18 year gets old bank loan

Idiophreak

cameron_milne wrote: »

Irrelevant, need help not interference. Dont waste my time.

You've asked for help. People are giving you help. You're being petulant, course and frankly a waste of *our* time.

You are not going to get this overturned. It's not even your place to try.

The only thing your son can do to stop the legal action is to *give some of the money back*.

That either means getting a job and paying it or selling whatever the money was spent on in the first place.

JimmyTheWig

cameron_milne wrote: »

He did not have regular payments into the bank and did not have a good track record of banking behaviour. As he was unable to make payments for the loan the bank took them out of his current account until that reached an o/d of about £ 800 then they transfered that onto the loan account. Yes it just gets worse !

Then, as has been said, you need to find out what he told them to get the money in the first place.

johnllew

cameron_milne wrote: »

What please is my best course of action.

Find out what your son spent the money on and see if any part can be recouped to set against the loan.

Discuss the matter with one of the debt advice services to see what your son's position is.

Go with him to the bank to discuss how the liability can be met. Perhaps the interest can be frozen and he can repay the amount outstanding by monthly payments at whatever he can afford.

Persuade your son to be as economical as possible and work as hard as possible to repay the debt asap.

Dissuade your son from acquiring any further debt until he can afford it and realises the consequences of such debt.

£5000! - I would be horrified if it was my son. Good luck.

dmg24

cameron_milne wrote: »

I suppose they will appreciate the publicity.

You intend to take the story to the press, so that the nation can comment on how your son needs to grow up and take responsibility for his actions?

MSE is about being savvy with money, not blaming everyone but yourself.

duchy

Your son was 18 at the time he took the loan out.
The bank can and almost certainly will refuse to discuss the matter with you -just as they would if your son wanted to discuss YOUR financial affairs with them. There is no difference.
As a matter of interest at what age will you consider your son to be of age for financial responsibility ?

honeypop

cameron_milne wrote: »

Irrelevant, need help not interference. Dont waste my time.

cameron_milne wrote: »

Great help, thanks a bunch why do you bother? Waste of electricity.

There goes any helpful replies you may have got, why should people waste their time trying to help you if this is your attitude?

Maybe he got his burying his head in the sand and avoiding the truth attitude from you...

Personally, I find it hard to understand how he managed to have £5000 to spend and you didn't even notice he had more money than you thought he had. Unless he never spent any of it, in which case he can pay it back.

cameron_milne

You chose to miss the point or you cant see it cos' you are to intent on preaching and moralising the fact is an 18 year old borrowed £5000 without a credit record and a regular income stream from a mainstream bank there must be something wrong if that can happen in this day and age no matter what info he gave the bank surely they have a duty of due diligence. You dont have to reply if you are going to tell me what a naughty boy he is again in a diifferent way I already know that

blue_haddock

As others have said your son obviously went into the bank and requested a loan, the bank somehow decided that he met their criteria to be granted this loan. They will have gone off the infomation your son gave/wrote on the application form so obviously the blame lands squarely with your son.

I doubt very much you will get the loan written off as he is classed as an adult. Perhaps this is the time when he will be forced to fend for himself and become an adult responsible for his actions.

cameron_milne

Just looking for a bit of support and help obviously not the right place for serious discussion.

dmg24

cameron_milne wrote: »

You chose to miss the point or you cant see it cos' you are to intent on preaching and moralising the fact is an 18 year old borrowed £5000 without a credit record and a regular income stream from a mainstream bank there must be something wrong if that can happen in this day and age no matter what info he gave the bank surely they have a duty of due diligence. You dont have to reply if you are going to tell me what a naughty boy he is again in a diifferent way I already know that

So let him sort it out!

Does your son drive? If so, do you hold his hand when he does that?

Do you go to the pub with him and tell him when he has had enough to drink?

Do you vote on his behalf?!!

He is an adult. Whether someone lends money to your son has absolutely nothing to do with you.