Help! Can't pay loan!

Kentish_Dave · 13 July 2019 at 5:55PM

Bayesian probability.

The prior expectation when you hear of an eighteen year old working may be that they are in shop work, but the posterior probability once you know that they were able to borrow 20,000 suggests that no, they were in better-paying work than that.

And of course there is shop and bar work available, there always is. It’s not even as though he’s too restricted on location; he’s got an expensive car to get to work in...

Kentish_Dave · 13 July 2019 at 5:56PM

As to the ridiculous suggestion of irresponsible lending, if the finance was secured on the car then it seems responsible enough, they can take it back and recover most of their money if the customer defaults.

Tallaght · 13 July 2019 at 6:22PM

I am amazed Seat finance gave your son a 20k car after their checks.

Les79 · 14 July 2019 at 5:52PM

Kentish_Dave wrote: »

Bayesian probability.

The prior expectation when you hear of an eighteen year old working may be that they are in shop work, but the posterior probability once you know that they were able to borrow 20,000 suggests that no, they were in better-paying work than that.

It could also suggest that, despite OP's son being on a zero hours contract in Sports Direct (for example), the lender said "!!!! it" and gave access to 20,000 in dubious circumstances with the alibi that they passed the credit checks (and a plan which is affordable in such circumstances)!

BUT you do make a valid point there. It *could* suggest that this 18 year old can command higher wages than most of their peers.

Shall we ask OP a follow-up question in regard to that?

And of course there is shop and bar work available, there always is.

Well, if we go by your suggestion that they are commanding higher wages then bar/shop work is wholly unsuitable! It would probably result in being able to pay, at most, PART of the loan!

But, even so, two points:

1. Is it really readily available?!

2. Should we be pushing 18 year olds with higher-level skills into shop/bar work? (don't egg me on with that question!)

It’s not even as though he’s too restricted on location; he’s got an expensive car to get to work in...

Yea, I'll take my hat off to you with that comment. 100% fair comment.

Les79 · 14 July 2019 at 6:00PM

Kentish_Dave wrote: »

As to the ridiculous suggestion of irresponsible lending, if the finance was secured on the car then it seems responsible enough, they can take it back and recover most of their money if the customer defaults.

I didn't have much conviction when I suggested it to be fair!

fatbelly · 14 July 2019 at 6:30PM

The link I posted in post #2 eventually takes you to guidance on how to make an affordability complaint on a consumer credit act agreement, though to my knowledge that has never been tried on HP, PCP or similar.