM
    sourcratessourcrates Forumite
    26.3K Posts
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    edited 29 May 2018 at 4:09PM
    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
    Ex MSE Board Guide.

    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.
  • yus786yus786 Forumite
    663 Posts
    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
  • 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.
  • sourcratessourcrates Forumite
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    Forumite
    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/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.
    Ex MSE Board Guide.

    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.
  • 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?
  • yus786yus786 Forumite
    663 Posts
    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
  • sourcratessourcrates Forumite
    26.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    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.
    Ex MSE Board Guide.

    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.
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