Loan agreement letter

Doubleshotdamo

Hi, my son is 18 and decided to opt for credit over 6 years costing him £1700 in interest for eye surgery.  The credit agreement has been accepted, and he has 14 days to change his mind.
I agreed to lend him the money (I'll actually pay for the surgery using a 0% credit card) and he will pay me back interest free over 72 months.  Can somebody let me know where I can get a template letter for us to both sign, agreeing on repayment terms?  Generally, we get on ok, but 6 years is a long time and things can change. 

la531983

As an aside, I am surprised they have agreed to do laser eye surgery at the age of 18, I got told I couldnt as my prescription hadnt settled, but maybe things have changed now.

Doubleshotdamo

la531983 said:

As an aside, I am surprised they have agreed to do laser eye surgery at the age of 18, I got told I couldnt as my prescription hadnt settled, but maybe things have changed now.

I was surprised too for the same reason, but they spoke on the phone with his optician and said all was good.

Nasqueron

You could no doubt download a template off the internet but as you are not a licenced lender and unless you are willing to take your kid to court, lend on the assumption you won't get it back and if you do, that's great

MEM62

Doubleshotdamo said:

Can somebody let me know where I can get a template letter for us to both sign, agreeing on repayment terms?  

You will find a generic template by searching online.  However, in the event of him defaulting, it will be next to useless unless (a) you are willing to take him to court and (b) he has the assets to pay you.  As his father, I would expect that any scenario where he does not repay you is because he cannot.  In that case, even if you win in court, he cannot be forced to pay you money that he does not have.        

sourcrates

Such agreements are not worth the paper they are written on, even agreements regulated by the consumer credit act which are regularly broken and not complied with, cannot be enforced if the debtor does not have the means to pay it.

No amount of legal action can change that, your son will repay the debt to you because he`s your son, not because of any words on a piece of paper.