Payday loans

baldie_daz
baldie_daz Posts: 21 Forumite
First Anniversary Combo Breaker
My son stupidly took out pay day loans some years ago, as the ones he owes money to have gone bust, does he still have to pay them back ?. I'm asking as we have not heard anything from them until yesterday. He had an email from a company A C I working for Sunny, chasing payment. Before lock down started we contacted all the loan companies through step change and informed them about his mental health and thought this had all been sorted. 
Any advice please.

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    The lenders going bust makes no difference if there are administrators managing the debts.

    There are the usual caveats around statute barring, etc.
  • If he has "acknowledged" the debt in the last 6 years by paying or similar acceptance of debt, then yes he has to keep paying, debts don't just disappear. It might be worth trying for the responsible lending complaints thing if they were not affordable and he has mental health issues (assuming these are documented by the GP etc)
Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.9K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards