Loan nightmares

Scoobydooz

Hi, i really need advice on what to do, my son who is 20 has a tidy job, but unfortunately he is a very young 20, he is very easily lead, and i know that his so called friends have taken advantage of his kind nature. Ive found out he had a bamboo loan, satsuma loan and 2 other loans by different loan providers. I could see the stress that having to pay these loans (which he could not afford to pay) was having on his mental health, worried sick I scraped together money and settled them all. Now ive found out that bamboo have given him another loan! Im furious as i feel he is vulnerable, and has taken this loan through the constant txts he receives from these loan company's offering him money within the hour. He cant afford to pay this loan, i feel he has been taken advantage of as he is very immature and naive. Please can someone advice me on what i can do?

[Deleted User]

Tell him to stop applying for any more loans is the first step. If he needs more money, he needs to do more tidying at work.

Next he needs to get new friends, if they have persuaded him to get these loans. 

Rather than paying this last loan off for him as well, thereby showings he can afford them, you should let him default on it.  Interest will be frozen, he'll find it incredibly difficult to get any more credit and it will give him some time to learn to budget. 

Scoobydooz

ive never had any loans in my life, i thought i was doing the right thing by paying them. He has promised He wont have any more, he promised after the last lot too. So if he defaults on the payment, are you saying it will stop any other company's lending him money in the future? If so, i would have not paid the others off and left myself skint, i dont know how it works.
many thanks

[Deleted User]

All the while he repays the loans, he looks like a good loans customer.

Defaulting wrecks his credit file for a while, but if he can't control himself, it's the better option.  He has time to rebuild his history later when he's more mature.

Scoobydooz

That’s excellent, thank you ever so much.

pdel61

You will also need to be very careful with his mental health, if he suddenly can't pay and starts to get threatening emails/txts about the debt.

Scoobydooz

Hi pdel61, Is there anyway i could write to the company to stop him getting messages from them, i do feel strongly that they shouldn’t have given him the money, i am worried sick

MinuteNoodles

Scoobydooz said:

ive never had any loans in my life, i thought i was doing the right thing by paying them.

You weren't. He needs to learn a hard life lesson and that won't happen whilst you continue to wrap him up in cotton wool. All you've done is proven mum and dad will bail him out for any cockups he has done as well as making it easier for him to get credit.

I don't think you've yet accepted he is no longer a child, he is a fully grown adult responsible for his own actions and who gets to reap the consequences. You cannot write to the companies to stop them sending messages to him because he's an adult and in law personally responsible. Well you can but they are perfectly within their rights to take absolutely no notice of them.

penners324

Get him to block on his mobile all the numbers from these loan companies.....

Scoobydooz

thanks to everyone, I understand he is an adult, yes i have wrapped him in cotton wool and I totally agree that he has a lesson to learn. I cant understand how these companies have continued to loan him money, if they checked they would see that he has had 3 loans running over a short space of time clearly making it un affordable but continue to give him the money, making it impossible to repay them off. I believed the stress of the debt lead to him feeling suicidal! Now after a month or two he has again given in to their constant txt messages offering him money within an hour! 

jonesMUFCforever

Who says he is easily led? What is he doing with the loans?
Are you sure OP that he is not pulling the wool over your eyes - knowing that you will be there to pay his debts?
Another perspective on this?